USD 41.97 billion
Report ID: SQSG25A2003 | Region: Global | Published Date: December, 2022 | Pages: 165
Global Automotive Lithium-Ion Battery Market was valued at USD 41.97 billion in 2021, and the market size is estimated to reach USD 134.49 billion by 2028, at a CAGR of 18.10% over the forecast period (2022-2028).
The rising number of passenger vehicles has become a major reason for carbon dioxide outflow leading to climatic concerns. Among all metals, Lithium is the lightest due to it charges faster and thus provides high power density, and longer battery life. Having the greatest electrochemical capability Lithium-ion batteries are better than Nickle Cadmium batteries and provide stability for a longer time.
Lithium-Ion batteries have the highest energy density of any current battery technology, with energy densities ranging from 100-265 Wh/kg to 250-670 Wh/L. Moreover, Li-ion battery cells are capable of delivering up to 3.6 Volts which is thrice Nickle Cadmium battery or Nickle -Metal Hybrid Battery. Owing to these characteristics these are very low maintenance batteries and provide longer battery life without regular cyclic scheduled charging. They are capable of inducing an adequate amount of current for appliances that require high power to run. In Lithium-ion batteries, a small amount of low-Self -discharging rate is around 1-2% per month. Along with this they are con as toxic as Nickle Cadmium as cadmium is not present in these and the disposal of batteries could be easier. These factors are contributing to replacing Nickle Cadmium batteries and it is finding its application in a wide range of applications such as electric cars. Being environmentally friendly and not contributing to CO2 progression, several government initiatives are being taken to promote Lithium-Ion Batteries in Automotive, further fueling the global automotive Lithium-Ion battery market growth.
Global Market Size
USD 41.97 billion
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Global Lithium-Ion Battery Market is segmented based on power capacity, application and region. Based on power capacity it is segmented as 5-25 wh, 48-95 wh, 18-28 kwh, 100-250 kwh, and more than 300 kwh. Based on application it is segmented as consumer electronics, automotive, and industrial.Based on battery type, the market is segmented into Lead Acid, Lithium-ion, and others. Based on vehicle type, the market is segmented based on, Passenger cars and commercial vehicles. Based on engine type, the market is segmented into, IC engine and electric vehicle. Based on the region it is segmented as North America, Europe, Asia-Pacific, South America, and MEA.
Small to medium-sized power capacity automotive lithium-ion battery is finding numerous applications in diverse realms
Based on the power capacity, the global automotive Lithium-Ion battery market is segmented as 5-25 Wh, 48-95 Wh, 18-28 KWh, 100-250 KWh, and More Than 300 KWh.
The 5-25 Wh power capacity segment is expected to lead the global Lithium-Ion battery market in 2021 and is expected to maintain its dominance throughout the forecast period. 18-28 KWh power capacity segment is expected to showcase a high average growth rate during the forecast period. Due to growing concerns about environmental sustainability and the need to minimize carbon dioxide emissions, the government and commercial organizations have undertaken lucrative programs to manufacture electric vehicles. Increased electric vehicle production is likely to drive the lower power capacity of 5-25 Wh and medium capacity of 18-25 KWH automotive Lithium-Ion battery market.
The consumer electronics segment is expected to grow at the highest CAGR during the forecast period.
Based on application, the global automotive Lithium-Ion battery market is segmented into consumer electronics, automotive, and industrial. The growth of the segment is estimated pertaining to high power densities and the rechargeable capacity of lithium-ion batteries. With the expanding vigor of e-commerce, the consumer electronics segment has garnered enormous demand, and the automotive market is predicted to produce significant revenues due to increased manufacturing of electric vehicles.
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In 2021, the Asia Pacific region dominated the global automotive Lithium-Ion battery market, accounting for a sizable revenue share. China has banned traditional fossil fuel-powered scooters from all of its major cities in an effort to reduce pollution, which has raised the country's e-scooter sales. As Asia Pacific has grown as a key global manufacturing hub, the use of tools powered by lithium-ion batteries has increased. The region also has the most population in the entire world. As a result, consumer electronics that rely on lithium-ion batteries to work, such as mobile phones and laptop computers, are selling well throughout the Asia Pacific area. The rising market for electric vehicles in Asia Pacific countries such as China and India are one of the primary factors driving up demand for lithium-ion batteries.
Europe is expected to be the second dominating region owing to several investments and the establishment of enhanced manufacturing facilities among which Germany would be the second-largest producer of automotive-Lithium Ion battery. The market in Germany is expected to grow modestly throughout the forecast period due to the increasing usage of lithium-ion batteries in energy storage systems, electric vehicles, and consumer electronics. Renewable energy development and energy storage technology development are both important sectors in Germany.
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Electric vehicles use lithium-ion batteries for electricity. The extensive usage of electric vehicles (EVs) and plug-in hybrid electric vehicles (PHEVs) has undoubtedly increased the adoption of lithium-ion batteries, and this trend is projected to continue. Consumer acceptance of EVs has aided the market for these energy-saving, pollution-reducing vehicles. The popularity of electric vehicles is growing due to benefits such as less need for vehicle engine maintenance, less usage of toxic oil waste, and reduction in pollution caused by fuel combustion engines, as well as the development of new battery technology. Lithium-ion battery demand will gradually rise as more people choose to use electric vehicles, which are seen as the future of the auto industry and transportation networks.
Non-acceptance of electrical mobility and electro-automotive-solutions could be a restrain in future along with this lack of awareness and alterations of governmental policies in various nations could diminish the demand and hinder growth in some regions.
Spent batteries contain toxic compounds such as acids and heavy metals such as lead and mercury. In July 2007, a fire sparked by lithium-ion batteries destroyed more than 132,000 liters of chemicals, forcing the closure of two major UK highways. It is required to store expended batteries in watertight containers, away from other flammable and combustible objects. As a precautionary measure in the event of a fire, keep a Class D extinguisher and sand nearby. Because used batteries retain residual charge, there is a risk of unintentional discharge, which can cause damage to property and people. Unless correctly labeled, all batteries should be viewed as holding charge and stored with caution.
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The global automotive Lithium-Ion battery market is fairly concentrated, with a few big and medium-sized market participants accounting for a significant portion of market revenue. Manufacturers and suppliers of raw materials are essential to the market. Joint ventures and mergers and acquisitions are two of the main tactics used by market companies to increase their market share. For instance, in March 2022, Exide Technologies operates in China through its joint venture with Shenyang Dongbei Storage Battery Co. This helps in the mass production of automotive batteries in the market.
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According to our analysis, current initiatives by government and industry players to increase their expenditures on high power density electric vehicles are expected to raise market competitiveness over the projection period. It is estimated that by 2026 the market size for Electric vehicles would reach USD 1 Trillion. Lithium-ion battery Production will increase from some 290 GWh in 2018 to around 2,000 GWh in 2028 owing to the high demand for EVs. Furthermore, increased R&D activities for automotive solutions increasing the demand for automobiles is expected to support the growth of global automotive-Lithium Ion battery market growth over the forecast period.
|Market size value in 2021||USD 41.97 billion|
|Market size value in 2028||USD 134.49 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Automotive Lithium-Ion Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Automotive Lithium-Ion Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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