Lithium ion battery is a rechargeable energy storage device renowned for its high energy density and longevity. Composed of lithium-ion cells, it operates on the principle of lithium ions moving from the negative electrode (anode) to the positive electrode (cathode) during discharge and in reverse during charging. This mechanism allows for efficient energy transfer and storage, making lithium-ion batteries indispensable in various applications, from consumer electronics to electric vehicles and renewable energy storage systems.
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Data Bridge Market Research analyzes that the Asia-Pacific, Europe, South America, Middle East and Africa Lithium Ion Battery Market is expected to reach USD 263.09 billion by 2031, and the market is USD 60.05 billion in 2023, growing with a CAGR of 20.8% in the forecast period of 2024 to 2031.
Key Findings of the Study
Growing Adoption of Cordless Power Tools
The cordless power tools are preferred over corded and electric tools due to their compact size and lightweight, they offer the flexibility to operate at any site that does not have electric support and can be taken to any place easily, whereas the corded power tools have limited area that can be covered due to the limited length of the wire.
Manufacturers of cordless power tools are continuously innovating to enhance the performance and efficiency of their products, which directly impacts the demand for lithium-ion batteries. These batteries enable power tools to deliver consistent power output, resulting in improved productivity and user experience. In addition, advancements in lithium-ion battery technology, such as higher energy densities and improved safety features, are further fueling the adoption of cordless power tools across industries. As a result, the market is experiencing robust growth, driven in part by the expanding market for cordless power tools, which is driving the market growth.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016–2021)
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Quantitative Units
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Revenue in USD Billion, Volume in GWh
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Segments Covered
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Type (Lithium Nickel Manganese Cobalt Oxide (Li-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide, Lithium Nickel Cobalt Aluminium Oxide (NCA), and Lithium Manganese Oxide, Lithium Titanate), Component (Cathode, Anode, Electrolyte, Separator and Others), Product (Cells, Storage System (ESS), Module, and Pack), Charge (Rechargeable and Non-Rechargeable), End Use (Automotive, Consumer Electronics, Power, Industrial, Construction, Telecom, Medical, Aerospace & Defense and Marine and Others)
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Countries Covered
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China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, Bangladesh, Myanmar and Rest of Asia-Pacific, Germany, U.K., France, Italy, Russia, Spain, Turkey, Belgium, Hungary, Serbia, Rest of Europe, Brazil, Argentina, Chile, Bolivia, Rest of South America, Saudi Arabia, U.A.E, Israel, South Africa, Egypt, Nigeria, Morocco, Ethiopia, Kenya, Ghana, Namibia, and Rest of Middle East and Africa
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Market Players Covered
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Contemporary Amperex Technology Co., Limited (China), LG Chem. (South Korea), SAMSUNG SDI CO., LTD. (South Korea), BYD Motors Inc. (China), Saft (France), Panasonic Industry Co., Ltd. (Japan), CALB (China), VARTA AG. (Germany), CBAK Energy Technology, Inc. (China), TOSHIBA CORPORATION (Japan), GlobTek, Inc. (U.S.), Wanxiang A123 Systems Corp. (China), XALT Energy (U.S.), LITHIUMWERKS (Netherlands), Leclanché SA (Switzerland), Amperex Technology Limited (China), Shenzhen A&S Power Technology Co., Ltd. (China), Tianjin Lishen Battery Co., Ltd. (China), Shenzhen BAK Technology Co., Ltd. (China), and Lithium Energy Japan (Japan) among others
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.
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Segment Analysis
The Asia-Pacific, Europe, South America, Middle East and Africa lithium ion battery market is segmented into five notable segments based on type, component, product, charge, and end use.
- On the basis of type, the market is segmented into Lithium Nickel Manganese Cobalt Oxide (Li-NMC), Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide, Lithium Nickel Cobalt Aluminium Oxide (NCA), Lithium Manganese Oxide, and Lithium Titanate
In 2024, the Lithium Nickel Manganese Cobalt Oxide (Li-NMC) segment is expected to dominate the Asia-Pacific, Europe, South America, Middle East and Africa Lithium Ion Battery Market
In 2024, the Lithium Nickel Manganese Cobalt Oxide (Li-NMC) segment is expected to dominate the market with a 45.63% market share due to its superior energy density, longer lifespan, and enhanced safety features, making it a preferred choice for diverse applications and industries.
