The battery business is booming, and a new report from Navigant Research aims to flesh out the picture with some facts and figures.

“Advanced Energy Storage for Automotive Applications” predicts that the global market for automotive Li-ion batteries will grow from $7.8 billion in 2015 to $30.6 billion in 2024, an almost fourfold increase. Total capacity is expected to grow from about 15.9 GWh in 2015 to 93.1 GWh in 2024 – an annual growth rate of 21.7%.

Most OEMs have introduced EVs and PHEVs, almost all of which use Li-ion batteries, hybrids are beginning to use Li-ion instead of nickel-metal hydride, and now stop-start vehicles using Li-ion batteries are beginning to enter the market. Emerging 48 V micro-hybrid technology presents another possible growth area.

The report includes profiles of the leading battery manufacturers, systems integrators and vehicle OEMs, as well as a review of the different Li-ion battery chemistries and competing energy storage technologies, such as ultracapacitors and NiMH batteries.

A successor technology may be on the horizon, but Navigant expects lithium-ion to dominate the market for years to come.

“The immediate future looks to be secure for the Li-ion chemistry, and the move now is to continue to reduce costs while increasing energy density and vehicle range,” says Navigant. “These factors will lead to a greater percentage of BEVs being equipped with larger battery packs that can meet the standard that Tesla has established for vehicle range.”

Source: Green Car Congress