We’ve touted the growth of the lithium-ion market plenty of times, but figures released recently offer support to the hype.
A new study done by Navigant Research shows some very promising numbers for the lithium-ion battery market, specifically in cars.
The study was focused on battery electric vehicles (BEVs) and which advancements in lithium battery technology will drive growth in the market.
First, the study noted that the biggest boost would come from new lithium batteries that add range and reduce the cost of BEVs. Tesla (NASDAQ:TSLA) is the front-runner here, as I’m sure you know, and competition from Nissan (TYO:7201), Chevrolet (NYSE:GM), and Volkswagen (OTC:VLKAY) are expanding the reach of the market exponentially.
According to Navigant, this growth will come mainly from high-end vehicles with long drive-ranges, as well as more affordable models with improving drive-ranges. Make no mistake, Tesla is following this exact model with its transition from the $100,000 Model S to the $35,000 Model 3.
The best source of growth, of course, will be the reduced cost in the lithium batteries, and thus in the cars themselves.
“The push by automotive original equipment manufacturers (OEMs) and battery manufacturers to continually reduce battery pack costs continues,” said Navigant senior research analyst, William Tokash.
The report estimates that technological innovation, product spread, and cost reduction will cause the lithium-ion vehicle battery market to grow from its current value of $7.8 billion to $30.6 billion by 2024.
That’s less than 10 years for nearly 4x growth; and it’s hardly a stretch given the world’s ongoing transition into cleaner energy sources.
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Until next time,
Keith Kohl
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