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Automotive Lithium-ion Battery Cell Global market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON , UNITED KINGDOM, September 30, 2024 /EINPresswire / -- The automotive lithium-ion battery cell market has experienced robust growth in recent years, expanding from $80.36 billion in 2023 to $102.11 billion in 2024 at a compound annual growth rate (CAGR) of 27.1%. The growth in the historic period can be attributed to rise of electric vehicles, government incentives, emission reduction targets, increasing consumer acceptance, scaling up production, collaborations, and partnerships.
What Is The Estimated Market Size Of The Global Automotive Lithium-ion Battery Cell Market And Its Annual Growth Rate?
The automotive lithium-ion battery cell market is projected to continue its strong growth, reaching $253.45 billion in 2028 at a compound annual growth rate (CAGR) of 25.5%. The growth in the forecast period can be attributed to EV market expansion, energy storage applications, government regulations, reduced battery costs, R&D investments.
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Growth Driver Of The Automotive Lithium-ion Battery Cell Market
The rising electrification of vehicles across the globe is expected to propel the growth of the automotive lithium-ion battery cell market going forward. Vehicle electrification is the process of using electricity to power a vehicle, replacing components that use a conventional energy source with components that use electricity. Lithium-ion batteries are commonly used in vehicle electrification due to their high energy density and ability to provide high power output as they can store large amounts of energy in a relatively small and lightweight package, self-discharge at a lower rate than other battery types making them ideal for vehicle electrification.
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Who Are The Leading Competitors In The Automotive Lithium-ion Battery Cell Market Share?
Key players in the market include Samsung SDI Co. Ltd., Toshiba Corporation, Contemporary Ampere Technology Co. Ltd., LG Chem Ltd., GS Yuasa International Ltd., Johnson Controls International PLC, Panasonic Corporation, East Penn Manufacturing Co., BYD Company Ltd., Automotive Energy Supply Corp., CROWN BATTERY, Duracell International Inc., Enersys Inc., Exide Industries Limited, Narada Power Source Co. Ltd., A123 Systems LLC, Exicom Power Solutions, Tesla Inc., Hitachi Ltd., NEC Corporation, Envision AESC Limited, Amperex Technology Limited, Bader Ahmed Kaiksow Group, Blue Energy Limited, CBAK Energy Technology Inc., Tianjin Lishen Battery Joint-Stock CO. Ltd., Lithion Battery Inc., SK innovation Co. Ltd., OptimumNano Energy Co. Ltd., VARTA AG, Sony Corporation, Gotion High-Tech Co. Ltd.
What Are The Dominant Trends In Automotive Lithium-ion Battery Cell Market Growth?
Major companies operating in the market are focused on developing lithium iron phosphate battery or LFP battery to strengthen their position in the market. Lithium Iron Phosphate (LFP) battery is a type of rechargeable lithium-ion battery known for its high energy density, longer lifespan, and enhanced safety due to the use of iron phosphate as the cathode material.
How Is The Global Automotive Lithium-ion Battery Cell Market Segmented?
1) By Type: Lithium Iron Phosphate (LFP), Lithium Cobalt Oxide (LCO), Lithium Manganese Oxide (LMO), Lithium Nickel Manganese Cobalt Oxide (NMC)
2) By Cell Type: Cylindrical, Prismatic, Pouch Cells
3) By Application: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel-Cell Electric Vehicle
Geographical Insights: Asia-Pacific Leading The Automotive Lithium-ion Battery Cell Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Automotive Lithium-ion Battery Cell Market Definition
An automobile lithium-ion (Li-ion) battery cell is a specialized battery technology that relies heavily on lithium ions in its electrochemistry. A lithium-ion battery comprises of numerous individual cells bundled together to provide the proper voltage, power, and energy, which are then stacked into various modules and then merged into the full battery pack.
Automotive Lithium-ion Battery Cell Global Market Report 2024 from TBRC covers the following information:
.Market size data for the forecast period: Historical and Future
.Macroeconomic factors affecting the market in the short and long run
.Analysis of the macro and micro economic factors that have affected the market in the past five years
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global automotive lithium-ion battery cell market report covering trends, opportunities, strategies, and more
The Automotive Lithium-ion Battery Cell Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on automotive lithium-ion battery cell market size, automotive lithium-ion battery cell market drivers and trends, automotive lithium-ion battery cell market major players and automotive lithium-ion battery cell market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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