Automotive Lithium-Ion Battery Market Current Scenario and Growth Prospects to 2023-2028
Author : vishal singh | Published On : 09 Nov 2023
IMARC Group, a leading market research company, has recently releases report titled “Automotive Lithium-Ion Battery Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global automotive lithium-ion battery market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How Big is the Automotive Lithium-Ion Battery Market?
The global automotive lithium-ion battery market size reached US$ 40.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 116.4 Billion by 2028, exhibiting a growth rate (CAGR) of 18.90% during 2023-2028.
What are Automotive Lithium-Ion Battery?
An automotive lithium-ion battery is a high-capacity rechargeable energy storage device designed specifically for use in electric and hybrid vehicles. It represents a pivotal component in the electrification of the automotive industry, offering a clean and efficient power source. Automotive lithium-ion batteries exhibit several key characteristics that make them suitable for use in the automotive sector. Firstly, they boast a high energy density, allowing them to store a significant amount of energy relative to their size and weight. Moreover, lithium-ion batteries have a relatively low self-discharge rate, which means they can hold their charge for extended periods, making them reliable for everyday vehicle use.
Their ability to deliver consistent power over time aligns with the demand for accuracy and reliability seen in various industries employing technology. The features of automotive lithium-ion batteries contribute significantly to their widespread adoption. One notable feature is their rechargeability, allowing electric and hybrid vehicles to be conveniently refueled at home or charging stations. Additionally, these batteries are known for their long lifespan. This durability and longevity make them a cost-effective choice for electric vehicle owners. Furthermore, lithium-ion batteries can discharge power rapidly, providing the instant acceleration and performance required in modern electric vehicles.
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What are the growth prospects and trends in the automotive lithium-ion battery industry?
The shift towards electric vehicles (EVs) and hybrid vehicles represents a significant catalyst for the expansion of the automotive lithium-ion battery market. Moreover, governments and automotive manufacturers worldwide are making substantial investments in EV technology, promoting cleaner and more sustainable transportation alternatives. This transition is supported by initiatives to reduce carbon emissions and combat climate change, thereby fueling the market growth. In addition to this, the automotive lithium-ion battery market benefits from advancements in charging infrastructure.
The expansion of charging networks, like the development of roads and railways in infrastructure projects, enhances the practicality and appeal of electric vehicles. Coupled with this, government incentives and subsidies aimed at promoting EV adoption is acting as a major growth inducing factor. Along with this, comprehensive after-sales services play a pivotal role as it offers the consumers peace of mind and maintenance support which is creating a positive outlook for the market. The availability of spare parts, repair facilities, and technical assistance fosters consumer confidence in adopting electric vehicles, which is facilitating the growth of the market.
Furthermore, the automotive lithium-ion battery market benefits from technological advancements, including improved battery efficiency and energy density. In line with this, innovations enhance the range, performance, and longevity of electric vehicles, addressing key concerns of potential buyers which, in turn, is propelling the market growth. The global push for sustainable transportation solutions, coupled with the rapid urbanization and industrialization worldwide, is catalyzing the demand for automotive lithium-ion batteries. Furthermore, nations are striving to reduce their dependence on fossil fuels and transition towards cleaner energy sources which is bolstering the growth of the market across the globe.
Who are the key players operating in the industry?
The report covers the major market players including:
- A123 Systems LLC (Wanxiang Group Corporation)
- Envision AESC Group Ltd. (Envision Group)
- GS Yuasa International Ltd.
- Hitachi Astemo Americas Inc. (Hitachi America Ltd.)
- Panasonic Holdings Corporation
- Samsung SDI Co. Ltd.
- Toshiba Corporation
What is included in market segmentation?
The report has segmented the market into the following categories:
Battery Type Insights:
- Lithium Titanium Oxide (LTO)
- Lithium Nickel Manganese Cobalt Oxide
- Lithium Iron Phosphate
- Others
Distribution Channel Insights:
- OEM
- Aftermarket
Vehicle Type Insights:
- Two-Wheeler
- Three-Wheeler
- Four-Wheeler
Breakup by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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