- This year, lithium ion batteries with 48-99 WH capacity are anticipated to capture over 30 per cent of the global market
- By 2025, the global lithium-ion battery production capacity could reach up to 1,112 GWh
According to a report by Root Analysis titled, “Automotive Lithium-Ion Battery Market, 2019-2030”, the global automotive lithium-ion battery market is projected to reach 95.3 billion dollars by 2030, growing at an annualised rate of 17.1 per cent. It also said that the sales of lithium ion battery powered cars have grown by more than 10 times over the period 2013-2019. Due to the anticipated ban on internal combustion (IC) engine vehicles by 2030, the demand for lithium-ion batteries will further arise as per the report.
Lithium nickel manganese cobalt oxide batteries capture the highest share
By 2025, the global lithium-ion battery production capacity could reach up to 1,112 GWh said the report. Presently, lithium nickel manganese cobalt oxide (NMC) batteries capture the highest share.
NMC batteries used in buses and cars mainly occupy more than one-third of overall market share (in terms of revenues generated from battery sales). The report said that other popular battery types that are expected to witness significant growth in the foreseen future, are lithium titanium oxide (LTO) batteries and lithium iron phosphate batteries (LiFEPO4).
E-cars are anticipated to dominate
Electric four wheelers are expected to capture over 50 per cent of the market by 2030 claimed the report. In developed geographies, e-buses and e-cars are likely to drive significant growth in battery sales. The e-cars are anticipated to dominate the market throughout the forecast period.
This year, lithium ion batteries with 48-99 WH capacity are anticipated to capture over 30 per cent of the global market. Batteries with a capacity of more than 250 KWh are expected to grow at a rapid rate, due to the growing number of electric buses across the world specifically in the US, UK and China.