Global Lithium-ion Battery Market: Powering the Future of Energy Storage
“The global lithium-ion battery market is rapidly growing as demand for electric vehicles, smartphones, and renewable energy storage increases. These powerful, rechargeable batteries are becoming essential for a cleaner and more connected future.”
Boston, June 19, 2025 (GLOBE NEWSWIRE) -- According to the latest study from BCC Research, the Global Lithium-ion Battery Market is expected to grow from $117.8 billion in 2024 to reach $221.7 billion by the end of 2029, at a compound annual growth rate (CAGR) of 13.5% during the forecast period of 2024 to 2029.
This report provides a detailed overview of the global lithium-ion battery market, covering key components such as cathodes and electrolytes, battery types (such as NMC, LFP, NCA), and applications (automotive, electronics, energy storage). It also examines capacity ranges, regional trends, emerging technologies, ESG factors, and profiles of leading companies, with data from 2023 and forecasts through 2029.
The factors driving the market include:
Increasing global sales of electric vehicles (EVs): Global sales of EVs are rapidly increasing due to rising environmental awareness, supportive government policies, and advances in battery technology. This surge in EV demand is driving the growth of the lithium-ion battery market.
Growing demand for energy storage applications using repurposed LIBs: The demand for energy storage systems is rising as renewable energy use expands, creating opportunities for repurposed lithium-ion batteries (LIBs). These second-life batteries offer a cost-effective, sustainable solution for storing solar and wind energy.
Falling LIB prices facilitating increased EV deployment: Declining lithium-ion battery (LIB) prices are making EVs more affordable. This cost reduction is accelerating global EV adoption and production.
Increasing government support for transportation electrification: Governments worldwide are increasing their support for transportation electrification through subsidies, tax incentives, and stricter emission regulations. These initiatives are encouraging EV adoption and driving demand for lithium-ion batteries.
Grid-level use of LIBs interfaces with renewable sources of energy: Lithium-ion batteries are increasingly used at the grid level to store energy from renewable sources like solar and wind. This helps balance supply and demand, ensuring a more stable and reliable clean energy supply.
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Report Synopsis
| Report Metric | Details |
| Base year considered | 2023 |
| Forecast period considered | 2024-2029 |
| Base year market size | $109.9 billion |
| Market size forecast | $221.7 billion |
| Growth rate | CAGR of 13.5% for the forecast period of 2024-2029 |
| Segments covered | Type, component, capacity, application, and region |
| Regions covered | North America, Asia-Pacific, Europe, and Rest of the World (RoW) |
| Countries covered | U.S., Canada, Mexico, France, Germany, the U.K., Italy, Netherlands, South Korea, Japan, India, China |
| Market drivers |
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Interesting facts:
- The International Energy Agency (IEA) reported that global battery production reach 2.5 TWh in 2023, an increase of 780 GWh from 2022—marking over 25% growth year-on-year.
- EV sales rose sharply, nearing 14 million in 2023 and making up 18% of total car sales, up from 14% in 2022—a 35% increase from the previous year.
- The U.S., China, and Europe continue to dominate the lithium-ion battery market, combined accounting for over 90% of global demand.
The report addresses the following questions:
- What is the projected market size and growth rate?
The global market for LIBs was valued at $109.9 billion in 2023 and is projected to reach $221.7 billion by the end of 2029, with a CAGR of 13.5%.
- What are the key factors driving the growth of the market?
The many factors include the need for a more cost-effective alternative to LIBs; rising sales of EVs worldwide; growing demand for energy storage applications using repurposed LIBs; falling LIB prices; government support for transportation electrification; and grid-level use of LIBs interfaces with renewable sources of energy.
- Which market segments are covered in the report?
The LIB market is segmented based on type, component, capacity, application, and region.
- Which type will be dominant through 2029?
LFP batteries will be the dominant type through 2029.
- Which region has the largest market share?
Asia-Pacific holds the largest share of the global market
Leading Companies Include:
- BYD CO. LTD.
- CALB
- CONTEMPORARY AMPEREX TECHNOLOGY CO. LTD.
- EVE ENERGY CO. LTD.
- FARASIS ENERGY (GANZHOU) CO. LTD.
- GOTION
- GS YUASA INTERNATIONAL LTD.
- LG ENERGY SOLUTION
- PANASONIC ENERGY CO. LTD.
- SAMSUNG SDI
- SHENZHEN BAK BATTERY CO. LTD.
- SK ON CO. LTD.
- TESLA
- TOSHIBA CORP.
- VEHICLE ENERGY JAPAN INC.
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