Key Market Trends

Automotive Batteries Segment set to be the Fastest Growing Segment

• The automotive sector is expected to be one of the major end-user segments for lithium-ion batteries in the near future. The penetration of electric vehicles is anticipated to provide a massive impetus for the lithium-ion secondary battery industry growth.
• A range of different vehicle types is now available globally, featuring increasing degrees of hybridization and electrification. There are various types of vehicles, including hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles, and electric vehicles (EVs).
• In developed and developing economies, both alike, the adoption of electric vehicles is increasing at a high growth rate. The United States and China are already leading in global EV sales, along with other developing economies like India, which has already begun transforming its public transportation infrastructure for EVs.
• In the current market scenario, policy support plays a crucial role in driving the adoption of electric vehicles. Policy support enables market growth by making vehicles appealing to consumers, reducing risks for investors, and encouraging manufacturers to develop electric vehicle on a large scale.
• Falling lithium-ion battery prices and improving technology are expected to bring price-competitive electric vehicles to the market, creating demand for secondary battery, which is lithium-ion technology.

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Asia-Pacific Driving the Market Demand

• In Asia-Pacific lies multiple growing economies with substantial natural as well as human resources, China and India are expected to be major investment hotspots for Secondary Battery companies in coming years, on account of policy-level support, from the governments for both renewables and Evs, and a growing middle-class population creating demand for consumer electronics.
• The deployment of electric vehicles and the installation of renewable power plants in China and India is increasing rapidly, which is expected to foster massive demand for secondary batteries.
• China is currently one of the largest markets for the electric vehicle and has registered ~30 times faster growth than the electric vehicle market in 2018 when compared to 2017.
• The increasing adoption of electric vehicles is in line with the clean energy policy. In order to reduce the demand-supply gap, the government of China is planning to ease restriction on automakers importing the car into the country.
• Asia-pacific is likely to be the dominant player in the secondary battery market, supported by increasing urbanization and consumer spending across several countries, such as India and China, which is expected to ramp up the demand for technically advanced devices & vehicles, due to the benefits provided by the same. Consecutively, leading to a growth in demand for batteries.

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