Worldwide Capacity of Lithium Ion Batteries for Electric Vehicles Will Multiply More than 10-Fold by 2020, Forecasts Navigant Research
BOULDER, Colo.--(BUSINESS WIRE)-- Improvements in lithium ion (Li-ion) battery technology are helping to accelerate the worldwide market for electric vehicles (EVs). In the last few years, automakers have shifted from nickel-metal hydride (NiMH) batteries to Li-ion batteries. This shift represents a major endorsement of Li-ion chemistry and its ability to perform consistently in an automotive environment. According to a recent report from Navigant Research, total worldwide capacity of Li-ion batteries for transportation applications will increase more than ten-fold, from 4,400 megawatt-hours (MWh) in 2013 to nearly 49,000 MWh by 2020.
"Li-ion technology continues to improve, as increased energy densities translate into smaller and lighter battery packs with more power," says David Alexander, senior research analyst with Navigant Research. "At the same time, leading battery cell manufacturers have built new factories utilizing the latest production techniques, including greater automation and faster throughput. This will lead to a reduction in the cost per kilowatt-hour (kWh) over the next few years, provided that volumes continue to increase."
The market for Li-ion batteries will primarily be driven by the growth of battery electric vehicles (BEVs), as they utilize much larger battery packs than plug-in hybrid electric vehicles (PHEVs). Today's BEVs use battery packs ranging from 16 kWh to 85 kWh, compared to PHEVs that typically use packs ranging from 4 kWh to 16 kWh. Additionally, many recently introduced hybrid vehicles, such as the Honda Civic Hybrid, use Li-ion batteries, and the percentage of hybrids using Li-ion technology is expected to grow steadily as automakers update their models.
The report, "Electric Vehicle Batteries", provides a detailed examination of the growing market for Li-ion batteries, including profiles of all of the leading Li-ion battery manufacturers. Forecasts for revenues from Li-ion batteries, segmented by vehicle type, are included, along with vehicle roadmaps for hybrid, PHEV, and BEV sales by region. The report also includes a review of competing energy storage technologies, including ultracapacitors and nickel-metal hydride batteries. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team's research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, Smart Industry, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant (NYS: NCI) is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, "Electric Vehicle Batteries," is a summary and reflects Navigant Research's current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report's conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.
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