Automotive Lithium-Ion Battery Market Size, Share, Growth Analysis, By Power Capacity(5-25 Wh, 48-95 Wh, 18-28 KWh, 100-250 KWh), By Application(Consumer Electronics, Automotive, Industrial), By Battery Type(Lead Acid, Lithium-ion, and others), By Vehicle Type(Passenger cars and commercial vehicles), By Engine Type(IC engine and electric vehicle), By Region - Industry Forecast 2024-2031

Automotive Lithium-Ion Battery Market Driver

• Rise in demand for plug-in vehicles, to boost global automotive Lithium-Ion battery market

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.

Automotive Lithium-Ion Battery Market Restraint

• Slower perforation of electric vehicles in under developing countries

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.

• Safety issues related to storage and transportation of spent batteries

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.