Lithium Ion Batteries for Electric Vehicles Will Surpass $26 Billion in Annual Revenue by 2023
Nearly all new EV models will use lithium ion technology, report concludes.
The steady increase in sales of electric vehicles (EVs) has led to advances in EV batteries, particularly those using lithium ion (Li-ion) technology. While early hybrid vehicles featured nickel-metal hydride (NiMH) batteries, Li-ion batteries have taken over, particularly in the latest generation of plug-in electric vehicles (PEVs). Click to tweet: According to a new report from Navigant Research, worldwide revenue from Li-ion batteries for EVs will grow from less than $6 billion in 2014 to $26.1 billion in 2023.
“The shift to lithium ion represents a major endorsement of the ability of this chemistry to perform consistently in an automotive environment,” says David Alexander, senior research analyst with Navigant Research. “Most of the major automakers have introduced battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) models in the last two years, almost all of which use lithium ion batteries for onboard energy storage.”
Demand for Li-ion batteries will be driven primarily by BEVs throughout the forecast period thanks to the size of the battery required, according to the report. Both hybrid EVs and PHEVs will decline slightly as a percentage of the total, while stop-start vehicles (SSVs) will see their share of the Li-ion battery market steadily increase, as a result of higher volumes of vehicle sales and the adoption of Li-ion batteries in stop-start models as the cost-per-kilowatt-hour decreases.
The report, “Electric Vehicle Batteries”, provides a detailed examination of the growing market for Li-ion batteries, including profiles of the leading Li-ion battery manufacturers and systems integrators. It assesses the relative sizes of the battery markets for different vehicle types, as well as vehicle roadmaps and projected sales for BEVs, PHEVs, and hybrid electric vehicles (HEVs). Global market forecasts for revenue from Li-ion batteries, segmented by vehicle type and region, extend through 2023. The report also includes a review of the different Li-ion battery chemistries and competing technologies, such as ultracapacitors and NiMH batteries.
For more information on this report: http://www.navigantresearch.com/newsroom/lithium-ion-batteries-for-electric-vehicles-will-surpass-26-billion-in-annual-revenue-by-2023
Latest Renewables Jobs
- Blogs & Opinion: Global Energy Group accuse Government of fudging green energy commitment
- Geothermal industry leads the way towards a more sustainable 2012
- Riverbank Power and enXco, an EDF Energies Nouvelles Company, enter Joint Venture
- Could Scotland become a global wave and tidal energy leader?
- New Renewables Directory Sets Record
- New UK Tariff Proposals Will Not Halt Energy Price Rises says Gaia-Wind
- Brightsource Energy's Power Tower Technology Selected by Sasol for South African Solar Power Plant Design
- New research centre to support the UK’s booming offshore wind industry
- US Army Receives USD$7 Billion For Renewable Energy Projects
- Geothermal Energy Association report and Riverbank's joint venture with enXco tops charts, with SMA America featuring twice
Poll: US Solar Development
How important do you think it is for the U.S. to develop and use solar power?