Automotive Lithium-Ion Battery Market has an outstanding growth in the coming years globally

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.

Get a sample copy of the market analysis: https://www.psmarketresearch.com/market-analysis/automotive-lithium-ion-battery-market/report-sample

The rising usage of NMC batteries in electric cars is a key trend that is being observed in the automotive lithium-ion battery market. While before a large number of electric vehicle manufacturers made use of LFP batteries, in the recent years, the usage of NMC batteries has increased significantly. This shift from LFP to NMC batteries is due to the rising requirement for higher range in passenger cars from a single charge. In addition to this, these batteries are lighter than LFP batteries and occupy lesser space in the vehicle.

When vehicle type is taken into consideration, the automotive lithium-ion battery market is categorized into commercial vehicle, two-wheeler, and passenger car. Out of these, the passenger car category accounted for the largest share of the market in 2018 and is expected to dominate the market during the forecast period as well, in terms of value. This is because the governments in major automobile selling countries, including the U.S. and China, are focusing on producing new energy cars and increasing requirement for fully electric passenger cars with high-range per charge feature.

Make enquiry before purchase: https://www.psmarketresearch.com/send-enquiry?enquiry-url=automotive-lithium-ion-battery-market

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.

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.

Competitive Landscape of Automotive Lithium-Ion Battery Market

Automotive lithium-ion battery market is mainly dominated by battery manufacturers of APAC region, as the leading battery producers are present in China, Japan, and South Korea currently. Some of these leading manufactures are Contemporary Amperex Technology Co. Ltd. (CATL), LG Chem Ltd., BYD Co. Ltd., Panasonic Corp., and Samsung SDI Co. Ltd.

Some of other major manufacturers of automotive lithium-ion battery worldwide are Automotive Energy Supply Corp. (AESC), OptimumNano Energy Co. Ltd., Tianjin Lishen Battery Joint-Stock Co. Ltd., Tesla Inc., and Shenzhen BAK Battery Co. Ltd.

Contact:
P&S Intelligence
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: https://www.psmarketresearch.com

About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.