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Global market for Li-ion batteries finds opportunity in HEVs

Posted: 24 Sep 2015     Print Version  Bookmark and Share

Keywords:Reportlinker  HEV  Li-ion batteries  electric vehicle 

According to the latest data from Reportlinker, growth in demand for lithium-ion (Li-ion) batteries has surpasses a number of application areas such as consumer electronics, hybrid and electric vehicles and energy storage. Although the volume of hybrid vehicles and full-electric vehicles has yet to increase, the move towards more fuel-efficient and eco-friendly means of transport as a switch from conventional gasoline powered vehicles has begun.

The rationale behind introducing environmentally responsible technologies into the automotive value chain can be attributed to a number of factors including energy security, scarcity of fossil fuels and concerns regarding global warming.

Riding on the back of hybrid and electric vehicles propelling growth, demand for Li-ion batteries is expected to maintain an upward trend over the coming years. Advancements in Li-ion batteries have been given a shot in the arm following a move towards hybrid and electric vehicles, with manufacturers engaged in constant efforts aimed at improving upon existing technology for developing more lightweight and efficient batteries that offer greater travelling distance between charges.

Worldwide, the shipments of lithium-ion powered hybrid and electric vehicles stood at 792.8 thousand units in 2014 and maintaining a robust CAGR of 36.9 per cent between 2014 and 2020, global hybrid and electric vehicle shipments are further projected to reach 5.2 million units by 2020. Consumption of Li-ion cells, standing at 299.3 million in 2014 is further expected to register a CAGR if 33.1 per cent over 2014-2020 and reach a projected 1.7 billion by 2020. Li-ion battery capacity is projected to reach 87GWh by 2020 from 8.3GWh in 2014, whereas global revenues derived from Li-ion battery sales is anticipated to post a CAGR of 43.1 per cent in reaching a projected $36.5 billion by 2020.

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