Automotive Lithium-Ion Battery Market Share to Exceed $74.3 Billion by 2024: P&S Intelligence

Automotive Lithium-Ion Battery Market Research Report: By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), Battery Type (Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Nickel-Manganese-Cobalt, Lithium Titanate Oxide, Lithium-Nickel-Cobalt-Aluminum Oxide), Vehicle Technology (Hybrid, Plug-in Hybrid, Fully Electric), Structural Design (Cylindrical, Prismatic, Pouch), Geographical Outlook (U.S., Canada, Germany, France, U.K., Norway, Sweden, Netherlands, China, Japan, South Korea, India, Mexico, Brazil)

NEW YORK, Nov. 04, 2019 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the automotive lithium-ion battery market size was valued at $24.2 billion in 2018 and is projected to reach $74.3 billion by 2024, progressing at CAGR of 15.9% during the forecast period (2019-2024).

Historically, the industry witnessed the fastest growth from passenger car segment. The market growth is mainly driven by the high sales of electric cars worldwide and the increased government push in various countries in the form of subsidies and monetary incentives for the adoption of electric cars.

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Increased usage of NMC batteries in electric cars for increased effectiveness is the key trend observed in the automotive lithium-ion battery market. It is mainly due to tremendous decline in the prices of NMC batteries in recent years. Additionally, the demand for higher range per charge is rising, and these batteries offer a greater energy density and thus offers a higher vehicle range.

The growing production and demand of electric vehicles is acting as a major driver in the growth of automotive lithium-ion battery market. People preference is shifting towards using more alternative energy vehicles, especially electric vehicles, due to fluctuating fuel prices and concern over environmental protection due to rising pollution levels from conventional vehicles. Additionally, rapidly reducing prices of lithium-ion battery components are further supporting the demand of automotive lithium-ion battery.

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The automotive lithium-ion battery with cylindrical cells witnessed fasted growth in the market. Its demand was driven by high mechanical efficiency and greater heat dissipation properties of these cells and their lower cost of production. Several manufacturers are focusing on using these cells in battery packs for manufacturing of their electric vehicles.

The APAC region was the largest automotive lithium-ion battery market in the historical period. The high share of APAC region is due to the heavy production and sales of electric vehicles in China. China alone accounted for around 80.0% share in the APAC automotive lithium-ion batteries market in value terms, in 2018. The large size of the Chinese market is led by the support of government authorities, such as providing infrastructural support including charging station spaces, offering incentives and subsidies, and pouring huge money in the electric vehicle industry.

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However, Europe was the fastest growing region for the automotive lithium-ion battery market, and it is expected to continue witnessing the fastest growth during the forecast period, owing to the target set by the government to increase sales of electric vehicles. Moreover, the European Union planned its joint efforts with battery manufacturers and commercial lenders to build an ecosystem with a huge investment to become self-sufficient in battery production, for the purpose of powering electric vehicles. For instance, the European Investment Bank (EIB) provided primary approval for $392.0 million loan this year to Northvolt Ett, to set up a battery Gigafactory in Sweden. Also, the German government is planning to ramp up its domestic production of battery cells for electric vehicles. Such factors are supporting the demand of automotive lithium-ion batteries in the European region.

In the global automotive lithium-ion battery market, most of the leading players are present in the APAC region, especially in China, Japan, and South Korea currently. Some of the major players of the industry are LG Chem Ltd., BYD Co. Ltd., Contemporary Amperex Technology Co. Ltd. (CATL), Panasonic Corp., Tesla Inc., and Automotive Energy Supply Corp. (AESC).

Other leading players operating in the automotive lithium-ion battery market are Samsung SDI Co. Ltd., OptimumNano Energy Co. Ltd., Tianjin Lishen Battery Joint-Stock Co. Ltd., and Shenzhen BAK Battery Co. Ltd.

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