By February 17, 2016 Read More →

EV lithium ion battery sales expected to total $221 billion 2015 to 2024 – study

75% of  lithium ion batteries in automotive space will be installed in battery electric vehicles (BEVs)

The global market for automotive lithium ion batteries is set to explode, according to a new report from Navigant Research, led by battery electric vehicles like the Tesla Model S and Chevy Bolt.

lithium ion

Battery electric vehicles expected to dominate demand for lithium ion batteries.

The  report 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.

Global automotive manufacturers continue to push vehicles that utilize electric drivetrains, including battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs).

“Projected sales of BEVs with Li-ion batteries are driving this segment of the battery market,” said William Tokash, senior research analyst with Navigant Research in a press release.

With this push comes an increased need for onboard energy storage, and lithium ion battery chemistries are becoming the storage method of choice for many automakers, according to the study, which says the global market for lithium ion batteries for light-duty vehicles is expected to total $221 billion from 2015 to 2024.

“BEVs require a larger battery, and approximately 75 per cent of the Li-ion batteries in the automotive space are expected to be found in BEVs in the near term,” said Tokash.

In addition to battery maker efforts to refine existing lithium ion battery chemistries, new or alternative chemistries—including lithium-air, lithium sulfur, and solid-state lithium—are also being pursued, according to the report.

A significant advancement in one or more of these chemistries could prove disruptive to the industry, however, the extensive testing needed to bring a new chemistry into a production vehicle makes it unlikely this would occur before 2020.

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 original equipment manufacturers (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, PHEVs, HEVs, and stop-start vehicles (SSVs).

The report also includes a review of the different Li-ion battery chemistries and competing energy storage technologies, such as ultracapacitors and nickel-metal hydride (NiMH) batteries.

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