Automotive Lithium-Ion Battery Cell Market Size Projected to Reach USD 550.54 billion by 2031, With 24.25% CAGR| Transparency Market Research, Inc.
Throughout the forecast period, the market is anticipated to grow at a notable rate. One of the main factors driving the automotive lithium-ion battery cell market is the rise in demand for fuel-efficient and environmentally friendly automobiles.
Wilmington, Delaware, United States, Jan. 02, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The global automotive lithium-ion battery cell market was projected to attain US$ 62.78 billion in 2022. It is anticipated to garner a 24.25% CAGR from 2023 to 2031 and by 2031; the market is likely to attain US$ 550.54 billion by 2031.
The market for automotive lithium-ion battery cells is anticipated to grow rapidly because of the high demand from owners of electric two-wheelers and passenger cars. The great bulk of global GDP is generated by urban regions. By increasing productivity and promoting the acceptance of new ideas and technology, urbanization may promote sustainable growth. The urban population is driving the need for lithium-ion battery cells for electric vehicles, which is a significant customer of these vehicles.
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Global Automotive Lithium-ion Battery Cell Market: Key Players
Most of the leading players in the automotive LIB cell business are investing much in thorough research and development, mainly to create very good services. Future research on the automotive LIB cell market indicates that mergers, acquisitions, and product portfolio growth are anticipated tactics for major competitors. The following companies are well-known participants in the global automotive lithium-ion battery cell market:
- Duracell Inc.
- Energizer Brands LLC
- Samsung SDI Co. Ltd.
- Toshiba Corporation
- Contemporary Amperex Technology Co. Limited
- Hitachi Chemical Co. Ltd.
- Automotive Energy Supply Corporation
- GS Yuasa International Ltd.
- Johnson Controls Inc.
- Future Hi-Tech Batteries Limited
- Tianjin Lishen Battery Co. Ltd.
- Hunan Shanshan Toda Advanced Materials Co. Ltd.
- Panasonic Corporation
Key Findings of the Market Report
- Prism cell type accounted for a significant portion of the automotive lithium-ion battery cell market in 2021.
- Prismatic cell packs, which contain more lithium and can store more amp-hours per cell, are a significant factor in this segment’s increasing market share.
- This is especially true for bigger battery pack configurations and single cell options with longer battery ranges.
- It is also inexpensive for the user to recycle because it is simple to maintain.
- Due to its improved performance and durability, the pouch cell category is also expected to grow in popularity throughout the projection period.
Market Trends for Automotive Lithium-ion Battery Cells
- In terms of product type, the lithium cobalt oxide (LCO) sector dominated the automotive lithium-ion battery cell market globally in 2021. Over the projection period, it is anticipated to continue to have a dominant position. Li-cobalt’s high specific energy makes it a better cathode for digital circuits. The cell is composed of a graphite carbon anode and a cobalt oxide cathode.
- Since the cathode is layered, lithium ions go from the anode to the cathode during discharge. The flow alters when it charges. Limited load capacity, low temperature stability, and a brief lifespan are the drawbacks of lithium-cobalt. Due to the quick installation of charging infrastructure or stations, lithium nickel manganese cobalt oxide (NMC) is steadily increasing its market share.
- Due to the high cost of cobalt, major trends in the automotive LIB cell industry show that battery manufacturers are migrating away from cobalt-based lithium-ion battery materials and toward nickel. When compared to cobalt-based cells, nickel-based systems are more cost-effective, have a longer cycle life, and better energy density; nevertheless, their voltage is somewhat lower.
Global Market for Automotive Lithium-ion Battery Cells: Regional Outlook
- Asia Pacific leads the global market for automotive lithium-ion battery cells mostly because of China, which leads the market by itself for its enormous production and uptake of electric scooters and motorbikes. A rise in emissions combined with strict government anti-pollution regulations and incentives has accelerated the uptake of electric cars in China, increasing the market share in Asia Pacific. India, Japan, and Taiwan are among the other major nations where electric two-wheeler vehicle use is on the rise.
- In 2021, Europe emerged as a significant vehicle lithium-ion battery cell market. Due to the presence of important factories, the demand for lithium cobalt oxide type batteries increased in the area.
- North America has a sizable market share of the global automotive lithium-ion battery cell due to the existence of technically proficient nations such as the United States and Canada, which are also world leaders in the adoption of novel technology.
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Some key developments by the players in this market are:
- To increase the effectiveness of vehicle electrification, Williams Racing and Duracell, one of the top producers of specialized, rechargeable, and high-performance alkaline batteries worldwide, established a new, multi-year cooperation in February 2022.
- A Memorandum of Understanding (MoU) was signed by Vmoto in March 2021 to provide India-based motorcycle distributor Bird Group with a minimum of 10,000 scooters valued at about US$ 13.8 million. The agreement is contingent upon the Vmoto and CUmini CUX EV bike models being satisfactorily evaluated.
Global Automotive Lithium-ion Battery Cell Market Segmentation
- Pouch Cells
- Lithium Iron Phosphate (LFP)
- Lithium Cobalt Oxide (LCO)
- Lithium Manganese Oxide (LMO)
- Lithium Nickel Manganese Cobalt Oxide (NMC)
- Lithium Nickel Cobalt Aluminum Oxide (NCA)
- Lithium Titanate Oxide (LTO)
Electric Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel-cell Electric Vehicle
- North America
- Asia Pacific
- Middle East & Africa
- Latin America
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