Business Impacts of COVID-19 on Automotive Lithium-Ion Battery Market | Strategies of Major Industry Competitors

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In 2018, the global automotive lithium-ion battery market reached a value of $24.2 billion and is predicted to attain $74.3 billion in 2024, advancing at a 15.9% CAGR during the forecast period (2019–2024). The market is growing due to the falling cost of battery and its components and rising electric vehicle production and demand.

A rechargeable battery which comprises a positive and negative electrode that are contacted by a chemical called the electrolyte is referred to as lithium-ion battery. Lithium-ion is allowed to exchange between electrodes because they are separated by a separator.

In terms of battery type, the automotive lithium-ion battery market is divided into lithium iron phosphate (LFP), lithium nickel cobalt aluminum oxide (NCA), lithium titanate oxide (LTO), lithium manganese oxide (LMO), and lithium nickel manganese cobalt (NMC).  Among these, the LFP battery type contributed the largest revenue share to the market during the historical period (2014–2018), as these batteries are safer than other type of electric vehicles batteries and have a higher lifespan.

The NCA battery type is projected to grow at the fastest pace during the forecast period. The rising usage of NMC batteries in electric cars is a key trend that is being observed in the automotive lithium-ion battery market.

Electric vehicle manufacturers are now increasingly using lithium-nickel-manganese-cobalt (NMC) batteries, gradually shifting from lithium-iron-phosphate (LFP) batteries. The latter were heavier and occupied more space in the vehicle; these shortcomings have been addressed by NMC batteries.

Besides being lighter in weight and compact, NMC batteries are capable of providing higher ranges in passenger cars in a single charge. This is due to the greater energy density of these batteries that facilitate a higher vehicle range.

In an initiative to popularize these vehicles, the Thailand Board of Investment announced their plans of reducing the excise duty from 8% to 2% on electric vehicles, thereby boosting the automotive lithium-ion battery market, as storage batteries are an essential component of electric vehicles.

Explore Full Business Report on Automotive Lithium-Ion Battery Market 

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