Lithium-Ion Battery Market
Market Size (2024)
$92.2B
CAGR (2024-2032)
18.1%
Forecast Period
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.
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Source Reports
| Publisher | Report Title | Date |
|---|---|---|
| Grand View Research | Global Lithium-Ion Battery Market 2024-2032 | 2024-06 |
| Mordor Intelligence | Lithium-Ion Battery Market Size & Share Analysis | 2024-08 |
| BloombergNEF | World Battery Market Tracker Q3 2024 | 2024-09 |
Related Topics
Frequently Asked Questions
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.