Development of the automobile battery market is important for the automotive sector as batteries serve different automotive applications in alternative and conventional products. Increasing adoption of electric vehicles with favourable government initiatives including subsidies and tax rebate will encourage demand for lithium ion batteries. Hybrid and plug-in hybrid electric vehicles are key application areas. Growing demand for EV’s will boost industry growth in the automobile battery market over the next decade.
The Environmental Protection Agency (EPA) introduced regulations for waste processing and recycling which will impact lithium ion batteries production. The Lithium ion battery life-cycle also impacts our ecology. Lithium ion battery production is high in the U.S., China, Argentina and Chile. Mines in the U.S. have a large concentration on the west coast and mining activity is high in those regions. South America also has numerous lithium mines which cater to the production of batteries.
The report analyst commented "Lithium-ion batteries are rechargeable with a longer lifecycle, enhanced storage and efficiency compared to conventional batteries. These advantages have led to increased battery demand in numerous applications including energy storage systems, automobiles, household electricity and consumer electronics products. Lithium-ion batteries will witness a significant growth during the forecast period owing to increasing electronic device demand coupled with stringent regulations to reduce pollution levels."
Leading companies featured in the report who are offering lithium-ion battery market include Panasonic Corporation, Toshiba Corporation, Johnson Controls, Samsung SDI Co. Ltd., LG Chem Ltd., BYD Co. Ltd., GS Yuasa Corporation, Hitachi Ltd, Sony Energy Devices Corporation, Automotive Energy Supply Corporation (AESC), Phillips, Tesla, Renault Group, Lithium Werks, and Varta Storage.
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Source: ASDReports - Market Research
Date: Jul 1, 2019