According to the Global Electric Vehicle Outlook 2021 report published by the International Energy Agency (IEA), there were 6,850,327 battery electric vehicles (BEV) and 3,346,713 plug-in hybrid electric vehicles (PHEV) all over the world in 2020. The IEA further projects that the electric car stock will reach 79,975,992 units of BEVs and 44,355,904 units of PHEVs by 2030. The burgeoning sales of EVs can be credited to the surging environmental concerns and fluctuating oil prices. With the increasing shift toward such vehicles, the requirement for lithium-ion (Li-ion) batteries will escalate exponentially.
Moreover, the rising technological advancements being made in the electrolyte and the rapid changes in the anode material will accelerate the Li-ion battery market at a CAGR of 21.8% during 2019–2024. The market was valued at $33,720.8 million in 2018 and it is expected to reach over $106,493.0 million revenue by 2024. Rapid improvements are being made in the electrolyte to enable the battery output to surge beyond 4.2 Volts, as it acts as a limiting agent in batteries and enhances the cell power.
Currently, Li-ion battery manufacturers, such as Murata Manufacturing Co. Ltd., Amperex Technology Ltd., Johnson Controls International plc, GS Yuasa Corporation, Samsung SDI Co. Ltd., BYD Company Ltd., Toshiba Corporation, Hitachi Chemical Company Ltd., Shenzhen BAK Battery Co. Ltd., LG Chem Ltd., and Tesla Inc., are opting for joint ventures, product launches, and geographical expansions to meet the requirements of various end-use sectors. For example, in April 2019, LG Chem Ltd. entered into a joint venture with VinFast Trading and Production LLC to manufacture battery packs for electric scooters of Vingroup, a Vietnamese start-up for electric scooters.
According to P&S Intelligences, Asia-Pacific (APAC) is projected to dominate the Li-ion battery market in the forthcoming years. This can be primarily owed to the presence of leading manufacturers and soaring demand for portable electronic devices and EVs in the region. Additionally, the region is also expected to utilize these batteries at the highest rate due to the rapid technological developments being made in such energy storage devices. Among APAC countries, China will adopt the highest quantity of Li-ion batteries in the foreseeable future.
Thus, the rising EV sales and increasing advancements in battery technology will augment the production of Li-ion batteries in the forthcoming years.
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