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The global lithium-ion battery market reached US$ 51.0 Billion in 2023. The market is primarily driven by the rising product applications across numerous industries due to the enhanced energy density, lightweight, environment-friendly nature, long operating life, and high-power capacity of lithium-ion batteries. Additionally, the escalating sales of electric vehicles (EVs) that employ Li-ion batteries as energy storage devices for powering EVs owing to their energy efficiency and longer life cycle have catalyzed the market growth. Moreover, the growing utilization of consumer electronics, including smartphones, tablets, laptops, wearables, and digital cameras, has augmented product demand. Besides this, governments of various countries are taking favorable initiatives to encourage the uptake of EVs to reduce the consumption of fossil fuels and control pollution levels. This, coupled with the increasing adoption of li-ion batteries for sustainable energy distribution and extensive investments in the renewable energy sector, is driving the market toward growth.
As per the analysis by IMARC Group, the top lithium-ion battery companies are focusing on developing and designing technologically advanced product variants. They are also making heavy investments in research and development (R&D) activities to introduce miniaturized lithium-ion batteries with improved efficiency. Furthermore, continual product innovations by leading players, such as the launch of nanobot tungsten lithium batteries, are creating a positive outlook for the market. Looking forward, IMARC Group expects the market value to reach US$ 139.6 Billion by 2032, growing at a CAGR of 11.5% during 2024-2032.
Learn about opportunities, challenges, and trends in the global lithium-ion battery Manufacturing market with IMARC’s market research report. Try a free sample today!
The global lithium-ion battery market has several major players, including A123 Systems LLC, Envision AESC Limited, LG Chem Ltd., Panasonic Corporation, SAMSUNG SDI Co., Ltd., Toshiba Corporation, Amperex Technology Limited, BAK Group, Blue Energy Limited, BYD Company Ltd., CBAK Energy Technology, Inc., Tianjin Lishen Battery Joint-Stock CO., LTD. Lithion Battery Inc., SK innovation Co., Ltd, and Hitachi, Ltd. More information about these companies has been provided below.
Establishment:
2001
Headquarters:
Michigan, United States
Website:
http://www.a123systems.com/
A123 Systems LLC is a global leader in lithium-ion energy storage solutions that manufactures nano phosphate lithium iron phosphate batteries and energy storage systems. It is a subsidiary of Wanxiang America Corporation that specializes in low-voltage battery production, starter batteries, and 48V systems, offering excellent brake energy recuperation and an extended life cycle. Currently, the company is focused on developing a diverse portfolio of solutions for fully electrified vehicles to meet existing and future market demands.
Establishment:
2007
Headquarters:
Zama City, Japan
Website:
https://www.envision-aesc.com/en/
Envision AESC Limited is a leading global battery technology company that develops, manufactures, and markets lithium-ion batteries for automotive applications. It has a broad product portfolio comprising lithium-ion cells, modules, laminated cells, lithium manganese batteries, and battery packs. The company mainly offers lithium-ion cells, 4-cell modules, and 48-module packs of high-energy batteries for electric vehicle (EV) applications and lithium-ion cells, 8-cell modules, and 12-module packs of high energy batteries for hybrid electric vehicle (HEV) applications.
Establishment:
1947
Headquarters:
Seoul, South Korea
Website:
https://lgchem.com/
LG Chem Ltd. is a leading science-oriented corporation and chemical company that offers the world’s most advanced batteries. It has continuously achieved growth through relentless challenges and innovations since its establishment. It has a diversified, balanced, and globally competitive business portfolio comprising petrochemicals, advanced materials, life sciences, and subsidiaries specializing in batteries. Under Advanced Materials, the company develops top-quality materials for rechargeable batteries, the IT industry, and the automotive industry.
Establishment:
1918
Headquarters:
Kadoma, Japan
Website:
https://www.panasonic.com/
Panasonic Corporation is a global leader in the development of diverse electronics technologies and solutions. It produces, markets, and sells a range of lithium-ion batteries to meet the growing requirements of consumers, such as the main battery for small devices and a backup battery for emergencies. With its unique technologies, the company has made the batteries thinner and lighter for use in a wide variety of devices, such as notebook computers, laptops, and mobile phones. These batteries also find extensive use in EVs, backup base stations for mobile telephones, electricity storage systems with solar power generation, and other industrial applications.
Establishment:
1970
Headquarters:
Yongin-Si, South Korea
Website:
https://www.samsungsdi.com/index.html
SAMSUNG SDI Co., Ltd. specializes in the development of batteries across the globe. The company primarily operates via three segments: chemicals, electronic materials, and energy. It offers a wide range of small-sized lithium-ion batteries used in a variety of consumer electronics, including laptops, tablets, mobile phones, wearable devices, power banks, power tools, garden tools, vacuum cleaners, e-bikes, e-scooters, and ignition products.
Establishment:
1875
Headquarters:
Tokyo, Japan
Website:
https://www.global.toshiba/ww/top.html
Toshiba Corporation is a leading manufacturer of electronic devices and products across the globe. It offers infrastructure-as-a-service systems, including power, transmission and distribution, industrial, railway transportation, security and automation, broadcasting and network, photovoltaic, water and environmental, building, and POS systems. The company also develops, produces, and sells the “SCiB™,” a rechargeable lithium-ion battery that is highly safe, has a prolonged lifetime, recharges fast, and operates in low temperatures. The SCiB™ is employed in numerous fields, such as automobiles, railways, industrial equipment, including automated guided vehicles, and even in large-scale stationary power storage systems. Toshiba produces high-energy and high-powered batteries at the Kashiwazaki Operations in Niigata Prefecture in Japan.
