According to TechSci Research report, “Automotive Lithium-Ion Battery Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Automotive Lithium-Ion Battery Market stood at USD 42.51 billion in 2022 and is anticipated to grow with a CAGR of 6.91% in the forecast period, 2024-2028.
One of the most significant drivers is the accelerating adoption of electric vehicles (EVs) worldwide. This trend is fueled by a growing awareness of environmental concerns and the need to reduce greenhouse gas emissions. Governments and regulatory bodies are implementing stringent emission standards, encouraging automakers to shift towards electrified vehicles. As a result, there’s a surge in EV sales, and lithium-ion batteries are at the forefront of this transition due to their high energy density, reliability, and suitability for electric propulsion.
Advancements in battery technology constitute another pivotal driver. Researchers and manufacturers have made substantial strides in improving lithium-ion batteries. These advancements include higher energy density, which allows for longer driving ranges on a single charge, and faster charging capabilities, addressing one of the main challenges associated with EV adoption. Moreover, ongoing efforts to extend battery life and reduce costs are making EVs more accessible and appealing to a broader range of consumers.
Automakers’ commitment to electric mobility is a third driving force behind the market’s expansion. Major players in the automotive industry are not merely introducing EV models; they’re investing heavily in battery manufacturing facilities and research and development to secure a competitive edge. This commitment ensures a consistent supply of high-quality lithium-ion batteries, which are crucial for achieving economies of scale and making EVs more affordable.
Furthermore, the automotive lithium-ion battery market is interconnected with developments in renewable energy and energy storage. Batteries play a critical role in renewable energy integration and grid stability, making them integral to achieving a sustainable energy ecosystem. This synergy between EVs, renewable energy, and energy storage systems is expected to drive further investments and innovations in lithium-ion battery technology.
In conclusion, the Global Automotive Lithium-Ion Battery Market’s growth is multifaceted, driven by the increasing adoption of electric vehicles, ongoing advancements in battery technology, and automakers’ resolute commitment to electrify their fleets. This transformation extends beyond the automotive sector, influencing energy systems and sustainability efforts on a global scale. As these drivers continue to shape the industry, the automotive lithium-ion battery market is poised for sustained and significant expansion.
Browse over XX market data Figures spread through XX Pages and an in-depth TOC on “Automotive Lithium-Ion Battery Market.” @ https://www.techsciresearch.com/report/automotive-lithium-ion-battery-market/19254.html
The Asia-Pacific region stands out as the epicenter of the global automotive lithium-ion battery market. This dominance can be attributed to the region’s status as a hub for electric vehicle manufacturing, particularly in China. The Chinese government’s robust support for EVs, including incentives and regulatory measures, has fostered a thriving domestic market. South Korea is another significant player in the APAC region, home to major battery manufacturers like LG Chem and Samsung SDI. Japan also contributes to the market with its established automotive and battery industries. Together, these countries drive both production and consumption, making APAC the largest and most influential regional market.
North America is witnessing substantial growth in the automotive lithium-ion battery market, primarily driven by the United States and Canada. In the U.S., an increasing focus on reducing emissions and achieving sustainability goals has spurred demand for electric vehicles. American automakers, including Tesla, have played a pivotal role in driving innovation and market expansion. Additionally, government incentives and infrastructure development for EV charging stations have contributed to market growth. Canada, while smaller in comparison, is also making strides in EV adoption and battery production, further bolstering the regional market.
Europe is another prominent region in the global automotive lithium-ion battery market. Several European countries have embraced electric mobility as a means to reduce carbon emissions and combat climate change. Leading automakers like Volkswagen, BMW, and Volvo are investing heavily in electric vehicle development. Additionally, European battery manufacturers are emerging as key players, aiming to reduce dependence on Asian suppliers. Government initiatives and stringent emission regulations, such as Euro 7 standards, are set to drive further growth in this region.
While APAC, North America, and Europe dominate the market, other regions are also making strides in automotive lithium-ion batteries. For instance, countries in Latin America and the Middle East are gradually adopting EVs, driven by environmental concerns and rising oil prices. However, these regions face infrastructure challenges and limited local battery production capabilities.
In conclusion, regional insights highlight the global automotive lithium-ion battery market’s diverse landscape. While APAC remains the frontrunner due to its manufacturing capabilities and consumer demand, North America and Europe are experiencing significant growth driven by environmental concerns, government support, and innovative automakers. As EV adoption continues to rise worldwide, the regional dynamics of this market are expected to evolve further.
Major companies operating in the Global Automotive Lithium-Ion Battery Market are:
- Panasonic Corporation
- Hitachi Ltd.
- Toshiba Corporation
- Samsung SDI Co. Ltd.
- LG Chem Ltd.
- BYD Co. Ltd.
- GS Yuasa Lithium Power
- Tianjin Lishen Battery Joint Stock Co. Ltd
- OptimumNano Energy Co. Ltd.
- Contemporary Amperex Technology Co. Ltd
Download Free Sample Report @ https://www.techsciresearch.com/sample-report.aspx?cid=19254
Customers can also request for 10% free customization on this report.
