The successful commercialization and increased adoption of Hybrid Electric Vehicles (HEVs) and Battery Electric Vehicles (BEV) will spark dramatic growth in the global advanced battery market in the near future, says research and consulting firm GlobalData.
The company’s latest report* forecasts global advanced battery market revenue to surge from $19.9 billion in 2012 to a massive $60.5 billion by 2020, with batteries produced specifically for electric vehicles accounting for 73% of the total.
Reduced carbon emissions and lower fuel consumption have driven impressive uptake of HEVs, such as the Toyota Prius and Honda Insight, in recent years, resulting in the electric vehicles battery sector expanding from a value of $3.6 billion in 2008 to $10.3 billion in 2012.
GlobalData’s new analysis states that technological advances aimed at increasing battery storage capacity and reducing unit weight, combined with the growing public acceptance of electric vehicles, is expected see the global market for advanced batteries for electric vehicles soar to $44.3 billion by the end of the decade.
As examined in GlobalData’s report, the advanced battery market comprises of nickel-based varieties, often employed in computer peripherals, medical imaging equipment and some HEVs, and Lithium-ion batteries, which are used in a variety of applications, including mobile electronics, large-scale power storage systems and most electric car batteries.
Due to the huge global demand for consumer electric products, GlobalData expects the lithium-ion sector to remain the more valuable portion of the advanced battery market for the foreseeable future, claiming 87% of total revenue in 2020.
*Advanced Batteries – Global Market Size Regulations Competitive Landscape and Pricing Analysis to 2020
The report provides the historic and forecasted market size of advanced batteries globally and in each of the key countries.
This report was built using data and information sourced from proprietary databases, primary and secondary research, and in-house analysis conducted by GlobalData’s team of industry experts.
For guidelines on how to cite GlobalData, please see: http://www.globaldata.com/QuotingGlobalData.aspx