Growth in Production of Electric and Hybrid Electric Vehicles Expected to Drive Global EV Li-Ion Battery Market: Ken Research

Electric vehicle lithium-ion battery or EV Li-Ion is a rechargeable battery that serves as the main power source of fuel in an electric vehicle. This lithium ion battery is considered as a standard battery for the latest generation battery-operated electric vehicles. It is lightweight, compact, has higher energy density, and provides large running capacity as compared to the other EV battery technologies, for instance nickel-metal hydride battery and lead-acid battery. EV Li-Ion batteries are quite quick that charges & discharges at high currents and can handle approximately hundreds of charge and discharge cycles. Growing focus on lowering carbon emissions from the fossil fuel-powered vehicles & policy measures for increased uptake of EV market will positively contribute to the growth of the Li-Ion battery market size throughout the forecast period. Some of the key benefits of EV Li-Ion include save space & weight, highly durable & reliable, boost life of the battery, improve charge & discharge performance, and curb the emission of lead in the environment.

As per analysis, “Global EV Li-ion Battery Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global EV Li-ion battery market include Lithium Energy Japan (LEJ), SDI, A123, Li-Tec, Panasonic, Hitachi, LG Chemical, Johnson Matthey Battery Systems, AESC, Valence and among others.

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Based on category, EV Li-Ion battery market is segmented as LiNiMnCo (NMC) Battery, Lithium Ion Manganese Oxide Battery, Lithium-titanate Battery and Lithium Iron Phosphate Battery. In addition, based on end-use, market is segmented as battery electric vehicles, plug-in electric vehicles and hybrid electric vehicles. The battery electric vehicles segment dominates the global market owing to higher rate of adoption of lithium-ion battery in battery electric vehicles. Additionally, the hybrid electric vehicles segment is expected to witness higher growth rate as they utilize electric drive technology to deliver reduced fuel consumption and eliminate the dependence on the charging stations during the forecast period.

The EV Li-ion battery market is driven by rise in production & sales of environment-friendly vehicles (electric and hybrid vehicles), followed by increase in governments’ support through incentives & tax credits on the purchase of electric vehicles and rapid surge in fuel price & increase in vehicular emission. However, High import taxes may impact the market. Moreover, environmental emission concerns are driving the production of EV, which in turn is likely to provide various opportunities to automotive battery manufacturers, particularly lithium-ion battery, in the near future.

Based on geography, the Asia-Pacific is a leading region in global EV Li-Ion battery market owing to higher number of manufacturing plants of the Li-ion battery in the region, especially in China, Japan, and South Korea. The Europe and North-America regions are estimated to witness higher growth rate due to growth in production of electric & hybrid electric vehicles over the forecast period. It is predicted that future of the global EV Li-Ion battery market will be optimistic as a result of rise in demand for zero emission vehicles coupled with decline in EV lithium-ion battery cost during the forecast period.

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