Automotive Lithium-Ion Battery Market to Charge Up Valuation to $134.49 Billion by 2028 | Battery Cost to Decline from $400 Per Kilowatt-Hour (kWh) to $100/kWh by 2030
Global automotive lithium-ion battery market was valued at USD 41.97 billion in 2021, and the market size is estimated to reach USD 134.49 billion by 2028, at a CAGR of 18.10% over the forecast period (2022-2028).
Westford, USA, Dec. 09, 2022 (GLOBE NEWSWIRE) — Batteries are one of the most important components in electric vehicles (EVs), and their performance has a direct impact on the range and efficiency of the vehicle. Globally, more than 6.5 million EVs are sold. Out of which, over 48% of vehicles are sold in China. Wherein, lithium-ion batteries are the technology of choice for EVs, and their performance has been steadily improving in recent years. SkyQuest has released a new report that analyzes the current state of the automotive lithium-ion battery market. The report finds that battery costs have fallen by 73% since 2010, and they are expected to continue to decline at a similar rate through 2028. This cost reduction is a key driver of the increasing adoption of EVs.
The report also finds that the range of EVs is increasing, as batteries with higher energy densities are being developed. In addition, charging infrastructure is improving, which is making EV ownership more convenient. The study found that, on average, electric vehicles are about 60% cheaper to own and operate than gasoline vehicles over a four-year period if initial cost is excluded. This gap is expected to widen in the future as battery costs continue to fall and electric vehicle range increases. Overall, the study found that electric vehicles are becoming increasingly more attractive to consumers due to their lower cost of ownership. As battery costs continue to fall and ranges increase, this trend is expected to continue.
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SkyQuest’s trend analysis of automotive lithium-ion battery market is a comprehensive study that offers valuable insights into the latest trends and developments in the global market. The report provides an in-depth analysis of the market, including its drivers, restraints, and opportunities. It also profiles the key players operating in the market.
Battery Cost to Decline from $400 Per Kilowatt-Hour (kWh) to $100/kWh by 2030 in Global Automotive Lithium-Ion Battery Market
SkyQuest’s latest report, “Our Journey to an Electric Vehicle Future,” quantifies the potential market opportunity for EVs and assesses the challenges and opportunities for battery suppliers. The global market for EVs is expected to reach $2 trillion by 2030, with annual sales of more than 39.20 million vehicles. This represents a significant opportunity for battery suppliers, who could see their sales grow tenfold over the next decade.
However, the automotive lithium-ion battery market is highly fragmented, with more than 100 suppliers currently competing for share. The industry will consolidation over time, and the leading suppliers will need to scale up their operations to meet the growing demand. Our analysis shows that the cost of batteries will decline steadily over the next decade, from about $400 per kilowatt-hour (kWh) today to $100/kWh by 2030. This reduction in cost will be driven by advances in technology and manufacturing scale. As batteries become cheaper, EVs will become increasingly price-competitive with traditional gasoline-powered vehicles. The challenges facing battery suppliers are daunting, but there is a clear path to success. Those who can scale up their operations quickly and efficiently while simultaneously reducing costs will be best positioned to win in this rapidly growing market.
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SkyQuest Survey Reveals Demand for Automotive Lithium-Ion Battery Market to Take off in Commercial Vehicle Segment
SkyQuest’s analysis of the market is based on data from global battery survey, which polled more than 1,200 executives in the battery industry. The survey covered a wide range of topics, including battery technology, manufacturing, applications and market trends. our analysis shows that the global automotive lithium-ion battery market is expected to grow at a compound annual growth rate (CAGR) of 18.10% between 2022 and 2028. This growth will be driven by the continued expansion of electric vehicle (EV) sales, as well as the growing demand for hybrid and plug-in hybrid vehicles.
The majority of EV sales are currently in China, the United States and Europe – but SkyQuest expects that other markets, such as India and Southeast Asia, will begin to emerge in the coming years. In terms of applications, passenger cars are currently the largest automotive lithium-ion battery market, but we expect that this will change in the future as the commercial vehicle market begins to take off. Batteries for electric buses are already being trialed in a number of cities around the world, and there is growing interest in using lithium-ion batteries for other types of commercial vehicles, such as trucks and vans. The industrial and forklift markets are also beginning to adopt lithium-ion batteries, as they offer a number of advantages over traditional lead-acid batteries.
Based on our analysis, we expect lithium-ion battery market to account for more than 95% of the total battery demand in commercial EVs by 2030. The report forecasts that Europe will be the largest market for lithium-ion batteries in commercial EVs, followed by China and North America. We expect Europe’s share of total demand in the global automotive lithium-ion battery market to decline slightly over time as other regions catch up, but it will still be the largest market in 2025. SkyQuest analysis shows that the bus segment will be the largest application for lithium-ion batteries in commercial EVs, followed by trucks and vans. Within the bus segment, we expect demand for electric buses to grow at a faster rate than for hybrid buses. The report also includes an assessment of the key players in the lithium-ion battery value chain and their position in the market.
China Produces 80% of Automotive Lithium-ion Batteries
SkyQuest’s analyzed the global automotive lithium-ion battery market and released a report on the current status and future prospects of the global market. The report provides a detailed analysis of the production landscape, including an assessment of capacity, manufacturing costs, and cell technology. The study finds that currently, Asia Pacific dominates the market with a production share of more than 90%. Wherein, 80% of the global production takes place in China, which is followed by South Korea and Japan. Together, these three countries account for over 90% of total Asian production.
The majority of global capacity of automotive lithium-ion battery market is concentrated in just a few companies, with the top five firms accounting for more than 60% of total capacity. The top two producers – Panasonic and LG Chem – alone hold a share of more than 30%. SyQuest projects that global manufacturing capacity will need to grow at an annual compound rate of 20% between 2022 and 2028 to meet expected demand from the electric vehicle market. This will require billions of dollars of investment in new plants and equipment. China is expected to be the key driver of this growth, with capacity doubling in the next seven years. Other countries, such as South Korea, Japan, and the United States, are also expected to see significant increases in capacity.
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Top Players in Global Automotive Lithium-Ion Battery Market
- Johnson Controls (Ireland)
- NEC Corporation (Japan)
- Panasonic Corporation (Japan)
- Samsung SDI Co., Ltd. (South Korea)
- Toshiba Corporation (Japan)
- LG Chem Ltd. (South Korea)
- GS Yuasa International Ltd. (Japan)
- BYD Company Ltd. (China)
- A123 Systems LLC (US)
- Hitachi Chemical Co., Ltd. (Japan)
- Shenzhen Huayu New Energy Technology Co., Ltd. (China)
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