Market Size of Automotive Lithium Ion Battery Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 16.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Lithium-Ion Battery Market Analysis
The Automotive Lithium Ion Battery Market is projected to grow with a CAGR of more than 16% during the forecast period.
- Some of the major factors driving the growth of the market are growing environmental concerns (owing to rising exhaust emissions), enactment of stringent emissions and fuel economy norms, and increasing government initiatives, in terms of subsidies and benefits for increasing the adoption rate of electric vehicles.
- Asia-Pacific is expected to witness a high growth rate during the forecast period. However, incidents such as like India lifting and reducing subsidies for the purchase of electric vehicles and US administration rolling back numerous rules related to environment and air pollution may hinder the growth of the market in the region. In India, the government in 2017, lifted subsidies on mild-hybrid vehicles under the FAME scheme (State of Karnataka lost subsidy of INR 75 crores from central government). The cost of hybrid and electric vehicles and lack of charging infrastructure may also hinder the growth rate of market in emerging economies as cost sensitive customers are finding conventional IC engine vehicles affordable.
- Research and Development in the battery technology has increased the battery density and has also brought down the costs. Battery manufacturers are partnering with OEMs and this is in-turn vehicle sales as well.
