CHICAGO and PUNE, India, June 27, 2025 /PRNewswire/ -- The Global Lithium-ion Battery Market size is projected to be valued at USD 60.3 billion in 2024 and reach USD 182.5 billion by 2030, growing at a CAGR of 20.3% according to a new report by The Research Insights. The lithium-ion battery market consists of advanced energy storage systems for electric vehicles, consumer electronics, grid storage, medical and industrial applications. The battery market comprises a primary battery chemistry of lithium iron phosphate (LFP), lithium titanate (LTO), lithium nickel cobalt aluminium oxide (NCA), lithium manganese oxide (LMO), lithium cobalt oxide (LCO), and nickel manganese cobalt (NMC), characterized by high energy density, enhanced safety, and longer cycle life. The governments 'clean energy and decarbonization policies aid the market further. Gigafactory expansion and recycling advancements will further solidify the supply chains to meet the increasing demand from across the globe. This mix of innovative technologies, policy tailwinds, and infrastructure expansion augurs well for lithium-ion batteries and cements it as a leading market for a sustainable energy future. The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Lithium-ion Battery Market growth of 20.3% comprises a vast array of Product, Application and Geography which are expected to register strength during the coming years.
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Market Overview and Growth Trajectory:
Lithium-ion Battery Market Growth: According to an exhaustive report by The Research Insights, the Lithium-ion Battery Market is experiencing significant growth. The lithium-ion battery market is on a trajectory of robust growth fuelled by the confluence of several distinctive and emerging forces. A foremost driver is the unprecedented global shift toward electric vehicles (EVs), galvanized by the twin pressures of stringent emission standards, government incentives, and an ever-growing consumer appetite for eco-friendly mobility. Additionally, the advent of new battery chemistries, such as solid-state and lithium iron phosphate (LFP), is unlocking new frontiers in energy density, safety, and cost-effectiveness. At the same time, a revolution in renewable energy integration is catalysing the demand for grid-scale energy storage solutions, and lithium-ion batteries have emerged as a pivotal enabler for this much-needed energy arbitrage. Furthermore, the explosive expansion of the consumer electronics sector and a corresponding boom in portable devices, especially in developing economies, is also turbocharging the lithium-ion battery adoption. The trend is compounded by a strategic shift toward indigenous gigafactory investments and significant investments in battery recycling infrastructures that will further enhance the value chains. As multiple trends merge their forces, they reshape the energy landscape while lithium-ion batteries lead the forefront.
The surging demand for electric vehicles (EVs):
The meteoric rise of the electric vehicle (EV) market is one of the most potent catalysts for lithium-ion battery demand. Governments globally are tightening the screws on carbon emissions and, to compensate, have been generous with incentives like subsidies, tax exemptions, and investments in charging infrastructure to hasten the EV revolution. For example, leading economies like China, Germany, and the U.S. are fast phasing out the internal combustion engine in favor of EVs. Lithium-ion batteries find immense favor for EVs because of their superior energy density, light weight, long cycle life, and quicker charging times. Now, with automotive giants such as Tesla, BYD, Volkswagen, and General Motors expanding production lines and building gigafactories, the demand for Li-ion batteries is only expected to surge further. Bloomberg NEF predicts that EVs will account for over 50% of new vehicle sales by 2035, firmly establishing lithium-ion batteries as the technology of choice for the future of mobility.
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The expansion of renewable energy integration and energy storage systems (ESS):
As the world makes an accelerated transition toward renewables like solar and wind energy, there is a growing need for efficient energy storage solutions, which lithium-ion batteries can meet effectively. Renewable energy sources are intermittent and weather-dependent, which makes energy storage critical for maintaining grid reliability and stability. Battery-based ESS technologies are being widely deployed in residential, commercial, and utility-scale applications to store surplus energy and provide power during peak hours. Tesla's Megapack installations and energy storage projects in California, South Korea, and Europe by utility companies demonstrate the rising significance of lithium-ion batteries in grid modernization efforts. Not only does it improve energy reliability but also helps decouple electricity generation and consumption, thereby enabling smarter and more flexible energy systems. With ongoing investments in clean energy infrastructure at a historically high level, ESS applications are a significant and long-term growth driver for lithium-ion batteries.
Technological advancements and cost reductions:
Technological innovation has been a significant disruptor in the lithium-ion battery market. Continuous improvements in key performance parameters such as energy density, charging rate, safety, and life cycle, have made the batteries more effective and affordable. Material science breakthroughs, in particular the use of silicon-based anodes, solid-state electrolytes, and new cobalt-free chemistries, are overcoming traditional barriers such as overheating, flammability, and high cost. The development of next-generation LFP and nickel manganese cobalt (NMC) chemistries are giving battery manufacturers a wider palette of options that balance cost, energy density, and safety better. These innovations have led to a dramatic decline in the average price of lithium-ion batteries — from above $1,100/kWh in 2010 to less than $140/kWh in 2023 – opening the door for new applications for mobility and stationary use cases. Moreover, economies of scale driven by massive investments in gigafactories and supply chain efficiencies are expected to further enhance affordability and accessibility, fuelling market penetration.
