A 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.
“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.
