Press Releases

Lithium Batteries Market to See 15.8% Annual Growth Through 2023

Strong Demand, Particularly from China, Is Boosting Industry Expansion

April 18, 2019

WELLESLEY, Mass., April 18, 2019–Strong demand and new projects worldwide are helping to boost the global lithium battery market, according to a report by BCC Research.

The market expects to see a compound annual growth rate (CAGR) of 15.8% through 2023, when it could be worth $47.4 billion, according to the report “Lithium Batteries: Markets and Materials.”

Major players in the market include A123 Systems (AONE), Apple (AAPL), BASF Battery Materials (BAS), Continental (CON), General Motors (GM), Hitachi Maxell (6810), LG Chemical (051901.KS) and Mitsubishi (MSBHY). 

Research Highlights

  • Secondary batteries lead the market by size and growth, with a 2018 value of $21.4 billion and a CAGR through the period of 16.3%.
  • Secondary batteries reported a 2018 value of $1.4 billion and a CAGR through 2023 of 5.8%.
  • By active element, lithium-iodine batteries lead the primary battery segment by growth, with a CAGR through 2023 of 12.7%, followed by lithium-silver vanadium pentoxide at 7.4% and lithium-thionyl chloride at 5.3%.

“Growth in EV battery production is being driven in general by the Asia-Pacific region and in particular by China,” notes report author Christopher Frye. “China is making a concerted effort to build an internal battery manufacturing infrastructure to support an ever-expanding EV market, which now boasts more than 70 different models, in addition to developing electric buses that are already registering astronomical growth.”

Military Uses Seen as Emerging Market Force

The military and aerospace industry is a key player in the global lithium battery market. The U.S. military is the single largest purchased of advanced batteries, and the batteries are used in parameter sensors, range finders, weapons, steering controls and transmitters. In the past several decades, the military has reduced the number of different types of batteries used. Emerging uses include their applications in electric vehicles, fighting vehicles, manufacturing and strategic defense.

Editors/reporters requesting analyst interviews should contact Sarah Greenberg at press@bccresearch.com.

Lithium Batteries: Markets and Materials( FCB028H )
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