Automotive Lithium-Ion Battery Market Analysis and Growth Forecast to 2024 : LG Chem, BYD, Samsung SDI, Hitachi, Tesla

In 2018, the global automotive lithium-ion battery market reached a value of $24.2 billion and is predicted to attain $74.3 billion in 2024, advancing at a 15.9% CAGR during the forecast period (2019-2024). The market is growing due to the falling cost of battery and its components and rising electric vehicle production and demand. A rechargeable battery which comprises a positive and negative electrode that are contacted by a chemical called the electrolyte is referred to as lithium-ion battery. Lithium-ion is allowed to exchange between electrodes because they are separated by a separator.

Some of other major manufacturers of automotive lithium-ion battery worldwide are LG Chem, BYD, Samsung SDI, Hitachi, Tesla and more

In terms of battery type, the automotive lithium-ion battery market is divided into lithium iron phosphate (LFP), lithium nickel cobalt aluminum oxide (NCA), lithium titanate oxide (LTO), lithium manganese oxide (LMO), and lithium nickel manganese cobalt (NMC). Among these, the LFP battery type contributed the largest revenue share to the market during the historical period (2014-2018), as these batteries are safer than other type of electric vehicles batteries and have a higher lifespan. The NCA battery type is projected to grow at the fastest pace during the forecast period.

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Another factor resulting in the growth of the automotive lithium-ion battery market is the falling cost of battery and its components. The prices of lithium-ion battery components, including battery management system, internal wiring, pack housing, internal wing, and pack housing, are reduced considerably and are further projected to decrease in the coming years, thereby making lithium-batteries more suitable and affordable. In addition to this, several automobile companies are investing heavily into pack assembly, which is further making the battery makers to offer lower prices in order to increase their sales.

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Hence, the market is witnessing growth due to the rising demand and production of electric vehicles and the falling prices of lithium-ion battery and its components.

The research offers market size of the global automotive lithium-ion battery for the period 2014-2024.

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Market Segmentation by Vehicle Type
Two-Wheeler
Bike
Scooter/ Motorcycle
Kick scooter
Passenger Car
Hatchback
Sedan
Sports utility vehicle (SUV)
Commercial Vehicle
Bus
Truck

Market Segmentation by Battery Type
Lithium-Iron Phosphate (LFP)
Lithium-Manganese Oxide (LMO)
Lithium-Nickel-Manganese-Cobalt (NMC)
Lithium Titanate Oxide (LTO)
Lithium-Nickel-Cobalt-Aluminum Oxide (NCA)

Market Segmentation by Vehicle Technology
Hybrid
Plug-in Hybrid
Fully Electric

Market Segmentation by Structural Design
Cylindrical
Prismatic
Pouch

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This release was published on openPR.