“The immediate future looks to be secure for the Li-ion chemistry, and the move now is to continue to reduce costs while increasing energy density and vehicle range. These factors will lead to a greater percentage of BEVs being equipped with larger battery packs that can meet the standard that Tesla has established for vehicle range. According to Navigant Research, the global market for Li-ion batteries in light duty and medium/heavy duty vehicles is expected to grow from $7.8 billion in 2015 to $30.6 billion in 2024.”
Press release below:
Advanced Energy Storage for Automotive Applications Lithium Ion Batteries for Battery, Plug-In Hybrid, and Hybrid Electric Vehicles and Stop-Start Vehicles: Global Market Analysis and Forecasts
Global automotive manufacturers continue their efforts to produce more vehicles utilizing electric drivetrains. Most OEMs have introduced battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) models, almost all of which use lithium ion (Li-ion) batteries for onboard energy storage. Increasingly, hybrid electric vehicles (HEVs) are beginning to use Li-ion batteries instead of nickel-metal hydride (NiMH), and now stop-start vehicles (SSVs) using Li-ion batteries are entering the market. When designing electric or electrically assisted powertrains, OEMs continue to tailor their design approach to each model, factoring in not only economy, but also vehicle range, driver experience, and performance.
The immediate future looks to be secure for the Li-ion chemistry, and the move now is to continue to reduce costs while increasing energy density and vehicle range. These factors will lead to a greater percentage of BEVs being equipped with larger battery packs that can meet the standard that Tesla has established for vehicle range. According to Navigant Research, the global market for Li-ion batteries in light duty and medium/heavy duty vehicles is expected to grow from $7.8 billion in 2015 to $30.6 billion in 2024.
This Navigant Research report 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 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 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 NiMH batteries.