Establishment:
1999
Headquarters:
Tsuen Wan, Hong Kong
Website:
https://www.atlbattery.com/en/index.html
Amperex Technology Limited is a worldwide leader in the production and innovation of lithium-ion batteries. It offers high-quality rechargeable lithium-ion battery cells, packs, and system integration solutions and is committed to delivering advanced technologies, production capacities, and high-quality services. The company works closely with world-renowned brands of smartphones, battery chargers, tablets and notebook OEMs, drones, robots, and power tools specialists, VR/AR vanguards, and other wearable and smart technologies, helping the world connect better.
Establishment:
1979
Link to Energyland
Headquarters:
Guangdong, China
Website:
https://bakgroup.net/
BAK Group offers innovative solutions to companies and clients in various sectors, including technology, security, business training, and construction. In addition, the company has ventured into a new energy enterprise with lithium-ion batteries, EVs, and battery recycling as its main business lines. It owns upstream and downstream industry clusters in China that comprise research and development (R&D), production, and sales of lithium batteries and EVs, such as Shenzhen BAK Power and Zhengzhou BAK Battery.
Establishment:
2009
Headquarters:
Fukuchiyama, Japan
Website:
https://www.blue-energy.co.jp/en/
Blue Energy Co., Ltd. is a subsidiary of GS Yuasa Corporation that specializes in the manufacturing, sales, and research and development of high-performance lithium-ion batteries. The company also offers EH4 cells and civic hybrid carried EH4 battery systems. Moreover, Blue Energy is one of the world’s top and most advanced manufacturers in terms of full-scale production and vehicle-mounted quantity in the field of lithium-ion batteries for HEV.
Establishment:
11995
Headquarters:
Shenzhen, China
Website:
https://en.byd.com/
BYD Company Ltd. manufactures and sells rechargeable batteries, including NiMH, lithium-ion, and NCM batteries. The company mainly serves the electronics, automobiles, new energy, and rail transit industries and has established over 30 industrial parks across six continents globally. From energy generation and storage to its applications, BYD offers zero-emission energy solutions.
Establishment:
2001
Headquarters:
Guangdong, China
Website:
https://en.cbak.com.cn/
CBAK Energy Technology, Inc. is a leading high-tech company involved in the development, manufacturing, and sales of new energy high-power lithium batteries. It has a broad product portfolio comprising the LFP, NMC, high-rate, all-tab, and ultra-low temperature series. The company offers a range of battery solutions for light electric vehicles, electric vehicles, communications, consumer electronics, energy storage, electric tools, uninterruptible power supply (UPS), and smart applications. It is also the first lithium battery manufacturer in China to be listed on the Nasdaq Stock Market.
Establishment:
1997
Headquarters:
Tianjin, China
Website:
http://en.lishen.com.cn/
Tianjin Lishen Battery Joint-Stock CO., LTD. is a high-tech enterprise offering total energy solutions, including six product categories for a wide range of applications, including customer electronics, new energy transportation, and energy storage systems. Its extensive product portfolio consists of cylindrical batteries, prismatic batteries, power batteries, polymer batteries, photovoltaic, ultra-capacitor, and nearly a thousand models. With independent intellectual property rights and core technology and holding over 1,800 patents, Lishen Battery has become a world-class domestic leader in lithium-ion battery manufacturing.
Establishment:
1989
Headquarters:
Texas, the United States
Website:
https://www.lithionbattery.com/
Lithion Battery Inc. is a vertically integrated manufacturer of primary and secondary battery cells, rechargeable and non-rechargeable battery packs, and battery modules. The company boasts a full range of in-house engineering, design, and testing capabilities – offering one-stop, comprehensive energy and power solutions. It provides highly differentiated lithium iron phosphate and lithium-ion battery cells, modules, and battery packs. The company’s power and energy-optimized battery solutions serve a variety of critical applications and meet the requirements of numerous markets, including battery energy storage, UPS, marine, military/defense, commercial electric vehicles, materials handling, industrial, medical, and robotics.
Establishment:
1962
Headquarters:
Seoul, South Korea
Website:
https://www.skinnovation.com/
SK Innovation Co., Ltd is a leading global intermediate holding company in the field of energy, petrochemical, e-mobility battery, and information electronic materials businesses. It mainly operates through 6 subsidiaries: SK Energy, SK Geocentric, SK Lubricants, SK Incheon Petrochem, SK Trading International, and SK IE Technology. The company manufactures lithium-ion batteries for automobiles and ESS (Energy Storage System). It also produces LiBS, a core material for lithium-ion batteries, and FCW (Flexible Cover Window), a key material to replace glass in flexible displays.
Establishment:
1920
Headquarters:
Tokyo, Japan
Website:
https://www.hitachi.com/
Hitachi, Ltd is a Japanese multinational corporation that offers a wide range of products and solutions under digital systems & services, green energy & mobility, connective industries, and automotive systems business. It develops lithium-ion batteries with long service life, high output, energy density, and reliability, that has been adopted as the battery for eco-friendly cars due to their distinctive feature of better charging efficiency than the Nickel-metal hydride battery and memory-effect-free performance. At present, the company is focusing on manufacturing batteries for extended operating life, high durability, safety, and low cost for automotive applications in hybrid electric small-sized trucks, buses, and hybrid railway motorcars.
About Author:
Aditi Kumar
Senior Content Writer at IMARC Services Private Limited
Aditi is a content writer and editor at IMARC Services Private Limited with over two years of experience in market research, covering diverse sectors from information technology to healthcare, automotive, oil and gas, food and beverage, and electronics. She actively works on numerous predictive and exploratory research projects and has hands-on experience analyzing and writing about macro and micro markets. Besides writing, Aditi loves baking and reading novels.
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