Increase in electric vehicle production and sales coupled with rising efforts to reduce carbon emissions and toxicity level are expected to spur the demand for automotive lithium ion battery over the forecast period.
New York, NY -- (SBWIRE) -- 09/07/2017 -- Automotive Lithium Ion Battery Market: Dynamics
Increase in electric vehicle production and sales coupled with rising efforts to reduce carbon emissions and toxicity level are expected to spur the demand for automotive lithium ion battery over the forecast period. Moreover, the tax exemptions announced by government bodies on EVs powered by lithium ion batteries are expected to drive the demand for automotive lithium ion battery. Additionally, governments are providing incentives and subsidies for the installation and production of lithium ion batteries, which are expected to bolster the market growth. Also, in the automotive sector, growing shift towards sustainable clean fuels is the key factor driving the lithium ion battery market.
However, lack of infrastructure to charge electric vehicle in many countries will restrain the automotive lithium ion battery market. The concern on safety associated with the use of lithium ion battery also hinders the growth of automotive lithium ion battery market.
Automotive Lithium Ion Battery Market: Trend
Owing to the increase in R&D activities and rise in financial incentives from the government, many countries are taking effort to lower the dependency on petroleum products such as petrol and diesel for transportation. Therefore, the global automotive lithium ion battery is projected to witness significant growth over the forecast period. In the past years, China has registered a growth in demand for electric vehicles by 300 percentage.
The electric car market is quite small, but the auto manufacturers are increasing their production. However, some markets have targeted vast rise in ownership, notably China that predicts there will be over six million cars with automotive lithium ion battery on road by 2020.
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Automotive Lithium Ion Battery: Market Participant
Examples of some of the market participants in the global automotive lithium ion battery market identified across the value chain include: Panasonic Corporation, Hitachi Ltd., Toshiba Corporation, NEC Energy Solutions, GS Yuasa Lithium Power, LG Chem Ltd., Johnson Controls, SB LiMotive, BYD Company Ltd.
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