Lithium batteries - Secondary systems – Lithium-ion systems | Lithium-ion secondary battery market

Abstract

This paper provides an overview of the past, present, and future of the lithium-ion secondary battery (LIB) market from approximately 2010–25 (2035 for the next-generation battery market). LIBs have served as versatile energy devices for consumer electronics, power applications, xEVs (general terms for electrified vehicles), and energy storage systems (ESSs) since their introduction in the early 1990s. The period around 2010 saw the global economic recession triggered by the financial crisis in September 2008, the Greek financial crisis in October 2009, and the Great East Japan Earthquake in March 2011. The first practical electric vehicles (EVs) using the LIB were also introduced during this period. In the mid-2010s, the battery electric vehicle (BEV) market began to take off again, and consumer electronics such as wearable devices and true wireless stereos (TWSs) began to be announced and marketed. Around 2020, while the BEV boom proved to be a significant tailwind for the LIB market, it was a time when many industries experienced significant supply chain disruptions due to COVID-19. In addition to existing LIBs, the all-solid-state battery (ASSB) market is expected to expand after 2025.