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  • Lithium-Ion Battery Market Growth Analysis | 2023-2028

    Lithium-Ion Battery Market Growth Analysis | 2023-2028

    Lithium-Ion Battery Market Growth Analysis | 2023-2028
    Report code - SRCG167 Delivery - 2 Weeks
    Lithium-Ion Battery Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis See more...

    Market Insights

    The lithium-ion battery market was estimated at USD 47.83 billion in 2022 and is likely to grow at a CAGR of 15.19% during 2023-2028 to reach USD 111.79 billion in 2028.


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    What is a lithium-ion battery?

    A lithium-ion battery is abbreviated as LIB. It is a type of rechargeable battery. Such batteries have utility in portable electronics and electric vehicles. They have a growing demand as they are used in plug-in devices.

    COVID-19 Impact

    The COVID-19 pandemic has caused major disruptions in the supply chain, adversely affecting the lithium-ion battery market. This has led to a rapid shortage of raw materials, including cobalt and nickel, which are key ingredients used to make lithium-ion batteries. Due to strict restrictions to prevent the spread of coronaviruses, the production of cars across the world has decreased significantly, affecting the demand for battery metals. According to the report of the Ministry of Energy and Mobility of India, in the post-COVID-19 scenario, the production of electric vehicles in India may face a delay due to the increased demand for BS-VI production. Meanwhile, restrictions on imports of Chinese equipment have also introduced new challenges to electric vehicle manufacturing.

    Lithium-ion Battery Market Report Highlights

    Market Size in 2022

    USD 47.83 billion

    Market Size in 2028

    USD 111.79 billion

    Market Growth (2023-2028)

    15.19% CAGR

    Base Year of Study


    Trend Period


    Forecast Period


    Market Dynamics

    These factors are expected to boost the demand for the market in the coming years:

    • The increasing demand for consumer electronic products: Lithium-ion batteries are widely used in consumer electronics such as smartphones, laptops, tablets, and cameras due to their high energy density and long battery life.
    • Increasing adoption of lithium-ion batteries in the renewable energy sector: The increasing adoption of renewable energy sources such as wind and solar power requires efficient energy storage solutions. Lithium-ion batteries are a popular choice for energy storage due to their high energy density and low self-discharge rate.
    • Increasing adoption of lithium-ion batteries in plug-in vehicles: With the increasing concern over the environment and the depletion of fossil fuels, the demand for electric vehicles (EVs) is on the rise. Lithium-ion batteries are the preferred choice for EVs as they provide high energy density and longer battery life.


    Various manufacturers are into research and development to create long-lasting and safe lithium-ion batteries. As the world continuously adopts clean energy, there has been a significant increase in R&D initiatives by battery manufacturers to develop different battery chemistries. For example, major players (like Panasonic Corporation, Hitachi and Toshiba Corporation etc.) are working on the production of silicon anode batteries with better performance. These silicon anode batteries are expected to be widely adopted in the coming years.


    Lithium-ion batteries are used in consumer electronics, electrical systems, commercial aircraft, automobiles, pallet trucks, automated vehicles, forklifts, and material handling equipment. Although lithium-ion batteries can store a relatively large amount of energy in a small space, they heat up quickly and can catch fire if they are not working properly. Lithium-ion battery overheating occurs due to high voltage or different voltages, such as a short circuit.


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    Segment Analysis

    By Material Type

    The lithium-ion battery market is segmented as lithium nickel manganese cobalt oxide, lithium iron phosphate, lithium cobalt oxide, lithium titanate oxide, lithium manganese oxide, and lithium nickel cobalt aluminum oxide. The lithium nickel manganese cobalt oxide segment held the largest share of the market in 2022 and is expected to remain dominant during the forecast period. The higher share of the segment is attributed to the growing demand for lithium nickel manganese cobalt oxide used in batteries of mobile phones, laptops, automotive, tablets, power tools, and electrical storage systems.

    By Voltage Type

    The market is segmented as low (below 12V); medium (12-36V); and high (above 36V). The high (above 36V) segment is estimated to remain the largest segment over the forecast period, owing to properties such as longer life and safety. Also, the largest contribution is attributed to the rising requirement for this voltage type in marine, electric vehicles, military, power, telecom, etc.

