The global lithium-ion battery market size is expected to grow from USD 56.8 billion in 2023 to USD 187.1 billion by 2032, at a CAGR of 14.2% from 2023 to 2032. Lithium-ion batteries consist of cathodes, anodes, electrolytes, separators, and other materials. The cathode and anode electrodes generate electricity with the help of the electrolyte solution inside the cell. The electrolyte material creates a medium for lithium ions to travel from the anode to the cathode and vice versa to generate electric current. Other materials used in lithium-ion batteries are binders, current collectors, and packaging materials.
As of 2022, LG Energy Solution (South Korea), Samsung SDI Co. Ltd. (South Korea), SK Innovation Co., Ltd. (South Korea), Panasonic Holdings Corporation (Japan), BYD Company Limited (China), and Toshiba Corporation (Japan) are some of the notable players in this market.
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LG Energy Solution
LG Energy Solution specializes in manufacturing a wide range of batteries, including those for IT devices, mobile phones, laptops, and batteries for electric vehicles and energy storage systems (ESS). LG Energy Solution uses the latest technologies to develop differentiated materials for automotive and mobile batteries. The company operates and provides its batteries under three divisions: Advanced automotive battery, Mobility & IT battery, and ESS battery. LG Energy Solution has built a strong global network across North America, Europe, Asia, and Australia. This network includes battery manufacturing facilities established through joint ventures with leading automakers like General Motors (US), Stellantis N.V. (The Netherlands), Hyundai Motor Group (South Korea), and Honda Motor Co., Ltd. (Japan). These strategic partnerships enable LG Energy Solution to leverage its expertise in battery manufacturing and collaborate with key players in the automotive industry to meet the growing demand for clean energy vehicles worldwide.
Samsung SDI Co., Ltd.
Samsung SDI Co., Ltd. is a leading manufacturer of rechargeable batteries for the IT industry, automobiles, and energy storage systems. The company operates in two business segments: Energy Solutions and Electronic Materials. The Energy Solutions business segment caters to small lithium-ion batteries, automotive batteries, and energy storage systems (ESS). The company offers energy storage systems from kWh to MWh for residential, commercial, UPS, and base transceiver station applications. The company operates in South Korea, Malaysia, China, Vietnam, Austria, the US, India, Taiwan, the UK, Germany, and Japan. Some of its key subsidiaries are Samsung SDI America Inc. (US), Samsung SDI (Hongkong) Ltd. (China), Samsung SDI Europe GmbH (Germany), Samsung SDI India Private Limited (India), and others.
BYD Company Limited
BYD Company Limited operates through two business segments: Mobile Handset Components, Assembly Service, and Other Products; and Automobiles and Related Products, and Other Products. The company offers lithium-ion batteries under the Automobiles, Related Products, and Other Products business segment. The company’s lithium-ion battery product portfolio includes lithium-ion cells, lithium-ion battery packs, and lithium-polymer batteries. It provides lithium-ion battery energy storage solutions for commercial, utility, and residential applications. The company also offers large-scale energy storage systems, distributed energy storage systems, and micro-grid systems. The company’s lithium-ion batteries are widely used in various consumer electronics products. Samsung and Dell are the major clients of BYD Company Limited. BYD Company Limited is one of the world's leading producers of rechargeable batteries, including NiMH batteries and lithium-ion batteries. These batteries offered by the company have a wide variety of uses in consumer electronics, new energy vehicles, and energy storage applications. The company has a presence in Asia Pacific, the Americas, and Europe.
Lithium-ion Battery Market by Type (NMC, LFP, LCO, LTO, LMO, NCA), Capacity (Below 3,000 mAh, 3,001 mAh–10,000 mAh, 10,001 mAh–60,000 mAh, Above 60,000 mAh), Voltage (Below 12V, 12V–36V, Above 36V), Application and Region - Global Forecast to 2032
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