The Global Market for Lithium Ion Batteries for Vehicles Is Expected to Total $221 Billion from 2015 to 2024
A recent report from Navigant Research analyzes the global market for lithium ion (Li-ion) batteries for automotive applications, with market forecasts for capacity and revenue, segmented by vehicle type and region, through 2024.Global automotive manufacturers continue to push forward vehicles that utilize electric drivetrains, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). With this push comes an increased need for onboard energy storage, and Li-ion battery chemistries are becoming the storage method of choice for many automakers. Click to tweet: According to a recent report from Navigant Research, the global market for Li-ion batteries for light-duty vehicles is expected to total $221 billion from 2015 to 2024.
“Projected sales of BEVs with Li-ion batteries are driving this segment of the battery market,” says William Tokash, senior research analyst with Navigant Research. “BEVs require a larger battery, and approximately 75 percent of the Li-ion batteries in the automotive space are expected to be found in BEVs in the near term.”In addition to battery maker efforts to refine existing Li-ion battery chemistries, new or alternative chemistries—including lithium-air, lithium sulfur, and solid-state lithium—are also being pursued, according to the report. A significant advancement in one or more of these chemistries could prove disruptive to the industry; however, the extensive testing needed to bring a new chemistry into a production vehicle makes it unlikely this would occur before 2020.
The report, Advanced Energy Storage for Automotive Applications, provides a detailed examination of the growing market for automotive Li-ion batteries, including profiles of the leading Li-ion battery manufacturers, systems integrators, and vehicle original equipment manufacturers (OEMs). The study assesses the relative sizes of the battery markets for different vehicle types, as well as vehicle roadmaps and projected sales for BEVs, PHEVs, HEVs, and stop-start vehicles (SSVs). Global market forecasts for capacity and revenue from automotive Li-ion batteries, segmented by vehicle type and region, extend through 2024. The report also includes a review of the different Li-ion battery chemistries and competing energy storage technologies, such as ultracapacitors and nickel-metal hydride (NiMH) batteries.