Lithium-ion Battery Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

 Due to COVID-19 companies like BYD and CATL reduced the manufacturing capacities. Moreover, decreased sales of electric vehicles amid pandemic also resulted in the slow growth of lithium-ion batteries. However, the high demand for ventilators for medical purposes provided considerable growth during the spread of the virus. Apart from this, major factors driving the market studied are the emergence of new markets, via electric vehicle and energy storage systems (ESS), for both commercial and residential applications, declining lithium-ion battery prices, and the increasing sale of consumer electronics. However, the increasing demand-supply mismatch of raw materials is likely to hinder the growth of the market studied.



  • The stationary energy storage application dominated the market in 2019 and is expected to grow during the forecast period, due to its high energy density, fast recharge capability, and high discharge power, owing to which, the lithium-ion batteries are the only available technology that is capable of meeting OEM requirements.

  • Recycling of Li-ion batteries is expected to secure the supply of raw materials, such as lithium and cobalt, and reduce the reliance on extracting and refining materials from mineral resources. Recycling lithium-ion batteries currently being used in electric vehicles offer an excellent opportunity for companies to utilize the refined constituent materials for manufacturing lithium-ion batteries that are to be used for Energy Storage Systems (ESS).
Key Market Trends

Stationary Energy Storage to Dominate the Market


  • The stationary energy storage segment includes batteries, which find applications in telecom, data centers, UPS, ESS, medical equipment, railroad signaling, diesel generator starting, controls, solar power generation systems, wind power generation systems, and switchgear, among others.

  • The unregulated diesel prices and carbon dioxide emissions are acting as barriers to the use of diesel generators. Therefore, the telecom tower companies are continuously moving toward energy-efficient solutions, as fuel costs amount to 30% of the telecom towers’ operational expenditures. Therefore, the companies are leveraging high-efficiency lithium-ion batteries coupled with renewable energy at several sites.

  • Encouraging incentives are taken by the governments, such as net metering, which has encouraged the installation of rooftop solar PV systems. Battery storage is an important part of the rooftop solar PV power generation process, as solar energy is intermittent and unavailable during the night. With solar PV capacity reaching 580 GW in 2019, the battery market is likely to grow strongly.

Asia-Pacific Region to Dominate the Market


  • The Asia-Pacific region dominated the global market share in 2019. With the increasing deployment of electric vehicles in countries, such as China and India, and the high demand for electronics with urbanization and increasing power purchase parity, the usage of lithium-ion batteries is expected to witness significant growth in the region.

  • China is one of the largest markets for electric vehicles, and the increasing adoption of electric vehicles in the country has been in line with the clean energy policy. Moreover, the Government of China has been providing both financial and non-financial incentives to promote the adoption of electric vehicles.

Competitive Landscape

The lithium-ion battery market is fragmented. The major companies include Panasonic Corporation, Tesla Inc., Samsung SDI, LG Chem Ltd, and Contemporary Amperex Technology Co. Ltd (CATL).

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