The Market for Lithium Ion Batteries for Vehicles is Expected to Reach $30.6 Billion in 2024, According to Navigant Research
By Business Wire News
By Business Wire News
A new report from Navigant Research analyzes the global market for lithium ion (Li-ion) batteries for automotive applications, with market forecasts for capacity and revenue, segmented by vehicle type and region, through 2024.
As automotive manufacturers continue efforts to produce more vehicles with electric drivetrains, the amount of vehicles using Li-ion batteries for onboard energy storage is increasing. The technology’s future is expected to be secure, and automakers are now focusing on how they can reduce costs while increasing energy density and vehicle range. Click to tweet: According to Navigant Research, the global market for Li-ion batteries for vehicles is expected to grow from $7.8 billion in 2015 to $30.6 billion in 2024.
“The push by automotive original equipment manufacturers (OEMs) and battery manufacturers to continually reduce battery pack costs continues,” says William Tokash, senior research analyst with Navigant Research. “This effort, led by improving battery manufacturing processes and maturing supply chains, is anticipated to yield a market driven by battery electric vehicles (BEVs), where both large and small capacity Li-ion battery-pack-equipped vehicles have markedly improved driving ranges.”
When designing electric or electrically assisted powertrains, OEMs tailor their approach to each model, factoring in economy, vehicle range, driver experience, and performance, according to the report. This approach, along with anticipated decreases in Li-ion battery costs, is expected to create a BEV market driven primarily by premium BEVs with long ranges and more affordable BEVs with higher ranges.
The report, Advanced Energy Storage for Automotive Applications, 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, plug-in hybrid electric vehicles, hybrid electric vehicles, and stop-start vehicles. 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. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant Consulting, Inc. is an independent specialized, global professional services firm that combines deep industry knowledge with technical expertise to enable companies to defend, protect and create value. With a focus on industries and clients facing transformational change and significant regulatory and legal issues, the Firm serves clients primarily in the healthcare, energy and financial services sectors which represent highly complex market and regulatory environments. Professional service offerings include strategic, financial, operational, technology, risk management, compliance, investigative solutions, dispute resolutions services and business process management services. The Firm provides services to companies, legal counsel and governmental agencies. The business is organized in four reporting segments – Disputes, Investigations & Economics; Financial, Risk & Compliance; Healthcare; and Energy. More information about Navigant can be found at navigant.com.
* The information contained in this press release concerning the report, Advanced Energy Storage for Automotive Applications, is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.