Automotive Lithium based Battery Market by Vehicle Type (Two-Wheeler, Passenger Car and Commercial Vehicle), Engine Type (IC Engines and Electric Vehicles), Vehicle Technology (Hybrid, Plug-in Hybrid, and Fully Electric), Battery Type (Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Nickel-Manganese-Cobalt, Lithium Titanate Oxide, and Lithium-Nickel-Cobalt-Aluminium Oxide), Structural Design (Cylindrical, Prismatic, and Pouch), and Sales Channel (OEM and Aftermarket): Global Opportunity Analysis and Industry Forecast, 2021–2030
In a lithium-based battery, the lithium ions move from the negative electrode through an electrolyte to the positive electrode during discharge, and back when charging. Li-ion batteries use an intercalated lithium compound as the material at the positive electrode and typically graphite at the negative electrode. These batteries have a high energy density, no memory effect, and low self-discharge. Moreover, lithium-ion batteries have high energy than lead-acid batteries, so it is possible to make the battery smaller and lighter than others while retaining the same storage capacity. The automotive lithium-ion battery has emerged as an eco-friendly, rechargeable power source as compared to conventional batteries such as lead-acid and nickel-metal hydride batteries. Lithium-ion batteries are used in the electric vehicle because of their high energy density compared to their weight. Since the modern lithium-ion batteries are small so original equipment manufacturers can use multiple numbers of batteries inside the vehicle and increase the battery capacity.
Top Impacting Factors
Stringent government regulations regarding fuel emissions, high demand for electric vehicles, R&D for efficient batteries are expected to drive the growth of the market.
However, the lack of charging stations and safety concerns regarding batteries can impact market growth.
Moreover, government subsidies & benefits for the adoption of electric vehicles, low price & low weight, and rise in disposable income of consumers will promote the sale of vehicles which also boost market expansion.
Market Trends
Government subsidies & benefits for the adoption of electric vehicles
To promote the sale of electric vehicles governments of major countries have announced special subsidies and tax benefits for the consumers.
For instance, in India, the government aims to achieve 100 % electrification of public transport and 40% of personal transport by 2030. To achieve the following vision Government of India announced income tax exemptions for prospective EV buyers and reduced goods and services tax (GST) on EVs from 12% to 5% in July 2019. Moreover, the government of India unveiled plans to boost its national battery manufacturing and value-adding capabilities, to meet its electric vehicle (EV) adoption targets in 2019.
The government is in the process of opening tenders to set up a 50 GW battery manufacturing base, with around a USD 50 billion investment. The annual subsidy outgo, on this, is estimated to be $93 million. Furthermore, the administration aims to provide zero duty on import lithium-ion. This will allow the manufacturer to develop the new advanced cell chemistry. Thus, government subsidy will drive the electric vehicle market which can act as an opportunity for growth of the automotive lithium-based battery market.
COVID-19 Impact Analysis
Governments across major countries have announced lockdown and business shutdown due to the COVID-19. All the manufacturing of automobiles has been halted due to the lockdown which affected the demand for the automotive lithium-based battery. Moreover, due to unavailability of raw materials further disrupted the manufacturing of batteries. Also, social distancing norms, restrictions, and unavailability of labor for battery production and supply affection production. The sale of electric vehicles has increased than the previous year which is expected to drive the automotive lithium-based battery market in the post-pandemic phase during the pandemic. The automotive lithium-based battery market is an evolving sector due to the advancement of automobiles, but it has weakened due to the pandemic.
Key Benefits of the Report
Questions Answered in the Report
Market Scope and Structure Analysis
Report Metric | Details |
Market size available for years | 2020–2030 |
Base year considered | 2020 |
Forecast period | 2021–2030 |
Forecast units | Value (USD) |
Segments covered | Material, Vehicle Type, Engine Type, Vehicle Technology, Battery Type, Structural Design, Sales Channel, and Region |
Regions covered | North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa) |
Companies covered | Panasonic Corporation, Hitachi Ltd., Toshiba Corporation, NEC Energy Solutions, GS Yuasa Lithium Power, LG Chem Ltd., Johnson Controls, SB LiMotive, BYD Company Ltd., and Contemporary Amperex Technology |
Key Segments Covered
Segments | Sub-segments |
Vehicle Type |
|
Engine Type |
|
Vehicle Technology |
|
Battery Type |
|
Structural Design |
|
Sales Channel |
|
Region |
|
![Automotive Lead Acid Battery: Get Chart, Insights, Statistics, Figures - All You Need To Know [PDF Report 2023]](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhMLWea0wC0OeftGHYQgkvk82Nxi4OT4uzqdQmJsdD6hQSe8rK9k4Hf9meKnBU0ucdwPDKmBYBj87RMdmQdubl-Nn27KqW5Uvl7vZmYPl7JBYAXMewZ8O5ZUxa-HWTC8wI3Ys8W4a3Ud5r5x8w01qOApUHi3kyolsk4uFKTxQCebYyTXOts_cQDFXfF/w72-h72-p-k-no-nu/Future%20of%20Automotive%20Lead%20Acid%20Battery.png)
0 Comments