Automotive Lithium-Ion Battery Market to Reach $74.3 Billion by 2024

The adoption of electric vehicles across the world is rising, majorly because of the surging levels of air pollution because of conventional diesel and petrol-based vehicles. People have started becoming aware regarding the harmful effects of greenhouse gas emission on the environment and are thus increasingly adopting electric vehicles (EV). The governments across the world are also trying to promote the utilization of EVs, which is why they are offering subsidies and tax redemptions on their purchase. Attributed to these factors, the demand for lithium-ion (Li-ion) batteries is rising as well.

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As per a recent P&S Intelligence report, in 2018, the global automotive lithium-ion battery market generated $24.2 billion, and it is expected to generate revenue of $74.3 billion in 2024, advancing at a 15.9% CAGR during the forecast period (2019-2024). Different types of vehicles which make use of Li-ion batteries are two-wheelers, commercial vehicles, and passenger cars. Out of these, the largest demand for Li-ion batteries was created for passenger cars in 2018, and the future scenario is expected to be the same. This is due to the rising sales and production of EVs in China and the U.S.

When the geographical scenario is taken into consideration, Asia-Pacific (APAC) made the most use of automotive Li-ion batteries in 2018, which is particularly attributed to the heavy production and sales of EVs in China, which is the leading consumer of these batteries in APAC. In China, government authorities are providing extensive support for the development of infrastructure, including charging station spaces. Europe is projected to register the fastest growth in demand for Li-ion batteries during the forecast period because of the targets set by the government for increasing the sales of EVs.

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In addition, the automotive lithium-ion battery market is witnessing the rising utilization of NMC batteries in EVs across the globe a well. The major reason for this is the rising demand for electric vehicles, which have a higher range, and since NMC batteries offer greater energy density, their requirement is rising. In addition to this, the cost of these batteries has come down to an average of $200 per kWh in 2018, which is further resulting in their growing adoption. Furthermore, NMC batteries are lighter and need less space than other batteries.

Competitive Landscape of Automotive Lithium-Ion Battery Market

In the global automotive lithium-ion battery market, most of the leading players are present in the APAC region, especially in China, Japan, and South Korea currently. Some of the major players of the industry are LG Chem Ltd., BYD Co. Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), Panasonic Corp., Tesla Inc., and Automotive Energy Supply Corp. (AESC).

In June 2019, Volkswagen Group announced joint venture with Northvolt AB for setting up lithium-ion battery plant in Germany. The construction of this plant is scheduled to start in 2020 in Salzgitter and production of the battery will start by 2023. The plant will have an annual production capacity of nearly 16GWh. This agreement will help Volkswagen to fulfil battery demand in its electric vehicles. Moreover, in February 2019, CATL announced to scale up EV battery production of its lithium-ion battery production plant in Germany, as part of its expansion plans based on expected high sales of EVs in coming years. The company also announced that by 2026, this capacity will be expanded to 60 GWh.

Other leading players operating in the automotive lithium-ion battery market are Samsung SDI Co. Ltd., OptimumNano Energy Co. Ltd., Tianjin Lishen Battery Joint-Stock Co. Ltd., and Shenzhen BAK Battery Co. Ltd.

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
Market Segmentation by Region

North America Automotive Lithium-Ion Battery Market
By vehicle type
Two-wheeler
Bike
Scooter/Motorcycle
Kick-scooters
Passenger car
Hatchback
Sedan
SUV
Commercial vehicle
Bus
Truck

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This release was published on openPR.