Automotive Lithium-Ion Battery Market to Register Robust Growth of 15.9% during 2018-2024

The mushrooming requirement for electric vehicles is one of the major factors responsible for the soaring demand for automotive lithium-ion batteries across the globe. As per the observations of the International Energy Agency (IEA), “the global electric car fleet exceeded over 5.1 million in 2018 up 2.0 million in previous year”. In addition to this, the fluctuating prices of oil and gas and the rising environmental degradation caused due to the usage of oil and gas-powered automobiles are further boosting the sales of electric vehicles all over the world.

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In addition to the above-mentioned factors, the increasing implementation of favorable regulations and policies by the governments of several countries is also propelling the sales of electric cars all around the world. Furthermore, the provision of various financial incentives and benefits by the governments of many countries on the purchase of electric cars is pushing up the sales of these vehicles, which is, in turn, boosting the demand for lithium-ion batteries as these batteries are extensively used for charging these cars throughout the world.

Globally, the European automotive lithium-ion battery market will be very lucrative in the coming years, according to the estimates of P&S Intelligence, a market research company based in India. This is attributed to the rising sales of electric vehicles in the region, primarily on account of the presence of favorable government policies. Furthermore, the European Union (EU) has partnered with commercial lenders and battery manufacturing companies for developing an ecosystem that will make the region completely self-sufficient in automotive battery manufacturing in the near future.

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Market Segmentation by Vehicle Type

  • Two-Wheeler
    • Bike
    • Scooter/ Motorcycle
    • Kick scooter
  • Passenger Car
    • Hatchback
    • Sedan
    • Sports utility vehicle (SUV)
  • Commercial Vehicle
    • Bus
    • Truck

Market Segmentation by Battery Type

  • Lithium-Iron Phosphate (LFP)
  • Lithium-Manganese Oxide (LMO)
  • Lithium-Nickel-Manganese-Cobalt (NMC)
  • Lithium Titanate Oxide (LTO)
  • Lithium-Nickel-Cobalt-Aluminum Oxide (NCA)

Market Segmentation by Vehicle Technology

  • Hybrid
  • Plug-in Hybrid
  • Fully Electric

Market Segmentation by Structural Design

  • Cylindrical
  • Prismatic
  • Pouch

This study covers       

  • Historical and the present size of the automotive lithium-ion battery market
  • Future potential of the market through its forecast for the period 2020– 2024
  • Major factors driving the market and their impact during the short, medium, and long terms
  • Market restraints and their impact during the short, medium, and long terms
  • Recent trends and evolving opportunities for the market participants
  • Historical and the present size of the market segments and understand their comparative future potential

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