Advanced Lithium Ion Batteries Market Size

Advanced lithium-ion batteries market share is expected to reach USD 239476.47 million, to grow at a 25% CAGR during the forecast period 2024 - 2032.

Advanced Lithium-Ion Batteries Market Scenario

Lithium-ion batteries are a prominent source of power for electric vehicles. Electric vehicles (EVs) have widespread use followed by the growing demand of plug-in hybrid electric vehicles (PHEVs). It has inevitably boosted the adoption of lithium-ion batteries, and the same is expected to increase further. The adoption of EVs is expanding among consumers and it has helped boost the market for these energy-saving, pollution-reducing vehicles. The presence of these vehicles is constantly increasing. They offer a series of advantages such as less need to maintain the vehicle engine, reduced use of hazardous oil waste, and reduced pollution caused by fuel combustion engines. Also, it offers a huge degree of development of improved battery life technologies. Hence, it can be concluded that electric vehicles are the future of the automobile industry and transportation systems. Also, the increased adoption will eventually increase the demand for lithium-ion batteries.

Li-ion batteries belong to a capacity of more than 10,000 mAh. Hence, they are used for applications requiring high capacities, including electric vehicles, plug-in hybrid electric vehicles, e-motorcycles, and others like material handling equipment, marine, robots, industrial, telecommunication systems, automated guided vehicles, yachts, solar backup power, energy storage system (ESS) platforms, low earth orbit (LEO), medium earth orbit (MEO), and geostationary or geosynchronous orbit (GEO) satellites, and launch vehicles.

Advanced lithium-ion batteries are modern batteries designed for portable electronic devices, electric vehicles, and stationary energy storage end-use applications. These batteries consist of anode and cathode materials, which account for 40–50% of the cost of the entire battery. As these batteries are increasingly used in high power applications, the safety and reliability of these cells and batteries are of utmost importance. The most important parameters in advanced lithium-ion batteries in utility storage and transportation are cost, performance, cycle life, and safety to increase the credibility of these batteries to fulfil the growing demand. The advanced lithium ion batteries market is still in its growing phase, so the increasing demand necessitates research on flexible lithium ion batteries to fulfill the energy requirement of the devices in which these batteries are used. The major advantages of advanced lithium ion batteries are high storage density, suitable for hybrid electric vehicles, and compact size.

Advanced Lithium Ion Batteries Market Key Players

The Key Players of the Global Advanced Lithium Ion Batteries Market are SiNode Systems, Broadbit Batteries, Unienergy Technology, NGK, 24M, Johnson Battery Technology, Nano Nouvelle, US Army Research Lab, Voltaiq, PARC, Energous, and Tanktwo.

Recent Developments

• The General Motors Company in the US depicts the cost of a cell is expected to drop to USD 100 per kWh by 2021. Technological market investments and developments like manufacturing on a large scale, the declining price of components, and the adoption of advanced technologies to boost battery capacity are some of the factors leading to a decline in price. Price reductions would catalyze the adoption of these batteries across various new applications. The price of lithium-ion batteries is still a challenge that companies need to overcome.

Advanced Lithium Ion Batteries Market Regional Analysis

Global advanced lithium ion batteries market is expected to witness substantial growth during the forecast period owing to the rapidly growing demand for electronics devices and the growing energy industry. The energy storage industry is mainly focused on advancing lithium-ion battery technology due to its various advantages over other types of batteries that are commercially available in the global market. For instance, lithium-ion batteries have a substantially higher energy storage density that requires a smaller footprint compared to other existing batteries. This is expected to lead to growth in the demand for advanced lithium-ion batteries.

The major factor driving the advanced lithium ion batteries market is the increasing use of electric devices. Moreover, the growing energy storage industry is also likely to boost the installation of advanced lithium-ion batteries in various industries. Additionally, the increasing manufacturing of wearable electronics, implantable medical devices, and flexible electronics is expected to further fuel the growth of the advanced lithium ion batteries market. Similarly, advanced lithium-ion batteries have a substantially higher energy storage density that requires a smaller footprint, thus creating an opportunity for these batteries in various industries. These factors are likely to boost the demand for advanced lithium ion batteries. However, higher energy storage density can pose an increased threat of battery fire.

The global advanced lithium ion batteries market is projected to grow at a significant growth rate during the forecast period owing to the increase in demand for advanced lithium ion batteries across multiple end use industries such as consumer electronics, healthcare, and energy storage. In 2019, USD 350 million was invested in advanced lithium-ion technologies. As the demand for lithium-ion batteries grows, future battery price reductions are expected to be driven by the increasing improvements in battery energy density and advancements in commercializing advanced lithium-ion technologies.

Advanced Lithium Ion Batteries Market Segmentation

Global Advanced Lithium Ion Batteries Market has been segmented based on Material, Component, End Use and Region. Based on end use, the global market has been segmented into consumer electronics, automotive, industrial, and others. The consumer electronics sub segment is expected to dominate the global advanced lithium ion batteries market. Additionally, countries such as the US and China are focusing on producing competitive products, which is expected to increase the manufacturing of advanced lithium-ion batteries.