Dublin, April 19, 2024 (GLOBE NEWSWIRE) -- The "Automotive Lithium-ion Battery Cell Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global automotive lithium-ion battery cell market size has grown exponentially in recent years. It will grow from $80.36 billion in 2023 to $102.11 billion in 2024 at a compound annual growth rate (CAGR) of 27.1%. During the historical period, the growth in automotive lithium-ion battery cells can be attributed to several factors. These include the surge in electric vehicle adoption, government incentives promoting eco-friendly technologies, initiatives aimed at meeting emission reduction targets, the growing acceptance of consumers towards electric vehicles, efforts to scale up production capacities, and collaborations and partnerships within the industry fostering advancements in lithium-ion battery technology.
The automotive lithium-ion battery cell market size is expected to see exponential growth in the next few years. It will grow to $253.45 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%. The anticipated growth in the forecast period is expected to be fueled by several factors, including the expansion of the electric vehicle (EV) market, growing applications in energy storage, compliance with government regulations, reductions in battery costs, and increased investments in research and development. Major trends projected in this period encompass the rise in energy density of batteries, advancements in solid-state battery technologies, further adoption and growth of electric vehicles, diversification within the battery supply chain, initiatives focused on recycling and sustainability practices, and the integration of Battery Management Systems (BMS) to optimize battery performance and efficiency.
The global trend towards the electrification of vehicles is anticipated to be a driving force behind the growth of the automotive lithium-ion battery cell market. As outlined in the Global EV Outlook 2022 report by the International Energy Agency, global electric vehicle (EV) sales in 2021 reached a record high of 6.6 million units, doubling the figures from the previous year. This surge in electric vehicle adoption, with 6,600,000 units sold globally in 2021, underscores the role of lithium-ion batteries in the automotive industry.
The expansion of charging infrastructure is poised to support the automotive lithium-ion battery cell market's growth. In the United States, for example, data from the Bureau of Transportation Statistics (BTS) reveals that between January 2021 and April 2023, the number of EV charging stations increased by nearly 50%, with approximately 19,000 new charging stations added. This substantial growth in charging infrastructure is expected to be a catalyst for the automotive lithium-ion battery cell market.
Technological advancements emerge as a prominent trend in the automotive lithium-ion battery cell market, with major companies focusing on developing innovative solutions to strengthen their market positions. Natrion Inc., a US-based automotive component and battery manufacturer, exemplifies this trend by unveiling the patented solid-electrolyte separator, LISIC278, in October 2022. This separator, designed for use in Li-ion battery cells with graphite anodes for electric vehicle battery cells, is a modified version of Natrion's proprietary Lithium Solid Ionic Composite (LISIC) electrolyte. It replicates the specifications of a regular polyolefin separator while using substantially less liquid electrolyte. The LISIC technology provides robust ion transport capabilities at ambient temperatures, high thermal resistance exceeding 200C, and zero porosity. The resulting LISIC batteries exhibit a near-zero fire risk, significantly reducing the likelihood of thermal incidents worsening or expanding. This technological innovation showcases the commitment of major industry players to advancing battery technology for electric vehicles.
Leading companies in the automotive lithium-ion battery cell market are strategically focusing on the development of lithium iron phosphate (LFP) batteries to enhance their market positions. The Lithium Iron Phosphate (LFP) battery is a type of rechargeable lithium-ion battery renowned for its high energy density, extended lifespan, and improved safety attributes owing to the utilization of iron phosphate as the cathode material. An illustrative example is Natural Battery Technologies, an India-based company, which, in May 2022, announced the introduction of automotive-safe batteries utilizing Lithium Iron Phosphate (LFP). These batteries cater to various automotive applications, including electric vehicles (EVs), scooters, and motorcycles. LFP batteries offer advantages such as being leak-proof and having a lifespan up to five times longer than standard lead-acid batteries. The introduction of LFP batteries for automotive applications is anticipated to contribute to the growth of the electric vehicle market, given their perceived safety and cost-effectiveness compared to other battery types.
In February 2022, BorgWarner Inc., a US-based automotive engineering systems and components vendor, acquired AKASOL AG, although the financial details remain undisclosed. This acquisition is designed to significantly enhance BorgWarner's capabilities in commercial vehicle and industrial electrification, positioning the company to capitalize on the growing battery system market. AKASOL AG, based in Germany, is a producer of lithium-ion battery systems that deliver safe, reliable, and scalable power solutions for global electric transportation. This acquisition aligns with BorgWarner's strategic vision to play a pivotal role in the evolving landscape of electric mobility.
Asia-Pacific was the largest region in the automotive lithium-ion battery cell market in 2023. The regions covered in the automotive lithium-ion battery cell market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the automotive lithium-ion battery cell market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Scope
Markets Covered:
1) By Type: Lithium Iron Phosphate (LFP); Lithium Cobalt Oxide (LCO); Lithium Manganese Oxide (LMO); Lithium Nickel Manganese Cobalt Oxide (NMC)
2) By Cell Type: Cylindrical; Prismatic; Pouch Cells
3) By Application: Battery Electric Vehicle (BEV); Plug-In Hybrid Electric Vehicle (PHEV); Fuel-Cell Electric Vehicle
Key Companies Mentioned: Samsung SDI Co. Ltd.; Toshiba Corporation; Contemporary Ampere Technology Co. Ltd.; LG Chem Ltd.; GS Yuasa International Ltd.
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes, but is not limited to:
- Samsung SDI Co. Ltd.
- Toshiba Corporation
- Contemporary Ampere Technology Co. Ltd.
- LG Chem Ltd.
- GS Yuasa International Ltd.
- Johnson Controls International Plc
- Panasonic Corporation
- East Penn Manufacturing Co.
- BYD Company Ltd.
- Automotive Energy Supply Corp.
- CROWN BATTERY
- Duracell International Inc.
- Enersys Inc.
- Exide Industries Limited
- Narada Power Source Co. Ltd.
- A123 Systems LLC
- Exicom Power Solutions
- Tesla Inc.
- Hitachi Ltd.
- NEC Corporation
- Envision AESC Limited
- Amperex Technology Limited
- Bader Ahmed Kaiksow Group
- Blue Energy Limited
- CBAK Energy Technology Inc.
- Tianjin Lishen Battery Joint-Stock CO. Ltd.
- Lithion Battery Inc.
- SK innovation Co. Ltd.
- OptimumNano Energy Co. Ltd.
- VARTA AG
- Sony Corporation
- Gotion High-Tech Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/odpi8v
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