NEW YORK, Sept. 17, 2020 /PRNewswire/ — The automotive lithium-ion (Li-ion) battery market is expected to generate revenue of $74.3 billion by 2024, exhibiting a 15.9% CAGR during 2019–2024, as per a report by P&S Intelligence. A key factor leading to the growth of the market is the increasing production and demand for electric vehicles. The preference of people is quickly shifting towards alternate energy vehicles, owing to the surging environmental concerns and fluctuating fuel prices.
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In terms of vehicle type, the automotive Lithium -ion battery market size is categorized into commercial vehicle, two-wheeler, and passenger car, among which, the passenger car category is predicted to progress at the fastest pace in the coming years. The increasing sales of electric cars and rising government initiatives, in the form of monetary incentives and subsidies, for encouraging the adoption of electric vehicles are driving the growth of this category.
On the basis of battery type, the automotive Lithium-ion battery market is classified into lithium-iron phosphate (LFP), lithium-nickel-cobalt-aluminum oxide, lithium-manganese oxide, lithium-nickel-manganese-cobalt, and lithium titanate oxide. Among these, the LFP classification accounted for the largest share of the market in the past, owing to the increasing usage of these batteries by Chinese electric vehicle manufacturers and their higher life-span. Moreover, these batteries are used in commercial vehicles, which are in high demand.
When vehicle technology is taken into consideration, the market was dominated by battery electric vehicles (BEV) in the past due to the requirement for highest average battery capacity in these vehicles. In addition to this, rising concerns regarding the environment are compelling governments across the world to offer incentives and subsidies to people for enhancing the adoption and production of BEVs.
Browse Trends Analysis and Growth Prospect of 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) – Global Trends Analysis and Growth Forecast to 2024″ at: https://www.psmarketresearch.com/market-analysis/automotive-lithium-ion-battery-market
Based on structural design, the automotive Li-ion battery market is categorized into pouch, cylindrical, and prismatic, out of which, the cylindrical category is predicted to advance at the fastest pace in the coming years. The demand for cylindrical cells is being driven by their greater heat dissipation properties and high mechanical efficiency. Moreover, the production cost of these cells is low as well, owing to which, a number of manufacturers are using them in electric vehicles.