WILMINGTON, DE / ACCESSWIRE / October 3, 2022 / Market Research Inc. - Focus of policymakers and industry players in several countries on reducing the carbon emissions of transport vehicles has generated momentum to the commercialization of automotive lithium-ion battery (LIB) cells. Stridently, various government policy initiatives in developing and developed regions to ramp up the production of EVs, notably in a bid to reduce reliance on fossil fuels, will shape market demand for automotive lithium-ion battery cells. The automotive lithium-ion battery cell market is projected to reach a value of US$ 550.54 Bn by the end of 2031.
An assortment of Li-ion chemistries has been introduced that promise to meet the demanding requirements of battery performance and cost in battery-powered EVs. This is expanding the avenues. A major marketing strategy for automotive LIB cell manufacturers comprises offering a combination of cost, energy density, and stability of the battery packs to OEMs and vehicle manufacturers.
This aside, emphasis on increasing the performance range of vehicles will extend the horizon for players in market. Of note, the need for cutting-edge battery chemistries for next-generation long-range EVs will influence future of automotive lithium-ion battery cells. Recent trends in the automotive lithium-ion battery cell market indicate that lithium nickel manganese cobalt oxide (NMC) have emerged as a popular chemistry. Many key vendors in automotive lithium-ion battery cell market are geared toward combining various batteries to expand their share.
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Key Findings of Automotive Lithium-ion Battery Cell Market Study
Commercialization of Prismatic Lithium-Ion Battery (LIB) Cells Spurring Profitable Opportunities: The study found that prismatic lithium-ion battery cells accounted for a major market share of 45.15%. The prominence of the segment in automotive lithium-ion battery cell market can be attributed to the benefits of larger pack configuration and advantage of low maintenance aspects. In addition, their remarkable durability and performance makes them suitable for various EV models.
Electrification of Vehicles Creates Need for New Battery Chemistries: Tremendous push toward lowering carbon footprint of the transport industry has spurred the trend toward their electrification. Production of new models in passenger vehicles as well as in private vehicles has led vehicle manufacturers in automotive lithium-ion battery cell market to seek advanced battery chemistries. Of note, there is a massive demand for Li-ion cells with high energy density and stability in the automotive industry. The TMR analysts observed that lithium cobalt oxide battery cells are gaining popularity due to their high energy density.
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Automotive Lithium-ion Battery Cell Market: Drivers
Growing demand for sustainable modes of transportation is spurring the demand for lithium-ion battery (LIB) cells in various types of electrical vehicles. The trend of electrification is robust in transportation and logistics industries, thereby creating vast opportunities for market players.
Continuous advancements in battery chemistries used in Li-ion will create new frontiers for growth for players in the automotive lithium-ion battery cell market. A case in point is enormous body of research in lithium cobalt oxide segment battery cells.
Automotive Lithium-ion Battery Cell Market: Regional Growth Dynamics
Europe held a key share of the automotive lithium-ion battery cell market in 2021. Revenues in the regional market are fueled by rapid pace of commercialization of lithium cobalt oxide type battery, mainly due to presence of several manufacturers of the battery backs.
Asia Pacific led the global market in terms of volume. China holds a leading share in the region as well as globally. Substantial production of electric two-wheelers in the country has created tremendous lucrative avenues. Furthermore, the revenue potential is fueled by stringent implementation of vehicle emission regulations, leading to adoption of electric vehicles. Other lucrative countries are Japan and India.
Automotive Lithium-ion Battery Cell Market: Key Players
Some of the prominent market players are Panasonic Corporation, Tianjin Lishen Battery Co. Ltd., Future Hi-Tech Batteries Limited, Johnson Controls Inc., GS Yuasa International Ltd., Hitachi Chemical Co. Ltd., Toshiba Corporation, Samsung SDI Co. Ltd., Energizer Brands, LLC, and Duracell Inc.
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Automotive Lithium-ion Battery Cell Market Segmentation
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
Middle East & Africa
Rest of Europe
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