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.
Request a Sample Copy of the report on the Global Lithium-ion Battery Market
Report Synopsis
| Report Metric | Details |
| Base year considered | 2023 |
| Forecast period considered |