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Oct 12, 2020 6:20 AM ET

Automotive Lithium-Ion Battery Market Projected to Grow $74.3 billion By 2024 at 15.9% CAGR | P&S Intelligence


Automotive Lithium-I

iCrowd Newswire - Oct 12, 2020

One of the major factors fuelling the rise in the requirement of automotive lithium-ion batteries is the increasing adoption of electric vehicles (EVs) all over the world. As per the International Energy Agency (IEA), the number of electric cars in the world increased from 2.0 million in 2017 to more than 5.1 million in 2018. Moreover, the utilization of electric vehicles is expected to further surge in the coming years, on account of the increasing pollution levels and massive fluctuations in oil prices across the world.

The increasing number of incentives and financial benefits being provided on the purchase of electric vehicles by the governments of many countries in order to promote the adoption of these vehicles is another important factor pushing the demand for automotive lithium-ion batteries across the globe. Due to these factors, the revenue generated from the worldwide sales of automotive lithium-ion batteries is expected to increase from $24.2 billion to more than $74.3 billion from 2018 to 2024. The global automotive lithium-ion battery market is predicted to advance at a CAGR of 15.9% during the forecast period (2019—2024).

Geographically, Europe is expected to register the fastest growth in the usage of automotive lithium-ion batteries during the forecast period, on account of the increasing sales of electric vehicles and the presence of various associations in the region such as Association of European Automotive Industrial Battery Manufacturers, that are encouraging the usage of lithium-ion batteries in automobiles. Additionally, the region is home to major automobile manufacturers such as Volkswagen Group and BMW AG that are making huge investments in advanced technologies for EVs, which will further create huge demand for lithium-ion batteries in the region in future.

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Hence, it can be said with full surety that the sales of automotive lithium-ion batteries will increase significantly all over the world over the coming years, due to the rising adoption of electric vehicles in several countries and the presence of favorable government policies and regulations for the usage of electric vehicles in many countries all around the world.

The biggest example of such joint efforts is the recent approval granted by the European Investment Bank (EIB) for the provision of a loan worth $392.0 millionto NorthvoltEtt for setting up a battery manufacturing Gigafactory in Sweden. Similarly, the German government is also planning to increase the domestic manufacturing of automotive battery cells in the near future to make the country self-sufficient in lithium-ion battery production. These factors will boost the sales of automotive lithium-ion batteries in Europe in the years to come.

Hence, it can be inferred from the above paragraphs that the sales of automotive lithium-ion batteries will shoot-up all over the world in the forthcoming years, primarily because of the growing adoption of electric vehicles across the world.

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The research offers market size of the global automotive lithium-ion battery for the period 2014–2024.

Market Segmentation by Vehicle Type

Market Segmentation by Battery Type

Market Segmentation by Vehicle Technology

Market Segmentation by Structural Design

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