Market for Lithium-Ion Batteries for Vehicles to Reach $30.6 Billion by 2024: Navigant Research

According to the latest research report on the lithium-ion battery market by Navigant Research, the market for lithium-ion electric vehicle batteries is expected to grow from $7.8 billion in 2015 to $30.6 billion in 2024.
As quoted in the press release:

When designing electric or electrically assisted powertrains, OEMs tailor their approach to each model, factoring in economy, vehicle range, driver experience, and performance, according to the report. This approach, along with anticipated decreases in Li-ion battery costs, is expected to create a BEV market driven primarily by premium BEVs with long ranges and more affordable BEVs with higher ranges.
The report, Advanced Energy Storage for Automotive Applications, provides a detailed examination of the growing market for automotive Li-ion batteries, including profiles of the leading Li-ion battery manufacturers, systems integrators, and vehicle OEMs. The study assesses the relative sizes of the battery markets for different vehicle types, as well as vehicle roadmaps and projected sales for BEVs, plug-in hybrid electric vehicles, hybrid electric vehicles, and stop-start vehicles. Global market forecasts for capacity and revenue from automotive Li-ion batteries, segmented by vehicle type and region, extend through 2024. The report also includes a review of the different Li-ion battery chemistries and competing energy storage technologies, such as ultracapacitors and NiMH batteries. An Executive Summary of the report is available for free download on the Navigant Research website.

Click here for the full press release.