Lithium-ion Battery Market Share

APAC Market Forecast

Asia Pacific lithium-ion battery market is expected to hold the largest share of 48% by 2037. The growth can be attributed to the increased sales of EVs in the region. In 2020, China was the biggest market for electric vehicles (EVs), selling around 1.12 million battery electric vehicles (BEVs), according to the China Association of Automobile Manufacturers (AMMA). It is anticipated that China will continue to be the largest electric car market globally during the projected period. Lithium-ion companies will likely invest heavily in China and India in the coming years due to rising demand for consumer electronics from the growing middle-class population.

North American Market Statistics

The lithium-ion battery market is anticipated to grow at a CAGR of 26% during the forecast period. The region is the second largest consumer of batteries owing to increased manufacturing activities. The United States boasts a robust manufacturing infrastructure for lithium-ion batteries, including numerous battery manufacturers and research and development facilities dedicated to battery technologies. With this infrastructure in place, the U.S. has a competitive advantage in terms of production capacity and technological advancements. These factors are driving the market growth in the region.