Global Lithium-Ion Electric Vehicle Battery Market to Grow Significantly Over 2020-2025

June 30, 2020

As per the latest report titled ‘Global Lithium-ion Electric Vehicle Battery Market (Value, Volume) a Analysis By Chemistry Type (LMO, NMC, LFP, Others), Vehicle Type (BEV, HEV, PHEV), By Region, By Country (2020 Edition): Market Insights, COVID-19 Impact, Competition and Forecast (2020-2025)’, available with Market Study Report LLC, worldwide lithium-ion electric vehicle battery market was remunerated at USD 13.5 billion in 2019 and is reckoned to grow significantly through 2026.

Collective cognizance for green & sustainable growth, coupled with numerous government initiatives aimed towards reducing environmental pollution are propelling the growth of lithium-ion electric vehicle battery market. Technology has brought many innovations in electric vehicles (EV). Rising awareness regarding the benefits of EV and subsequent demand are augmenting the market outlook.

According to the report, worldwide Li-ion electric vehicle battery market sphere is analyzed with respect to chemistry type, vehicle terrain, and regional landscape. Information pertaining to industry share held by various segments and respective growth rate is entailed in the report. It further scrutinizes drivers and challenges influencing the market dynamics during 2020-2025.

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Speaking of the chemistry type, lithium-ion electric vehicle battery market is categorized into lithium-ion iron phosphate (LFP), lithium-ion nickel manganese cobalt oxide (NMC), lithium-ion manganese oxide (LMO) and others.  

Considering the vehicle terrain, the industry is classified into plug-in hybrid electric vehicle (PHEV), hybrid electric vehicle (HEV), and battery electric vehicle (BEV). The report cites that HEV segment is gaining substantial traction owing to its ability to operate on fuel as well as battery. However, BEV segment is poised to showcase strong growth trends over the forecast period, on account of eco-friendly properties.

Unveiling the regional landscape, lithium-ion electric vehicle battery market in Asia Pacific is anticipated to accumulate massive revenues by the year 2026. The growth is attributed to escalating sales of EVs across the region, alongside preference for lithium-ion battery over other batteries.

Key players in global lithium-ion EV battery market are Automotive Energy Supply Corp. (AESC), A123 Systems LLC, CATL, CBAK Power Battery, GS Yuasa, BYD, LG Chem, Samsung SDI, Toshiba, and Panasonic.

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