    By Power Capacity Type

    The market is segmented as 0 to 3,000 MAH; 3,000 to 10,000 MAH; 10,000 to 60,000 MAH; and above 60,000 MAH. The 3,000 to 10,000 MAH segment contributed to the highest share in 2022, owing to the growing need for batteries with higher power capacity that can keep the device running for long hours. The segment is expected to maintain its dominance during the forecast period as well.

    By Industry Type

    The market is segmented as consumer electronics, automotive, aerospace & defense, marine, medical, industrial, power, and telecommunication. The automotive segment is likely to remain the largest segment during the forecast period driven by the growing adoption of electric vehicles.

    Regional Insights

    The Asia-Pacific market accounted for nearly 40% share in 2022 and is estimated to be the largest market for lithium-ion batteries during the forecast period. The Asia-Pacific market is expected to expand with a lucrative CAGR owing to the well-established consumer electronics market in the region, especially in China. Further, the demand from the automotive industry in the region will also augment the regional growth. North America and Europe are also expected to offer considerable growth opportunities during the forecast period.


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    Critical Questions Answered in the Report

    • What are the key trends in the market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the market? 
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The lithium-ion battery market is segmented into the following categories.

    By Material Type

    • Lithium Nickel Manganese Cobalt Oxide
    • Lithium Iron Phosphate
    • Lithium Cobalt Oxide
    • Lithium Titanate Oxide
    • Lithium Manganese Oxide
    • Lithium Nickel Cobalt Aluminum Oxide

    By Voltage Type

    • Low (Below 12V)
    • Medium (12V – 36V)
    • High (Above 36V)

    By Power Capacity Type

    • 0 TO 3,000 MAH
    • 3,000 TO 10,000 MAH
    • 10,000 TO 60,000 MAH
    • Above 60,000 MAH

    By Product Type

    • Cell
    • Battery Pack

    By Industry Type

    • Consumer Electronics
    • Automotive
    • Aerospace & Defense
    • Marine
    • Medical
    • Industrial
    • Power
    • Telecommunication

    By Region

    • North America (Country Analysis: the USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
    • Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)


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    Key Players

    Some of the major players in the market are-

    • BYD Company
    • LG Chem
    • Panasonic Corporation
    • Samsung SDI
    • BAK Group
    • GS Yuasa Corporation
    • Hitachi
    • Johnson Controls
    • Toshiba Corporation
    • Lithium Werks

    Recent Development

    June 2023, Leading global conglomerate Tata Group in India has signed a preliminary agreement to build a lithium-ion cell facility in Gujarat, India. As India's first gigafactory to produce lithium-ion cells, the projected facility is supported by an initial investment of $1.6 billion. The local manufacturing of batteries which is a vital component for electric cars, will be possible by this huge step.

    June 2023, China's CBAK Energy Technology, Inc., a leading producer of lithium-ion batteries and a supplier of electric energy solutions has announced that the Viessmann Group has placed an order for lithium-ion batteries for EUR116.5 from the company, delivery in 2024.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the lithium-ion battery market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the global market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Lithium-ion Battery Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)


    • Current market segmentation of any one of the material types by voltage type.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    A lithium-ion battery is abbreviated as LIB. It is a type of rechargeable battery. Such batteries have utility in portable electronics and electric vehicles. They have a growing demand as they are used in plug-in devices.

    The lithium-ion battery market was estimated at USD 47.83 billion in 2022.

    The lithium-ion battery market is likely to reach USD 111.79 billion in 2028.

    The lithium-ion battery market is projected to grow at a CAGR of 15.19% during the forecast period.

    Asia-Pacific market is estimated to be the largest market for lithium-ion batteries during 2023-2028.

    BYD Company, LG Chem, Panasonic Corporation, Samsung SDI, BAK Group, GS Yuasa Corporation, Hitachi, Johnson Controls, Toshiba Corporation, Lithium Werks.

    The lithium nickel manganese cobalt oxide segment held the largest share of the market in 2022, and is expected to remain dominant during the forecast period.

    The major demand for lithium-ion batteries is mainly driven by the increasing demand for consumer electronic products, which is bolstering the growth of the market.