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Geographical Insights:
The Asia Pacific region presently holds the highest market share of more than 47%, which will see a substantial expansion in the coming years. Growth of Europe is expected to be positive throughout the forecast period. This can be attributed to the increasing adoption of Li-ion batteries in a wide range of applications such as medical devices, aerospace and defence systems, automotive vehicles, energy storage systems, and telecommunications networks.
Global Lithium-ion Battery Market Segmentation and Geographical Insights:
- Based on Product, the market is divided into Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate, and Lithium Nickel Manganese Cobalt (LMC). LCO accounted for over 30.0% of the market share in 2023, driven by its widespread adoption in mobile phones, tablets, laptops, and cameras due to its exceptional energy density and safety features.
- Based on Application, the market is divided into, Automotive, Consumer Electronics, Industrial, Energy Storage Systems, and Medical Devices. In 2023, the consumer electronics sector emerged as a leading player in the market, accounting for over 31% of total revenue share. The proliferation of portable batteries can be observed in an array of devices such as smartphones, laptops, computers, tablets, flashlights, and LED lighting, among others.
- The Lithium-ion Battery Market is segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Key Players and Competitive Landscape:
The Global Lithium-ion Battery Market is characterized by the presence of several major players, including:
- BYD Co., Ltd.
- A123 Systems LLC
- Hitachi, Ltd.
- Johnson Controls
- LG Chem
- Panasonic Corp.
- Saft
- Samsung SDI Co., Ltd.
- Toshiba Corp.
- GS Yuasa International Ltd.
These companies are adopting strategies such as new product launches, joint ventures, and geographical expansion to maintain their competitive edge in the market.
Global Lithium-ion Battery Market Recent Developments and Innovations:
- In May 2025, Contemporary Amperex Technology Co., Limited (CATL) announced the industrial-scale launch of TENER Stack, the world's first 9 MWh ultra-large capacity energy storage system, at Entry/Exit System (EES) Europe 2025. Developed in response to growing global demand for ultra-high-density, flexible, and transportable energy storage systems, the TENER Stack is designed for utilities, developers, and industrial users. It offers a more optimal use of space, better energy efficiency, and enhanced cost performance, supporting a wide range of use cases, from AI data centers to industrial electrification.
- In April 2025, LG Energy Solution signed a joint venture (JV) agreement with French metal recycling company Derichebourg Multiservices. This partnership is to reinforce its closed-loop battery recycling system and further expand its competitiveness in the European value chain. The joint venture will build a pre-processing facility in Bruyères-sur-Oise, a northern region of France, to extract the black mass. The construction will commence in 2026, with commercial operations to follow in 2027.
- In April 2025, CALB unveiled its latest energy storage technologies at the 2025 ESIE Summit, and it has started global mass production of its 392 Ah cell and 6.25 MWh liquid-cooled container system. The company also introduced the 314Gen2.0 ultra-long-cycle cell and the 640 Ah high-capacity cell, solidifying its differentiated portfolio of advanced, reliable, high-performance energy storage solutions.
- In March 2025, LG Energy Solution signed an agreement with PGE Polska Grupa Energetyczna S.A. (PGE), Poland's largest energy provider, to supply 981 MWh of grid-scale energy storage system (ESS) batteries between 2026 and 2027. It will be LG's first large-scale ESS deployment using batteries manufactured in its Poland facility. The two companies will jointly develop a battery energy storage facility in Żarnowiec, Poland, with commercial operations slated to commence in 2027. The turnkey solution includes containerized systems and EPC services.
- In March 2025, Samsung SDI started production of its 46-series cylindrical batteries, featuring next-generation NCA cathode and SCN anode technologies. The initial supply of the new battery is expected to be made for a US customer's micro-mobility applications. The battery is made in South Korea, where Samsung SDI has been producing the 46-series cylindrical cells since February 2025, and will be assembled in Vietnam. The latest development is a significant milestone for Samsung SDI, as it is the first Korean battery company to ship 46-series cells to customers overseas. The company plans to expand its production and supply in overseas markets.
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Frequently Asked Questions (FAQs):
- What is the forecasted market size of the Lithium-ion Battery Market in 2030?
➢ The forecasted market size of the Lithium-ion Battery Market is USD 182.5 billion in 2030. - Who are the leading players in the Lithium-ion Battery Market?
