Lithium-Ion Battery Market to Exceed $120 Billion by 2028: Electric Vehicles and Renewable Energy Drive Global Expansion

Dublin, Nov. 09, 2023 (GLOBE NEWSWIRE) -- The "Lithium-ion Battery Market, Size, Global Forecast 2024-2028, Industry Trends, Share, Growth, Insight, Impact of Inflation, Company Analysis" report has been added to's offering.

The global lithium-ion battery market is poised for remarkable growth, with projections indicating it will surpass $120.65 billion by 2028, according to a recent report. Lithium-ion batteries (LIBs) have emerged as a leading energy storage solution in today's society, finding extensive applications in electronics and vehicles due to their efficiency, effectiveness, and rechargeable nature.

Driving Forces of Market Growth:

The surge in popularity of electric vehicles (EVs) is a major catalyst propelling the lithium-ion battery market's global expansion. These batteries offer superior energy density and extended shelf life, making them the preferred choice for vehicles. Increased consumer spending on electronic devices further drives market growth. Additionally, rising fossil fuel and gas prices have led to significant EV adoption, boosting market expansion.

Forecasts predict a substantial surge in global Li-ion battery demand, skyrocketing from over 700 GWh in 2022 to approximately 4.7 TWh by 2030, with electric mobility applications, such as EVs, dominating this demand.

Government Initiatives and Investment:

Several countries have announced bans on Internal Combustion Engine (ICE) vehicle sales, further driving the shift towards EVs. Governments worldwide are incentivizing electric vehicle adoption. In addition, "zero carbon" projects have turbocharged EV demand, increasing the need for lithium-ion batteries in electric vehicle power systems.

Growing Demand for Renewable Energy:

The flourishing renewable energy sector is another contributing factor to the growth of the lithium-ion battery market. Governments are investing in energy and infrastructure projects, further fueling market expansion.

Cathode Dominance:

Among the components, the cathode holds the largest market share within the lithium-ion battery industry. Advanced cathode materials have enhanced energy density and durability, making them appealing across various applications, including electric vehicles, consumer electronics, and renewable energy systems.

Fastest-Growing Segment:

Lithium Manganese Oxide (LMO) has emerged as the fastest-growing segment in the lithium-ion battery industry, offering a compelling combination of high energy density, safety, and cost-effectiveness.

Passenger EVs Lead the Way:

Passenger electric vehicle motors (EVs) are expected to dominate the lithium-ion battery industry, driven by the global push for eco-friendly transportation and rapid EV technological advancements.

India's Dominance:

India is set to dominate the lithium-ion battery market due to the government's commitment to electric mobility and renewable energy solutions, attracting significant investments and manufacturing hubs.

Key Players:

Key manufacturers in the lithium-ion battery market include BYD Company Ltd, Samsung SDI Company Limited, GS Yuasa Corporation, Johnson Controls Inc., and Exide Technologies.

Components - Market has been covered from 4 viewpoints:

1. Cathode
2. Anode
3. Electrolytic Solution
4. Others

Product Type - Market has been covered from 6 viewpoints:

1. Lithium Cobalt Oxide (LCO)
2. Lithium Iron Phosphate (LFP)
3. Lithium Nickel Cobalt Aluminum Oxide (NCA)
4. Lithium Manganese Oxide (LMO)
5. Lithium Titanate
6. Lithium Nickel Manganese Cobalt

Application - Market has been covered from 6 viewpoints:

1. Passenger EVs
2. Commercial EVs
3. Electric two/three-wheelers
4. E-buses
5. Stationary Storage
6. Consumer Electronics

Region - Market has been covered from 5 viewpoints:

1. North America

1.1 United States
1.2 Canada

2. Europe

2.1 Poland
2.2 Germany
2.3 Spain
2.4 France
2.5 United Kingdom
2.6 Italy
2.7 Netherlands
2.8 Turkey
2.9 Others in Europe

3. Asia-Pacific

3.1 China
3.2 Japan
3.3 South Korea
3.4 India
3.5 Australia
3.6 Indonesia
3.7 Thailand
3.8 Malaysia
3.9 Others in Asia-Pacific

4. Middle East and Africa

4.1 Saudi Arabia
4.2 UAE
4.3 South Africa
4.4 Others in Middle East and Africa

5. Latin America

5.1 Brazil
5.2 Argentina
5.3 Chile
5.4 Mexico
5.5 Others in Latin America

Key Attributes:

Report AttributeDetails
No. of Pages220
Forecast Period2023 - 2028
Estimated Market Value (USD) in 2023$57.44 Billion
Forecasted Market Value (USD) by 2028$120.65 Billion
Compound Annual Growth Rate16.0%
Regions CoveredGlobal

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Global Lithium-ion Battery Market