The Global Automotive Lithium-Ion Battery Market was $17.4 Billion in 2019 and is Expected to Reach $95.3 Billion by 2030, Growing at an Estimated CAGR of 17.1 % During the Forecast Period
Overview
The global automotive lithium-ion battery market was $17.4 billion in 2019 and is expected to reach $95.3 billion by 2030, growing at an estimated CAGR of 17.1 % during the forecast period. Lithium-ion batteries are advanced rechargeable batteries that are used in portable consumer electronic products and in electric vehicles, such as e-bikes, e-rickshaws, and e-cars. In the last few years, lithium-ion batteries have been able to effectively penetrate into the automotive market due to its long life and low maintenance costs as compared to traditional batteries, such as lead-acid and nickel-metal hybrid batteries.
Automotive-Lithium-ion Batteries Market
Growing demand for electric vehicles, compact size, less charging time and low maintenance cost are some of the factors that are driving the global automotive lithium-ion battery market. In addition, the regional government’s push towards the adoptability of electric vehicles (green vehicles), in order to, reduce the carbon footprint, is further, propelling the growth for the automotive lithium-ion market. However, factors such as high cost, due to the limited number of automotive lithium-ion battery manufacturing players and the limited number of charging stations are restricting the growth of the market.
Specifically, in 2019, the automotive lithium nickel manganese cobalt batteries (NMC) are anticipated to capture the highest share of about 35.3% in the global automotive lithium-ion battery market; these batteries are likely to continue leading throughout the forecast period as well. NMC chemistries are known to increase the energy density and lifespan of lithium-ion batteries. Hence, players are investing in NMC batteries. For example, Tesla ‘s top-selling car models, Model S and Model X, are equipped with NMC batteries and the company is now focusing on developing an NMC battery that can run over 1lakh km in a single charge. In addition, it is estimated that globally, more than 28 million lithium-ion batteries equipped electric four-wheelers will be sold by 2030. Since, in Q3, 2019, Tesla and Chevy bolt sold more than 50,000 electric cars in the US.
Automotive-lithium ion batteries
The global automotive lithium-ion battery market has been segmented into four regions, namely, North America, Europe, Asia-Pacific and the Rest of the world. Specifically, lithium-ion batteries in the automotive sector are witnessing significant growth in countries, such as China, the US, and certain European regions. At present, China is the biggest market for both in terms of manufacturing lithium-ion batteries for electric vehicles and their consumption.
At present, partnerships are one of the key business strategies of the players. For instance, in September 2019, Maruti Suzuki partnered with Toshiba and Denso to set up the world’s largest automotive lithium-ion battery manufacturing unit in Gujrat (India). Some of the leading players of the automotive lithium-ion battery market are Denso Corporation, Toshiba Corporation, Exicom Power Solutions, Johnson Controls Inc., A123 Systems Inc. LG Chem Ltd., Contemporary Amperex Technology Ltd. (CATL), BYD Company Ltd., Panasonic Corporation, and Samsung SDI Co. Ltd. among others.
The automotive lithium-ion battery market is segmented based on battery type, vehicle type, capacity type, and region. Based on battery type, the market is classified into Lithium Titanium Oxide (LTO), Lithium Nickel Manganese Cobalt Oxide, and Lithium Iron Phosphate. Based on vehicle type, the market is categorized into Two-wheeler EVs, Three-wheeler EVs, and Four-wheelers EVs. On the basis of capacity type, the market is bifurcated into 5-25Wh,48-95Wh,100-250Kwh and more than 250 kWh. Based on geography, the market is categorized in North America, Europe, Asia-Pacific and the Rest of the World.
Scope of the Report
The ‘Automotive Lithium-Ion Battery' report features an extensive study of the current landscape of industry players that are offering various types of lithium-ion batteries to the automotive industry. Amongst other elements, the report features:
- Detailed quantitative analysis of the market in terms of market size and forecast 2019-2030
- An in-depth qualitative analysis of the automotive lithium-ion market in terms of key market trends, market drivers, restraints, and opportunities
- Key insights into the competitive landscape of the market.
Table of Contents
Companies Mentioned
- Denso Corporation
- Toshiba Corporation
- Exicom Power Solutions
- Johnson Controls
- A123 Systems
- LG Chem
- Amperex Technology
- BYD Company
- Panasonic Corporation
- Samsung SDI
Methodology
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