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Rising Electrification Of Vehicles Drives The Market: An Emerging Driver Transforming The Automotive Lithium-ion Battery Cell Market Landscape
Automotive Lithium-ion Battery Cell
What Is the Projected Growth of the Automotive Lithium-ion Battery Cell Market?
In recent times, the automotive lithium-ion battery cell market has seen tremendous growth. The market value is expected to surge from $100.66 billion in 2024 to $127.08 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 26.3%. This significant growth over the historical period has been triggered by factors such as the surge in electric vehicles, governmental incentives, emission reduction objectives, growing consumer approval, heightened production, as well as collaborations and partnerships.
The market size for the automotive lithium-ion battery cell is anticipated to surge dramatically over the next couple of years. It's projected to rise to a staggering $308.26 billion by 2029, expanding at a compound annual growth rate (CAGR) of 24.8%. This growth during the forecast period can be ascribed to several factors including the burgeoning EV market, energy storage applications, government regulations, dwindling battery costs, and research and development investments. The period is also likely to witness several trends such as increased energy density, advancements in the area of solid-state batteries, a rise in the adoption of electric vehicles (EV), diversification of the supply chain, recycling and sustainability efforts, and the integration of battery management systems (BMS).
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What Are the Different Automotive Lithium-ion Battery Cell Market Segments?
The automotive lithium-ion battery cell market covered in this report is segmented -
1) By Type: Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Manganese Oxide (LMO), Lithium Nickel Manganese Cobalt Oxide (NMC)
2) By Cell Type: Cylindrical, Prismatic, Pouch Cells
3) By Application: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel-Cell Electric Vehicle
Subsegments:
1) By Lithium Iron Phosphate (LFP): Standard LFP Cells, High-Energy LFP Cells
2) By Lithium Cobalt Oxide (LCO): Standard LCO Cells, High-performance LCO Cells
3) By Lithium Manganese Oxide (LMO): Standard LMO Cells, High-capacity LMO Cells
4) By Lithium Nickel Manganese Cobalt Oxide (NMC): NMC 111 (1:1:1 Ratio), NMC 532 (5:3:2 Ratio), NMC 622 (6:2:2 Ratio), NMC 811 (8:1:1 Ratio)
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What Are the Primary Drivers Shaping the Automotive Lithium-ion Battery Cell Market?
The global boom in vehicle electrification is set to fuel the expansion of the automotive lithium-ion battery cell market. This growth is primarily attributed to the transition from conventional power sources to electric power in vehicles, a process known as vehicle electrification. Lithium-ion batteries, known for their high energy density and substantial power output, are increasingly favoured in this transformation as they pack considerable energy storage into a compact, lightweight package and have a lower self-discharge rate compared to other batteries, making them the perfect match for vehicle electrification. For example, the Organisation Internationale des Constructeurs d'Automobiles (OICA), a France-based global automobile manufacturers' association, reported remarkable growth in the worldwide automotive industry in 2023, with total vehicle output rising to 93546599 units, a marked rise from 85016728 units in 2022. Therefore, the accelerating trend in global vehicle electrification is set to boost the automotive lithium-ion battery cell market.
Which Companies Are Leading in the Automotive Lithium-ion Battery Cell Market?
Major companies operating in the automotive lithium-ion battery cell market include Samsung SDI Co. Ltd., Toshiba Corporation, Contemporary Ampere Technology Co. Ltd., LG Chem Ltd., GS Yuasa International Ltd., Johnson Controls International Plc, Panasonic Corporation, BYD Company Ltd., Automotive Energy Supply Corp., A123 Systems LLC, Exicom Power Solutions, Tesla Inc., Hitachi Ltd., NEC Corporation, Envision AESC Limited, Technology Limited, Blue Energy Limited, CBAK Energy Technology Inc., Tianjin Lishen Battery Joint-Stock CO. Ltd., Lithion Battery Inc., SK innovation Co. Ltd., OptimumNano Energy Co. Ltd., VARTA AG, Sony Corporation, Gotion High-Tech Co. Ltd.
What Are the Major Trends Shaping the Automotive Lithium-ion Battery Cell Market?
The swift progression of technology is becoming a critical trend in the automotive lithium-ion battery cell industry. Major players in this arena are focused on creating innovative solutions to solidify their market standing. For instance, in October 2022, Natrion Inc., a renowned vehicle component and battery manufacturer in the US, unveiled a patented solid-electrolyte separator named LISIC278. This innovative component is designed for usage in lithium-ion battery cells with graphite anodes for electric vehicle battery cells. The pioneering material is a reworked version of Natrion's unique Lithium Solid Ionic Composite (LISIC) electrolyte, but it imitates the accurate specifications of an average polyolefin separator, although it uses significantly less liquid electrolyte. It provides superior ion transport potential at room temperatures and boasts a thermal resistance above 200°C, with zero porosity. LISIC batteries possess almost no risk of fire, and the chances of a thermal event escalating or spreading are substantially lowered.
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What Are the Top Revenue-Generating Geographies in the Automotive Lithium-ion Battery Cell Market?
Asia-Pacific was the largest region in the automotive lithium-ion battery cell market in 2024. The regions covered in the automotive lithium-ion battery cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Lithium-ion Battery Cell Market?
2. What is the CAGR expected in the Automotive Lithium-ion Battery Cell Market?
3. What Are the Key Innovations Transforming the Automotive Lithium-ion Battery Cell Industry?
4. Which Region Is Leading the Automotive Lithium-ion Battery Cell Market?
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