The global lithium-ion battery market is anticipated to grow at a considerable CAGR of around 14.6% during the forecast period (2024-2031). The factor contributing to the growth of the market include growing partnerships among major market players to further expand the production of lithium-ion batteries.
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For instance, in July 2020, Contemporary Amperex Technology Co., Limited (CATL), which provides advanced battery solutions for new energy applications, has signed an agreement with Honda Motor Co. to form a strategic alliance to promote the popularization of e-mobility. Through this partnership, both companies have conducted joint development on new electric vehicles to promote electric mobility. By this partnership, both companies had focused on the supply of batteries, development for new technology, and the reuse and recycling of batteries for new electric vehicles.
Moreover, in April 2019, Envision AESC had completed the acquisition of Automotive Energy Supply Corporation, which was previously acquired by Nissan Motor Co., Ltd. The acquisition had powered the stakes of all the power battery production bases operated in Japan, UK, and the US. With these three manufacturing bases, Envision AESC has successfully provided batteries for more than 430,000 electric vehicles with zero instances of critical malfunction in these countries.
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Besides, the company also provides batteries to China through its fourth production and R&D base Wuxi, located in eastern China’s Jiangsu Province. The Wuxi plant is anticipated to produce lithium-ion batteries (NCM811) with a significant annual production capacity of 20GWh in upcoming years. Apart from this, it also provides power batteries every year for about 400,000 new energy vehicles across the globe. Therefore, business expansion of major players by partnership collaboration among them has a positive impact on the market.
Market Coverage
- Segment Covered-
o By End-User
- Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape-
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Lithium-Ion Battery Market Segment
By End-User
- Automotive Application
- Consumer Application
- Industrial Application
Company Profiles
- BYD Company Ltd.
- ENVISION AESC GROUP LTD (Envision Group)
- BASF SE
- Contemporary Amperex Technology Co., Ltd.
- CALB Inc.
- Energus Power Solutions, Ltd
- Farasis Energy(GanZhou)Co.,Ltd.
- GS Yuasa International Ltd.
- Showa Denko Materials Co., Ltd. (Hitachi Chemical Co., Ltd)
- Johnson Controls, Inc.
- LG Chem.
- LITHIUMWERKS
- MaxPower, Inc.
- Navitas System, LLC
- Panasonic Corp.
- ProLogium Technology Co., Ltd.
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