Edging out the Nickel-Cadmium (NiCad) rechargeable batteries, the manufacturers in the automotive industry are steering away towards environment friendly and cost effective options. Benefits of the lithium batteries will continue to overshadow the loopholes of nickel cadmium batteries and will remain more preferred among the manufacturers. As the older version of the battery packs such as nickel cadmium have self-discharging attributes, automotive manufacturers are increasingly opting for the lithium ion batteries. In an attempt to enhance the vehicle economies, manufacturers are increasingly focusing on reducing the battery prices. Moreover, various automotive companies are increasingly repurposing the batteries used in electronic vehicles. With the surge in adoption of the electronic vehicles, sales of the lithium ion battery pack is expected to remain high during the forecast period.
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According to Persistence Market Research, the global automotive lithium ion battery pack market is expected to represent a value of over US$ 32,300 Mn by the end of 2026.
Government Initiative to Impact Growth of the Global Market
Initiatives taken by ruling authorities in order to promote utilization of sustainable energy is expected to fuel growth of the global market. Government in various countries are increasingly taking initiatives to promote the plug-in hybrid electric vehicles and hybrid vehicles to curtail the pollution level. As the hybrid and electric vehicles mainly operate on the rechargeable batteries, the ruling authorities in various countries are taking initiatives to encourage adoption of the hybrid vehicles. Moreover, increasing adoption of the hybrid and plug-in hybrid vehicles as public transportation is expected to impact growth of the global automotive lithium ion battery packs market positively.
Production of Smartphones to Boost Demand
A recent trend witness among the smartphone manufacturers is the increasing adoption of the lithium ion batteries pack. As battery life is becoming a perennial problem, smartphone manufacturers are increasingly opting for the modern lithium ion batteries. Lithium ion batteries are comparatively more reliable than the nickel cadmium batteries. However, the lithium ion batteries in hot conditions can witness decay and further trickle down the performance level of the batteries. These factors are expected to pose significant challenges towards growth of the global automotive lithium ion battery packs market during the forecast period.
Strategic Collaborations to Underscore Lucrative Growth Opportunities
Automotive manufacturers are increasingly focusing on forming collaborations with the electronic manufacturers in order to gain a competitive edge over the other market players globally. For instance, leading automotive manufacturers such as Toyota has recently collaborated with Panasonic to develop innovative and more effective batteries. Through this collaboration, the companies will be focusing on developing solid-state batteries and prismatic cell batteries for Toyota vehicles. Growing need for fourth generation high-output batteries equipped with the prismatic cells has led the manufacturing companies to focus on developing automotive lithium ion battery packs. Surge in collaborations is further expected to impact growth of the global automotive lithium ion battery packs market during the forecast period.
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Passenger Cars to Represent a Leading Segment
Growing adoption of the hybrid electric vehicles in the automotive industry has led to surge in demand for less than 20 kwh capacity globally. On the basis of battery capacity, the less than 20 kwh segment is expected to represent a significant revenue growth, accounting for a value of over US$ 5,100 Mn by the end of 2026. In contrary, the more than 41 battery capacity segment is expected to register a healthy CAGR throughout the forecast period.
Based on vehicle, the hybrid electric vehicle (HEV) segment is expected to generate significant revenues, recording a value of over US$ 2,000 Mn by the end of 2017. However, the full battery electric vehicle (BEV) is expected to register a significant CAGR during the forecast period.
By vehicle type, the passenger car segment is expected to witness a robust revenue growth, accounting for a value of over US$ 8,100 Mn by the end of 2026. On the other hand, the others vehicle type segment is expected to register a robust CAGR throughout the forecast period.
- CBAK Energy Technology, Inc
- Panasonic Corporation
- BYD Company Limited
- GS Yuasa Corporation
- LG Chem Ltd.
- Samsung SDI Co., Ltd.
- Tesla Motors, Inc.
- Hitachi Chemical Company, Ltd.
- Saft Groupe SA
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