South Korea Lithium-ion Battery Market Size & Outlook
South Korea lithium-ion battery market, 2018-2030 (US$M)
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South Korea lithium-ion battery market highlights
- The South Korea lithium-ion battery market generated a revenue of USD 15.6 million in 2023 and is expected to reach USD 90.7 million by 2030.
- The South Korea market is expected to grow at a CAGR of 28.6% from 2024 to 2030.
- In terms of segment, lithium iron phosphate (lifepo4) was the largest revenue generating product in 2023.
- Lithium Titanate (LTO) is the most lucrative product segment registering the fastest growth during the forecast period.
Lithium-ion battery market data book summary
| Market revenue in 2023 | USD 15.6 million |
| Market revenue in 2030 | USD 90.7 million |
| Growth rate | 28.6% (CAGR from 2023 to 2030) |
| Largest segment | Lithium iron phosphate (lifepo4) |
| Fastest growing segment | Lithium Titanate (LTO) |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LiFePO4), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Lithium Titanate (LTO), Lithium Nickel Manganese Cobalt (NMC) |
| Key market players worldwide | BYD Co Ltd ADR, Hitachi Ltd, Johnson Controls International PLC, LG Chem, Panasonic Holdings Corp, Samsung SDI Co Ltd GDR - 144A, Toshiba Tec Corp ADR, GS Yuasa Corp |
Other key industry trends
- In terms of revenue, South Korea accounted for 3.3% of the global lithium-ion battery market in 2023.
- Country-wise, China is expected to lead the global market in terms of revenue in 2030.
- In Asia Pacific, China lithium-ion battery market is projected to lead the regional market in terms of revenue in 2030.
- India is the fastest growing regional market in Asia Pacific and is projected to reach USD 87.8 million by 2030.
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Lithium-ion Battery Market Scope
Lithium-ion Battery Market Companies
| Name | Profile | # Employees | HQ | Website |
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South Korea lithium-ion battery market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to lithium-ion battery market will help companies and investors design strategic landscapes.
Lithium iron phosphate (lifepo4) was the largest segment with a revenue share of 30.13% in 2023. Horizon Databook has segmented the South Korea lithium-ion battery market based on lithium cobalt oxide (lco), lithium iron phosphate (lifepo4), lithium nickel cobalt aluminum oxide (nca), lithium manganese oxide (lmo), lithium titanate (lto), lithium nickel manganese cobalt (nmc) covering the revenue growth of each sub-segment from 2018 to 2030.
South Korea witnessed the worst air quality among all 35 OECD-developed countries in 2017. This encouraged the government of the country to introduce several green growth programs.
In September 2019, the Government of South Korea announced a new electric vehicle subsidy scheme for 2020 to encourage the adoption of electric vehicles in the country. Moreover, it has been taking concrete steps to develop a suitable electric vehicle charging infrastructure in the country.
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Horizon Databook provides a detailed overview of country-level data and insights on the South Korea lithium-ion battery market , including forecasts for subscribers. This country databook contains high-level insights into South Korea lithium-ion battery market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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South Korea lithium-ion battery market size, by product, 2018-2030 (US$M)
South Korea Lithium-ion Battery Market Outlook Share, 2023 & 2030 (US$M)
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