Lithium-ion Battery Market Size
Market Outlook:
Base Year Value (2023)
USD 55.49 Billion
CAGR (2024-2032)
20.7%
Forecast Year Value (2032)
USD 209.88 Billion
Historical Data Period
2019-2023
Largest Region
Asia Pacific
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:Increasing demand for electric vehicles and consumer electronics is driving the growth of the lithium-ion battery market. Technological advancements leading to improved energy density and performance are also contributing to market growth. Government initiatives promoting clean energy and renewable sources are further boosting the demand for lithium-ion batteries.
Industry
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | Product, Application |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | BYD, A123 Systems LLC, Hitachi,., Johnson Controls, LG Chem, NEC Corp., Panasonic Corp., Saft, Samsung SDI, Toshiba Corp., GS Yuasa International., Narada Power Source |
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High cost of lithium-ion batteries compared to traditional lead-acid batteries is a major restraint for the market. Limited availability of raw materials such as lithium and cobalt is also hindering the growth of the lithium-ion battery market. Additionally, safety concerns related to overheating and fire hazards associated with lithium-ion batteries pose a challenge for market expansion.
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