“Lithium-ion batteries represent a transformative force in the automotive industry, powering the global shift towards electric mobility. Their high energy density and rapid advancements have extended electric vehicle ranges and enhanced performance, making EVs more appealing to consumers. Major automakers’ unwavering commitment to electrification and battery production signifies a profound industry transformation. However, addressing resource scarcity and recycling challenges is vital to ensuring the long-term sustainability of these batteries and the environmental benefits of electric vehicles. In essence, lithium-ion batteries are pivotal in shaping a greener and more sustainable future for transportation,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.
“Global Automotive Lithium-Ion Battery Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Vehicle Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle and Hybrid Electric Vehicles), By Sales Channel (OEM and Aftermarket), By Power Capacity (5-25 Wh, 48-95 Wh, More than 95Wh), By Region and By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Automotive Lithium-Ion Battery Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Automotive Lithium-Ion Battery Market.
You may also read:
Passenger Cars Semiconductor Market USD 37B in 2022
United Kingdom Electric Vehicle Market 663.70K Units (2022)
North America Ride Hailing Market 5.72% CAGR
China Automotive Acoustic Engineering Services Market Growth Drivers
Europe Semi & Fully Autonomous Vehicle Market 2022 Trends with USD 11.8 Billion Valuation
Table of Content-Automotive Lithium-Ion Battery Market
- Introduction
1.1. Market Overview
1.2. Key Highlights of the Report
1.3. Market Coverage
1.4. Market Segments Covered
1.5. Research Tenure Considered
- Research Methodology
2.1. Objective of theStudy
2.2. Baseline Methodology
2.3. Key Industry Partners
2.4. Major Association and Secondary Sources
2.5. Forecasting Methodology
2.6. Data Triangulation & Validation
2.7. Assumptions and Limitations
- Executive Summary
3.1. Market Overview
3.2. Market Forecast
3.3. Key Regions
3.4. Key Segments
- Impact of COVID-19 on Global Automotive Lithium-Ion Battery Market
- Global Automotive Lithium-Ion Battery Market Outlook
5.1. Market Size & Forecast
5.1.1. By Volume & Value
5.2. Market Share & Forecast
5.2.1. By Vehicle Type Market Share Analysis (Battery Electric Vehicle, Plug in Hybrid Electric Vehicle and Hybrid Electric Vehicles)
5.2.2. By Sales Channel Market Share Analysis (OEM and Aftermarket)
5.2.3. By Power Capacity Market Share Analysis (5-25 Wh, 26-47Wh, 48-95 Wh, more than 95Wh)
5.2.4. By Regional Market Share Analysis
5.2.4.1. Asia-Pacific Market Share Analysis
5.2.4.2. Europe & CIS Market Share Analysis
5.2.4.3. North America Market Share Analysis
5.2.4.4. South America Market Share Analysis
5.2.4.5. Middle East & Africa Market Share Analysis
5.2.5. By Company Market Share Analysis (Top 5 Companies, Others – By Value, 2022)
5.3. Global Automotive Lithium-Ion Battery Market Mapping & Opportunity Assessment
5.3.1. By Vehicle Type Market Mapping & Opportunity Assessment
5.3.2. By Sales Channel Market Mapping & Opportunity Assessment
5.3.3. By Power Capacity Market Mapping & Opportunity Assessment
5.3.4. By Regional Market Mapping & Opportunity Assessment
- Asia-Pacific Automotive Lithium-Ion Battery Market Outlook
6.1. Market Size & Forecast
6.1.1. By Volume & Value
6.2. Market Share & Forecast
6.2.1. By Vehicle Type Market Share Analysis
6.2.2. By Sales Channel Market Share Analysis
6.2.3. By Power Capacity Market Share Analysis
6.2.4. By Country Market Share Analysis
6.2.4.1. China Market Share Analysis
6.2.4.2. India Market Share Analysis
6.2.4.3. Japan Market Share Analysis
6.2.4.4. Indonesia Market Share Analysis
6.2.4.5. Thailand Market Share Analysis
6.2.4.6. South Korea Market Share Analysis
6.2.4.7. Australia Market Share Analysis
6.2.4.8. Rest of Asia-Pacific Market Share Analysis
6.3. Asia-Pacific: Country Analysis
6.3.1. China Automotive Lithium-Ion Battery Market Outlook
6.3.1.1. Market Size & Forecast
6.3.1.1.1. By Volume & Value
6.3.1.2. Market Share & Forecast
6.3.1.2.1. By Vehicle Type Market Share Analysis
6.3.1.2.2. By Sales Channel Market Share Analysis
6.3.1.2.3. By Power Capacity Market Share Analysis
6.3.2. India Automotive Lithium-Ion Battery Market Outlook
6.3.2.1. Market Size & Forecast
6.3.2.1.1. By Volume & Value
6.3.2.2. Market Share & Forecast
6.3.2.2.1. By Vehicle Type Market Share Analysis
6.3.2.2.2. By Sales Channel Market Share Analysis
6.3.2.2.3. By Power Capacity Market Share Analysis
6.3.3. Japan Automotive Lithium-Ion Battery Market Outlook
6.3.3.1. Market Size & Forecast
6.3.3.1.1. By Volume & Value
6.3.3.2. Market Share & Forecast
6.3.3.2.1. By Vehicle Type Market Share Analysis
6.3.3.2.2. By Sales Channel Market Share Analysis
6.3.3.2.3. By Power Capacity Market Share Analysis