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Oct 16, 2024

Lithium-Ion Battery Market 2024: Global Size (USD 139.6 Billion), Share Analysis, Growth Factors, and Forecast Report 2032 - The Globe and Mail

Attributes and Key Statistics of the Lithium-ion Battery Market Report by IMARC Group: Base Year: 2023 Forecast Years: 2024-2032 Historical Years: 2018-2023 Units: USD Billion Market Size in 2023: USD

Attributes and Key Statistics of the Lithium-ion Battery Market Report by IMARC Group:

Base Year: 2023

Forecast Years: 2024-2032

Historical Years: 2018-2023

Units: USD Billion

Market Size in 2023: USD 51.0 Billion

Market Forecast in 2032: USD 139.6 Billion

Market Compound Annual Growth Rate 2024-2032: 11.5%

As indicated in the latest market research report published by IMARC Group, titled “Lithium-ion Battery Market Report by Product Type (Lithium Cobalt Oxide, Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Manganese Oxide, and Others), Power Capacity (0 to 3000mAh, 3000mAh to 10000mAh, 10000mAh to 60000mAh, more than 60000mAh), Application (Consumer Electronics, Electric Vehicles, Energy Storage, and Others), and Region 2024-2032,” this report provides an in-depth analysis of the industry, featuring insights into the global lithium-ion battery market. It encompasses competitor and regional analyses, as well as recent advancements in the market.

Global Lithium-ion Battery Market Size & Future Growth Potential:

The global lithium-ion battery market size was valued USD 51.0 Billion in 2023. By 2032, this figure is projected to reach around USD 139.6 Billion, with a compound annual growth rate (CAGR) of 11.5% over the forecast period (2024-2032).

Core Factors Driving Market Trends:

The global market is primarily driven by the rapid adoption of electric vehicles (EVs), as lithium-ion batteries are essential for powering these vehicles. In line with this, growing demand for renewable energy storage solutions, requiring efficient energy storage for solar and wind power systems, is also propelling the market growth. Furthermore, continual technological advancements are enhancing battery performance, increasing energy density, and improving charging speeds, further augmenting the market demand.

Additionally, the rise in portable electronic devices, such as smartphones, laptops, and tablets, is driving the market expansion. Apart from this, favorable government incentives and subsidies supporting clean energy technologies and electric mobility are further bolstering market appeal. Moreover, the increasing need for energy-efficient storage systems in grid applications is also a significant market driver. Similarly, the declining cost of lithium-ion batteries due to economies of scale is increasing accessibility and providing an impetus to the market.

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Global Market Scope and Growth Analysis:

The scope of the market is broadening as it plays an increasingly crucial role in the global shift toward sustainability and clean energy. The growing focus on decarbonization across industries is driving the adoption of lithium-ion batteries in various applications, from automotive to grid storage. In addition to this, ongoing innovations, such as solid-state lithium-ion batteries, are revolutionizing the market by offering improved safety, longer lifespans, and higher energy densities. The rise of smart grid systems and advancements in energy storage technologies are creating significant growth opportunities for the market.

Furthermore, the increasing use of lithium-ion batteries in aerospace and defense applications is expanding the market's scope. Besides this, strategic partnerships between automotive manufacturers, battery producers, and energy companies are further driving expansion in the market. Moreover, investments in recycling technologies are also gaining importance as the need for sustainable battery disposal and raw material recovery becomes more pressing.

An In-Depth Analysis of Prominent Lithium-ion Battery Companies in the Industry by IMARC Group:

Comprehensive Market Report Highlights & Segmentation Analysis:

Segmentation by Product Type:

According to the report, lithium cobalt oxide has been identified as holding the largest market segment.

Segmentation by Power Capacity:

According to the report, 3000mAh to 10000mAh have been identified as holding the largest market share.

Segmentation by Application:

According to the report, consumer electronics have been identified as holding the largest market share.

Segmentation by Region:

According to the report, the Asia Pacific region is recognized as having the largest market share.

Key highlights of the Report:

Contact Our Analysts for Brochure Requests, Customization, and Inquiries Before Purchase: https://www.imarcgroup.com/request?type=report&id=1071&flag=C

Major Advantages of the Report:

Why Choose IMARC Group:

Note: Should you require specific information not included in the current report, we are pleased to offer customization options to meet your needs.

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About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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