Lithium-Ion Powered Hybrid & Electric Vehicles Growth
Growth in demand for Lithium-ion (Li-ion) batteries has encompassed a range of application areas, including consumer electronics, hybrid and electric vehicles and energy storage. While the ubiquity of hybrid vehicles and full-electric vehicles has yet to be manifested on global roads in greater numbers, the process of a marked shift towards more fuel-efficient and eco-friendly means of transport as a switch from conventional gasoline powered vehicles has commenced. The rationale behind introducing environmentally responsible technologies into the automotive value chain can be attributed to a number of factors, including energy security, scarcity of fossil fuels and concerns regarding global warming.
Riding on the back of hybrid and electric vehicles propelling growth, demand for Li-ion batteries is expected to maintain an upward trend over the coming years. Advancements in Li-ion batteries have been given a shot in the arm following a move towards hybrid and electric vehicles, with manufacturers engaged in constant efforts aimed at improving upon existing technology for developing more lightweight and efficient batteries that offer greater travelling distance between charges.
Worldwide, the shipments of lithium-ion powered hybrid and electric vehicles stood at 792.8 thousand units in 2014 and maintaining a robust CAGR of 36.9% between 2014 and 2020, global hybrid and electric vehicle shipments are further projected to reach 5.2 million units by 2020. Consumption of Li-ion cells, standing at 299.3 million in 2014 is further expected to register a CAGR if 33.1% over 2014-2020 and reach a projected 1.7 billion by 2020. Li-ion Battery Capacity is projected to reach 87 GWh by 2020 from 8.3 GWh in 2014, whereas global revenues derived from Li-ion battery sales is anticipated to post a CAGR of 43.1% in reaching a projected US$36.5 billion by 2020.
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