Worldwide revenue for Li-ion batteries for consumer electric vehicles will grow from $5.7 billion in 2014 to $24.1 billion in 2023, says a new report from Navigant Research.
The market for Li-ion is likely to expand rapidly over the next 10 years, with battery electric vehicles (BEVs) for consumers contributing the largest share.
The report says BEVs accounting for $15.1 billion of the total share of the Li-ion batteries market. Li-ion batters are up to 95 percent efficient, they have a potential lifespan of 20 years. Their costs could be reduced when high-volume production happens in the coming years, the report said.
However, there are some key challenges in the market. Automakers have not yet agreed on battery performance standards. Every manufacturer has its own battery pack specification, so making slightly different batteries for each customer limits the ability of battery manufacturers to optimize production facilities.