➢ The key players in the Lithium-ion Battery Market include, BYD Co., Ltd.; A123 Systems LLC; Hitachi, Ltd.; Johnson Controls; LG Chem; NEC Corp.; Panasonic Corp.; Saft; Samsung SDI Co., Ltd.; Toshiba Corp.; GS Yuasa International Ltd.; and Narada Power Source Co., Ltd. - What are the major drivers for the Lithium-ion Battery Market?
➢ The global lithium-ion battery market is poised for significant growth, driven by the increasing demand for automotive applications due to the low cost of lithium-ion batteries. - Which is the largest region during the forecasted period in the Lithium-ion Battery Market?
➢ The Asia Pacific region currently dominates the market with a share exceeding 47%, set to experience significant growth over the next few years. - Which is the largest segment, by application, during the forecasted period in the Lithium-ion Battery Market?
➢ In 2023, the consumer electronics sector emerged as a leading player in the market, accounting for over 31% of total revenue share.
Conclusion:
The landscape of lithium-ion battery technology is being fundamentally redefined by rapid advancements and a burgeoning demand for energy storage solutions across multiple domains. The ongoing global shift towards sustainability and carbon neutrality is only further amplifying the adoption curve of lithium-ion batteries, given their high energy density, extended lifecycle, and rapid charging capabilities. Investments in enhancing supply chains, coupled with breakthroughs in materials and the development of solid-state alternatives, are poised to significantly improve battery safety, performance, and cost-effectiveness. However, the real-time integration of smart Battery Management Systems (BMS) with robust features for real-time monitoring and predictive maintenance becomes critical to optimize utilization and extend lifecycle. Moreover, the adoption of battery recycling strategies and second-life applications will be increasingly important to meet the twin goals of circular economy and reduced environmental impact. As lithium-ion technology continues to evolve, it is poised to be at the centre of powering the future, ushering in a new era of cleaner and more connected energy.
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The report from The Research Insights, therefore, provides several stakeholders—manufacturers, suppliers, raw material providers, regulatory bodies, end-use industries, investors, and research institutions—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.
With projected growth to US$ 182.5 billion by 2030, the Global Lithium-ion Battery Market represents a significant opportunity for startups, technology disruptors, sustainability advocates, recyclers, and market speculators, can position themselves for success in this dynamic and evolving market landscape.
Check out more related studies published by The Research Insights:
- Residential Lithium-ion Battery Energy Storage Systems Market: The Global Residential Lithium-ion Battery Energy Storage Systems Market is expected to reach at USD 48.81 billion by 2030, according to a new report by The Research Insights. It is projected to expand at a CAGR of 32.1% during the forecast period. The burgeoning residential energy storage market has witnessed remarkable growth over recent years, driven largely by the increasing popularity of solar panels and other renewable energy solutions.
- Automotive Lithium-Ion Battery Market: According to a report Global Automotive Lithium-Ion Battery Market by The Research Insights, the market is primarily driven by the rapidly growing demand for electric vehicles (EVs) and the urgent need to curb carbon emissions.
- Lithium-ion Battery Cathode Market - The global lithium-ion battery cathode market is poised for significant growth, with an estimated USD 22.16 billion valuation in 2022 and a forecasted compound annual growth rate (CAGR) of 19.9% from 2023 to 2030. The market's trajectory is closely tied to the expanding electric vehicle supply equipment (EVSE) sector, which has substantial implications for the lithium-ion battery cathode industry.
- Lithium-Ion Battery Solvent Market - The global lithium-ion battery solvent market is anticipated to reach USD 450.32 million by 2023, with a compound annual growth rate (CAGR) of 18.1% forecasted between 2024 and 2030. The surge in demand for electrolyte solvents from the automotive sector, driven by the growing popularity of electric vehicles, is a key factor contributing to this projected expansion.
- Lithium-ion Battery Binders Market - The global lithium-ion battery binders market is poised for significant growth, with an estimated USD 1.88 billion in sales in 2023. Over the next six years, it's expected to expand at a Compound Annual Growth Rate (CAGR) of 18.3%, driven by the rising popularity of electric vehicles (EVs). As EVs become increasingly mainstream, manufacturers are turning to high-performance lithium-ion batteries to power these vehicles, making binder technology an essential component in their development.
- Lithium-ion Battery Recycling Market - The global lithium-ion battery recycling market is poised for significant growth, fueled by the growing adoption of electric vehicles and consumer electronics. As of 2023, the market size was estimated at USD 138.62 million, with a projected CAGR of 44.8% from 2024 to 2030. This rapid expansion can be attributed in part to the increasing popularity of electric cars and gadgets, which is driving up demand for recycled lithium-ion batteries.
Browse More related reports on Energy & Power Industry Market Reports – https://www.theresearchinsights.com/categories/energy-power
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