Lithium Cobalt Oxide Market Share

APAC Market Statistics

Asia Pacific in lithium cobalt oxide market is likely to hold more than 38.9% revenue share by 2037. The market is growing in the region owing to significant technological advancements, robust industrial expansion, and rising lithium-ion battery demand. Also, Asia Pacific is a major player in the worldwide market due to its strategic location as a hub for manufacturing and its unwavering focus on technological improvement.

China has the highest lithium-ion battery production capacity in the world, and the nation is home to various battery suppliers and manufacturers. Exports of lithium-ion batteries increased by more than 33% to USD 65.18 billion in 2023 from the previous year. The need for lithium cobalt oxide is further fueled by nations' dominance in the world lithium cobalt oxide market for producing consumer electronics, including laptops, smartphones, and other portable gadgets.

The need for lithium cobalt oxide has been further stimulated by the Government of India, which has implemented encouraging laws and incentives to hasten the deployment of EVs and renewable energy storage technologies. Invest India stated that GST on electric vehicles has been reduced from 12% to 5%; GST on chargers/ charging stations for electric vehicles has been reduced from 18% to 5%. 

South Korea is the industry leader in battery production due to its sophisticated manufacturing processes and wide-ranging supply networks. Korea is now second only to China in terms of volume in the worldwide battery market, with a 37% market share. Furthermore, the demand for lithium cobalt oxide in the nation is driven by the government's backing of renewable energy storage efforts, the growing consumer electronics industries, and the swift adoption of electric vehicles.

North America Market Analysis

North America is expected to witness huge growth in the lithium cobalt oxide market during the forecast period. The growth can be credited to the burgeoning demand for lithium-ion batteries in the automotive and defense industries.

In the U.S., there has been a surge in the demand for consumer electronics due to the increasing population. For instance, in 2024 retail sales of consumer electronics reached around USD 510 billion, a growth aided by the introduction of cutting-edge products like XR devices and AI smartphones.

Canada has advanced rapidly in the worldwide supply chain for EV batteries. Some of the biggest corporations in the world have made billion-dollar investments in Canada's EV battery supply chain since 2022. Also, Canada is accelerating the adoption of zero-emission vehicles (ZEVs) as part of its pledge to decarbonize the transportation sector. In Canada, the lithium cobalt oxide market share of ZEVs is steadily increasing. Canada has committed to achieving 100% ZEV sales for all light-duty cars by 2035 and has set ambitious EV sales targets.