Lithium-Ion Battery Market
Market Size
$92.2B
USD Billion, 2024
CAGR
18.1%
2024-2032
Forecast Period
2032
2024-2032
Market Overview
The global lithium-ion battery market reached USD 92.2 billion in 2024, driven by accelerating electric vehicle adoption, grid-scale energy storage deployment, and consumer electronics demand. The market is projected to grow at a CAGR of 18.1% through 2032.
Key growth drivers include government EV mandates across major economies, declining battery cell costs (now below $130/kWh at pack level), and rapid expansion of renewable energy capacity requiring storage solutions. China continues to dominate production, accounting for approximately 77% of global cell manufacturing capacity.
The competitive landscape is consolidating around a few major players — CATL, BYD, LG Energy Solution, Panasonic, and Samsung SDI collectively control over 85% of global supply. However, significant investment in North American and European gigafactories is reshaping regional supply chains.
Unlock Full Analysis
Get extended market analysis, segmentation data, and regional breakdowns.
Related Topics
Source Reports
- Global Lithium-Ion Battery Market 2024-2032Grand View Research · 2024-06
- Lithium-Ion Battery Market Size & Share AnalysisMordor Intelligence · 2024-08
- World Battery Market Tracker Q3 2024BloombergNEF · 2024-09
FAQ
- What is the current global lithium-ion battery market size?
- The global lithium-ion battery market was valued at USD 92.2 billion in 2024.
- Which companies lead the lithium-ion battery market?
- CATL, BYD, LG Energy Solution, Panasonic, and Samsung SDI collectively control over 85% of global supply.