Demand for advanced batteries, which are used not only in electrified vehicles, but also in consumer electronics and grid-management applications, continues to grow at a healthy pace. According to a new report from Navigant Research, the industry shipped 53.3 GWh of batteries in 2014 – that represents more than $14 billion in sales, a 7.1-percent revenue increase compared to 2013.
The report, Advanced Battery Tracker 4Q15, describes developments and trends in the battery market, focusing on new market activity and market share analysis, including details for various global regions and all current battery technologies.
Lithium-ion continues to be the king of chemistries, especially in automotive applications. So far, the only significant penetration by other chemistries has been in the grid energy storage field, in which some systems utilize flow batteries, advanced lead-acid, and sodium-metal halide.
“While the consumer electronics segment saw tepid growth in 2014, the vehicle electrification and grid-energy storage sectors experienced significant increases in energy capacity and associated revenue,” says Navigant senior research analyst William Tokash. “The advanced batteries industry remains in growth mode, and the majority of its products are manufactured in China and shipped around the world.”