Research Report: By Vehicle Type (Two-Wheeler, Passenger Car, Commercial Vehicle), Battery Type (Lithium-Iron Phosphate, Lithium-Manganese Oxide, Lithium-Nickel-Manganese-Cobalt, Lithium Titanate Oxide, Lithium-Nickel-Cobalt-Aluminum Oxide), Vehicle Technology (Hybrid, Plug-in Hybrid, Fully Electric), Structural Design (Cylindrical, Prismatic, Pouch), Geographical Outlook (U.
New York, Feb. 03, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Lithium-Ion Battery Market" - https://www.reportlinker.com/p05842901/?utm_source=GNW
S., Canada, Germany, France, U.K., Norway, Sweden, Netherlands, China, Japan, South Korea, India, Mexico, Brazil) - Global Trends Analysis and Growth Forecast to 2024
Rising global temperatures have become a major cause of concern, which is being seen as a consequence of burning of fossil fuels for meeting energy needs from time immemorial. Fossil fuels are made of organic matter and their burning releases a huge amount of carbon dioxide and other gases in the atmosphere. These gases are termed as greenhouse gases, as they get trapped into the atmosphere and gradually increase the temperature. This temperature change has not only caused the melting of glaciers and rising of sea levels, it has disturbed the climatic pattern as well, with frequent floods and droughts occurring at the same time in the same country/climatic zone.
Further, the increasing prices of crude oil across the globe, has also motivated governments to find alternatives to conventional energy sources. In the transportation sector, efforts are being made to popularize electric and hybrid vehicles among users. The International Energy Agency reported that the global car fleet grew to approximately 5.1 million in 2018, registering a 2 million increase in sales from 2017. Governments of many countries are actively providing their residents with an efficient and sustainable transport system.
Electric and hybrid vehicles use lithium-ion (Li-ion) batteries for storing electrical energy. These batteries are rechargeable and are made of many cells. They are light weight and have a high energy density. Lithium batteries have different structural designs, such as pouch, prismatic, and cylindrical. During 2014–2018, Li-ion batteries with the cylindrical structural design sold, accounted for the maximum cumulative energy storage capacity. In fact, in the coming years as well, they would continue to amount for the highest installed energy storage capacity among all Li-on batteries of different structural designs. The automotive lithium-ion battery market is predicted to register a 15.9% CAGR during the forecast period (2019–2024).
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