- On the basis of component, the market is segmented into cathode, anode, electrolyte, separator, and others
In 2024, the cathode segment is expected to dominate the Asia-Pacific, Europe, South America, Middle East and Africa Lithium Ion Battery Market
In 2024, the cathode segment is expected to dominate the market with the market share of 47.36% due to advancements in cathode materials, particularly those incorporating nickel-rich formulations. These materials offer higher energy density, improved stability, and cost-effectiveness, driving their widespread adoption in lithium-ion batteries for various applications, including electric vehicles and energy storage systems.
- On the basis of product, the market is segmented into cells, Storage System (ESS), module, and pack. In 2024, the cells segment is expected to dominate the market with the market share of 48.89%
- On the basis of charge, the market is segmented into rechargeable and non-rechargeable. In 2024, the rechargeable segment is expected to dominate the market with the market share of 76.97%
- On the basis of end use, the market is segmented into automotive, consumer electronics, power, industrial, construction, telecom, medical, aerospace and defense, marine, and others. In 2024, the automotive segment is expected to dominate the market with the market share of 45.89%
Major Players
Data Bridge Market Research analyzes Contemporary Amperex Technology Co., Limited (China), LG Chem. (South Korea), SAMSUNG SDI CO., LTD. (South Korea), BYD Motors Inc. (China), and Saft (France) as the market players in the Asia-Pacific, Europe, South America, Middle East and Africa lithium ion battery market.
Market Developments
- In January 2024, the LG Chem solidifies its leadership in next-generation battery tech by investing in Sion Power, a startup pioneering lithium metal battery technology. This move showcases LG's commitment to open innovation, aligning with competent partners to overcome technological hurdles. The equity investment marks a strategic step forward in advancing lithium metal battery efficiency, addressing challenges such as dendrite formation, and heralding a new era in battery technology
- In April 2023, Amperex Technology Limited and AM Batteries have partnered to develop solvent-free electrode manufacturing tech for Li-ion batteries, aiming to address environmental concerns and cost issues. Amperex Technology Limited electrostatic spray technique, eliminating toxic solvents, reduces operational costs and CO2 emissions. This partnership enhances sustainability in battery production, meeting the rising demand for lithium-ion batteries while reducing environmental impact
- In October 2023, CALB unveiled a groundbreaking advancement at RE+ 2023: the world's first 314Ah high-energy, long-lasting battery cell, with over 15,000 cycles. This innovation, featuring enhanced lithium replenishment technology, boosts cycle life and usable capacity by 12% compared to previous models, with an impressive 96% energy conversion efficiency. This development reinforces the company's position as an industry leader, providing economical and efficient energy storage solutions for diverse commercial applications.
- In October 2021, SAMSUNG SDI CO., LTD. and Stellantis created a joint venture for lithium-ion battery production in North America and the Middle East region. This venture includes various lithium-ion battery production plants and research centers. This development made a positive impact on the company as well as on the growth of the Lithium ion battery market
- In January 2023, Contemporary Amperex Technology Co., Limited announced a strategic partnership with NIO. This partnership of the two companies made advanced technological cooperation in new brands, new projects, and new markets, improved supply-demand coordination, propelled overseas expansion, and developed the business model centering on long-service life batteries.
Regional Analysis
Geographically, the countries covered in the Asia-Pacific, Europe, South America, Middle East and Africa lithium ion battery market report are China, Japan, South Korea, India, Australia, Singapore, Thailand, Malaysia, Indonesia, Philippines, Vietnam, Bangladesh, Myanmar and rest of Asia-Pacific, Germany, U.K., France, Italy, Russia, Spain, Turkey, Belgium, Hungary, Serbia, rest of Europe, Brazil, Argentina, Chile, Bolivia, rest of South America, Saudi Arabia, U.A.E, Israel, South Africa, Egypt, Nigeria, Morocco, Ethiopia, Kenya, Ghana, Namibia, and rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
China is estimated to be the dominant and fastest-growing country in the Asia-Pacific, Europe, South America, Middle East and Africa Lithium Ion Battery Market
China is expected to dominate the market due to its robust manufacturing capabilities, extensive supply chain infrastructure, and significant investments in research and development. The country's strategic focus on becoming a leader in clean energy technologies positions it as a key player, fostering a competitive edge in the global lithium-ion battery industry. China is expected as a fastest growing country due to China has emerged as a global manufacturing hub for lithium-ion batteries, dominating the Asia-Pacific market. The country's extensive manufacturing capabilities and supply chain infrastructure contribute significantly to its growth.
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