Lithium ion batteries are here to stay as the main choice for future hybrids and EVs, according to Navigant Research’s Electric Vehicle Batteries report.
The steady increase in sales of electric vehicles (EVs) has led to advances in EV batteries, particularly those using lithium ion (Li-ion) technology. While early hybrid vehicles featured nickel-metal hydride (NiMH) batteries, Li-ion batteries have taken over, particularly in the latest generation of plug-in electric vehicles (PEVs).
“The shift to lithium ion represents a major endorsement of the ability of this chemistry to perform consistently in an automotive environment,” says David Alexander, senior research analyst with Navigant Research. “Most of the major automakers have introduced battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) models in the last two years, almost all of which use lithium ion batteries for onboard energy storage.”
Navigant added demand for Li-ion batteries will be driven primarily by BEVs throughout the forecast period thanks to the size of the battery required, according to the report. Both hybrid EVs and PHEVs will decline slightly as a percentage of the total, while stop-start vehicles (SSVs) will see their share of the Li-ion battery market steadily increase, as a result of higher volumes of vehicle sales and the adoption of Li-ion batteries in stop-start models as the cost-per-kilowatt-hour decreases.
Navigant explained the report, “Electric Vehicle Batteries,” provides a detailed examination of the growing market for Li-ion batteries, including profiles of the leading Li-ion battery manufacturers and systems integrators. It assesses the relative sizes of the battery markets for different vehicle types, as well as vehicle roadmaps and projected sales for BEVs, PHEVs, and hybrid electric vehicles (HEVs).
In the report, global market forecasts for revenue from Li-ion batteries, segmented by vehicle type and region, extend through 2023. The report also includes a review of the different Li-ion battery chemistries and competing technologies, such as ultracapacitors and NiMH batteries.