Lithium Ion Battery Market to Exceed $50 Billion
The lithium ion battery market is set to grow tremendously in the coming years.
According to Roland Berger Strategy Consultants, its recently updated global lithium ion battery study puts the market at nearly $9 billion by 2015, up from $1.5 billion. Growth could exceed $50 billion by 2020.
“We still expect the global market for lithium ion batteries to reach $9 billion by 2015. Although forecasts for many existing programs have been downgraded, there are new EV models coming out in Asia, especially hybrids. Some OEMs have lowered their market forecasts for electric and hybrid vehicles, and some new automakers have already failed. But we still expect strong growth in the e-mobility battery market going forward,” co-author of the study Thomas Wendt stated.
The study further estimates cars and light commercial vehicles will account for 85% of the total lithium ion battery systems in 2015. This presupposes a surge in electric, hybrid and plug-in hybrid cars production up to 4 million annually.
Cars and light commercial vehicles will account for a large portion of lithium ion systems, but the study also found the truck market will be electrified. Class 3 and class 4 pick up and delivery trucks will be outfitted with battery systems.