Due to the demand for inexpensive, secure batteries with a better energy density, the consumer electronics market for lithium-ion batteries is anticipated to rise significantly in the next years. In terms of regional penetration, the lithium-ion battery market is anticipated to be led by Asia Pacific.
The lithium-ion battery market, valued at $54.4 billion in 2023, is experiencing rapid growth, with projections indicating a surge to $182.5 billion by 2030 and further expansion to $187.1 billion by 2032. This remarkable growth, at a compound annual growth rate (CAGR) of 14.2% to 20.3%, is fueled by several key factors.
Their lithium-ion batteries are used by more than 600,000 electric vehicles worldwide. TianJin Lishen Battery Joint-Stock Co., Ltd. is a leading manufacturer of lithium-ion batteries, and through its robust research and development activities, holds more than 1,800 patents.
As per the analysis by Expert Market Research, the global lithium-ion battery market is expected to grow at a CAGR of 10.8% in the forecast period of 2023-2028, owing to the increasing demand for electric vehicles. An advanced type of battery, a lithium-ion (Li-ion) battery makes use of lithium ions as a crucial part of its electrochemistry.
Because of the unique nature of these plants, US building codes are only just now being developed for lithium-ion battery manufacturing. Previously, the codes were only established for battery storage systems and not for the manufacturing process.
In terms of regional penetration, the lithium-ion battery market is anticipated to be led by Asia Pacific. Some of the biggest markets for electric vehicles are thought to be in China and Japan.