The global lithium-ion battery market is projected to generate $165,847.8 million revenue by 2030, advancing at a robust CAGR of 15.3% during 2021–2030. The low operating and maintenance cost of lithium-ion batteries, growing focus on environment-friendly practices, and rising energy demand are the key factors propelling the usage of these energy storage devices.
Lithium–nickel–manganese–cobalt (Li-NMC) batteries are expected to lead the market in the coming years. This variant is employed due to its high energy density and long discharge cycle. Due to the usage of an optimal ratio of nickel, manganese, and cobalt, the battery offers a high energy density with good stability.
These characteristics make them ideal for laptops, mobile phones, tablets, and power tools. Li-NMC batteries are also employed in hybrid electric vehicles (HEVs), battery electric vehicles (BEVs), and plug-in hybrid electric vehicles (PHEVs) since they address the safety concerns in regard to battery overheating.
Till 2021, automotive companies had been the highest revenue contributors to lithium-ion battery manufacturers and suppliers. This was mostly due to the increasing global popularity of EVs, in part, due to the implementation of numerous environmental norms and emission laws.
Geographically, the APAC lithium-ion battery market sales were $24,586.2 million in 2021. The market share is predicted to grow rapidly, as sales of portable electronic devices and EVs are rising. Asian countries, such as India, China, and South Korea, generate a huge demand for portable electronic devices, such as tablets, gaming systems, and smartphones, which is fueling the need for lithium-ion batteries in the region.
Similarly, the adoption of EVs in China, India, South Korea, and Japan will benefit the Li-ion battery industry. To boost the sale of EVs, governments in these countries are offering incentives and subsidies to both manufacturers and customers.
Players in the Li-ion battery market are launching new products and entering into partnerships to enhance their portfolio and gain more customers. For instance, in January 2022, Toshiba Corporation has launched the 20Ah-HP SCiB, a rechargeable lithium-ion battery cell with a high energy density and power output. This battery can be utilized in a variety of applications, including commercial vehicle quick charging, rolling stock regenerative power systems, and industrial equipment.
Moreover, in December 2021, Li-Cycle, LG Chem Ltd., and LG Energy Solution came into an agreement. LG Energy Solution agreed to offer Li-Cycle the scrap materials generated during battery manufacturing and lithium-ion batteries for recycling, while Li-Cycle agreed to recycle LG Energy Solution's battery materials and supply LG Chem Ltd. and LG Energy Solution with 20,000 tons of nickel in the future.
The major players operating in the market are BYD Company Limited, LG Chem Ltd., Panasonic Corporation, Samsung SDI Co. Ltd., Shenzhen BAK Battery Co. Ltd., GS Yuasa Corporation, Showa Denko K.K. Company Ltd., Toshiba Corporation, Amperex Technology Limited, Tesla Inc., and Tianjin Lishen Battery Joint-Stock Co. Ltd.