Latest News:- Automotive Li-Ion Battery Market: BEV is expected to lead the Vehicle Type segment during 2024-2028

Automotive Li-Ion Battery Market to grow at a CAGR of 33.7% during 2024-2028

The Automotive Li-Ion Battery Market is expected to grow at a CAGR of 33.7% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 56 million. The automotive Li-Ion battery market is significantly influenced by key players primarily located in China, which holds approximately 70% of the global automotive battery production capacity. Europe, specifically Poland and Hungary, houses significant automotive battery manufacturing facilities, with a current production capacity of around 35 GWh per year, projected to expand exponentially to 400 GWh by 2025. This growth is driven by the declining prices of Li-Ion batteries, encouraging manufacturers to increase production volumes. Strategic collaborations between battery and automotive manufacturers are also pivotal in expanding Li-Ion battery production capacity to meet escalating market demands. 

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The BEV subsegment is expected to dominate the Vehicle Type segment during the forecast period 

Technavio analysts predict that the BEV subsegment will lead the Vehicle Type segment during 2024 and 2028 In the automotive industry, energy storage systems, particularly batteries, play a pivotal role in powering electric vehicles (EVs), encompassing battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hybrid electric vehicles (HEVs). Among various battery types, lithium-ion (Li-ion) batteries have gained significant traction for BEVs due to their superior energy density. Comprised of cathode materials like lithium (Li), cobalt (Co), and nickel (Ni), and anode materials including graphite, electrolytic solution, and separators, Li-ion batteries offer a higher energy density compared to lead-acid or nickel-metal hydride batteries. As a result, these batteries are available in smaller sizes while retaining the same storage capacity. Notable vendors, such as Nissan Motor Corp., provide high-performing Li-ion batteries for EV applications.

Here are the various ways based on which the market is segmented: 

• Vehicle Type
  • BEV
  • PHEV
• Geography
  • APAC
  • Europe
  • North America
  • South America
  • Middle East and Africa

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There are several factors that are causing the market to flourish favorable government policies boosting automotive li-ion battery market

Learn which are the obstacles that the market is experiencing in the way of its growth by accessing the free PDF report

Research Analysis Overview

The Automotive Li-Ion Battery Market is experiencing significant growth due to the increasing demand for Electric Vehicles (EVs) and the need for ultra-fast charging technologies. Recycled materials are being used to reduce the environmental impact of battery production. Solid-state batteries are the future of EVs, offering faster charging times, longer battery life, and improved safety. Autonomous and connected vehicles, smart grids, and battery storage systems are also driving the market. Fuel prices and carbon emissions are major factors contributing to the shift towards energy-efficient vehicles. Lithium-ion batteries, specifically, are preferred due to their high energy density, power density, low self-discharge rate, and long battery life. However, concerns over toxicity, carbon dioxide emissions during production, and the need for low maintenance are being addressed through advancements in battery technology. Nickel Cadmium batteries are being phased out due to their environmental impact and inferior performance compared to Lithium-ion batteries. The electrochemical capability and energy density of Lithium-ion batteries make them ideal for passenger vehicles. The market is expected to continue growing as the world transitions towards a more sustainable and electric future.

Market Research Overview

The automotive Li-Ion battery market is an integral segment of the larger global renewable electricity market. This market encompasses businesses involved in the production and distribution of electricity derived from renewable sources, including independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and renewable electricity manufacturers. The market's growth is driven by supportive policies and ambitious targets for renewable power deployment, leading to a substantial increase in the adoption of renewables over the past decade.

The Automotive Li-Ion Battery Market is experiencing significant growth, fueled by the favorable government policies boosting automotive li-ion battery market. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

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