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 size was valued at USD 40.53 billion in 2019 and is poised to grow from USD 48.19 billion in 2023 to USD 228.87 billion by 2031, growing at a CAGR of 18.9% in the forecast period (2024-2031).

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.

US Automotive Lithium-Ion Battery Market is poised to grow at a sustainable CAGR for the next forecast year.