What is the global lithium-ion battery market size?

The global lithium-ion battery market size was estimated at USD 54.4 billion in 2023 and is projected to register a compound annual growth rate (CAGR) of 20.3% from 2024 to 2030. Automotive sector is expected to witness significant growth owing to the low cost of lithium-ion batteries.

How big is the lithium-ion battery market in 2023?

The global lithium-ion battery market was valued at USD 64.84 billion in 2023 and is projected to grow from USD 79.44 billion in 2024 to USD 446.85 billion by 2032, exhibiting a CAGR of 23.33% during the forecast period. Asia-Pacific dominated the lithium-ion battery market with a market share of 48.45% in 2023.

How big is the Asia Pacific lithium-ion battery market?

Asia Pacific lithium-ion battery market size is anticipated to surpass USD 100 billion by 2032. APAC is home to a massive automobile sector with increasing demand for personal vehicles across robust population countries including India, and China.

What is happening in the lithium-ion battery market?

One prominent trend in the lithium-ion battery market is the exponential demand for electric vehicles (EVs) with a global push for cleaner and more sustainable transportation solutions.

Which region has the largest lithium battery market share in 2023?

Asia Pacific held the largest market share, exceeding 47.0% in 2023. Steady growth is expected in the European market over the forecast period, driven by the increasing use of Li-ion batteries in various sectors, including medical, aerospace and defense, automotive, energy storage, and data communication & telecom.

Where is the lithium-ion battery market located?

On the basis of region, the lithium-ion battery market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. On the basis of component, the cathode segment emerged as the global leader by acquiring nearly half of the lithium-ion battery market share in 2022.