Published: November 2019
The growing global urgency to reduce carbon footprint, coupled to the long life and low maintenance requirements of lithium ion batteries, have enabled this relatively new class of portable power sources to effectively penetrate the automotive market
The global automotive lithium-ion battery market is anticipated to grow at a CAGR of 16.04% 17.1 % from 2023-2030, reaching USD 95.3 billion by 2035.
Owing to their numerous benefits, the sales of lithium ion battery powered cars have grown by more than 10 times over the period 2013-2019. In addition, the anticipated ban on IC engine vehicles by 2030 is likely to further drive the demand for these batteries within the automobile industry.
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Lithium Nickel Manganese Cobalt Oxide (NMC) batteries presently capture the highest share
NMC batteries, primarily used in buses and cars, represent more than one-third of overall market share (in terms of revenues generated from battery sales). Other popular battery types that are expected to witness significant growth in the foreseen future, are lithium titanium oxide (LTO) batteries and lithium iron phosphate batteries (LiFEPO4).
Electric four wheelers are expected to capture over 50% of the market by 2030
In developed geographies, e-buses and e-cars are likely to drive significant growth in battery sales; specifically, e-cars are anticipated to dominate the market throughout the forecast period. On the other hand, lithium-ion battery powered three wheelers are anticipated to contribute to revenue generation in developing nations, such as India, China and Africa. Currently, China holds the top position among the world’s largest manufacturers of lithium ion batteries for automotive applications.
By 2025, the global lithium-ion battery production capacity could reach up to 1,112 GWh
In 2019, lithium ion batteries with 48-99 WH capacity are anticipated to capture over 30% of the global market. However, batteries with a capacity of more than 250 KWh are expected to grow at a rapid rate, due to the growing number of electric buses across the world, specifically, in the US, UK and China.
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The USD 95.3 billion (by 2030) financial opportunity within the global automotive lithium-ion battery market has been analyzed across the following segments:
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