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Automotive Lithium-Ion Battery Market Outlook and Forecast 2020 due to COVID-19 Impact | Key Players are Contemporary Amperex Technology Co. Ltd. (CATL), LG Chem Ltd., BYD Co. Ltd., Panasonic Corp., and Samsung SDI Co. Ltd

07-02-2020 10:08 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: P&S Intelligence

Automotive Lithium-Ion Battery Market Outlook and Forecast

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.

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. The rising usage of NMC batteries in electric cars is a key trend that is being observed in the automotive lithium-ion battery market growth.

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Research Background

1.1 Research Objectives

1.2 Market Definition

1.3 Research Scope

1.3.1 Market Segmentation by Vehicle Type

1.3.2 Market Segmentation by Battery Type

1.3.3 Market Segmentation by Vehicle Technology

1.3.4 Market Segmentation by Structural Design

1.3.5 Market Segmentation by Region

1.3.6 Analysis Period

1.3.7 Market Data Reporting Unit Volume Value

1.4 Key Stakeholders

Electric vehicle manufacturers are now increasingly using lithium-nickel-manganese-cobalt (NMC) batteries, gradually shifting from lithium-iron-phosphate (LFP) batteries. The latter were heavier and occupied more space in the vehicle; these shortcomings have been addressed by NMC batteries.

Company Profiles

BYD Co. Ltd.
Contemporary Amperex Technology Co. Ltd. (CATL)
LG Chem Ltd.
Panasonic Corp.
Samsung SDI Co. Ltd.
GS Yuasa Corp.
Hitachi Chemical Co. Ltd.
OptimumNano Energy Co. Ltd.
Tesla Inc.
Shenzhen BAK Battery Co. Ltd.
Tianjin Lishen Battery Joint-Stock Co. Ltd.

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Besides being lighter in weight and compact, NMC batteries are capable of providing higher ranges in passenger cars in a single charge. This is due to the greater energy density of these batteries that facilitate a higher vehicle range.

In an initiative to popularize these vehicles, the Thailand Board of Investment announced their plans of reducing the excise duty from 8% to 2% on electric vehicles, thereby boosting the automotive lithium-ion battery market, as storage batteries are an essential component of electric vehicles.

Contact: P&S Intelligence
International: +1-347-960-6455

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.

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