GlobalData Predicts Advanced Battery Market Will Become a $44.3 Billion Industry by 2020
What will become of the advanced battery industry in 2020?
Well, according to GlobalData, the “successful commercialization and increased adoption of hybrid electric vehicles (HEV) and battery electric vehicles (BEV) will spark dramatic growth in the global advanced battery market in the near future.”
GlobalData says the global advanced battery market revenue was $19.9 billion in 2012. That revenue figure, says GlobalData, will more than triple by 2020 to $60.5 billion.
More importantly, GlobalData says that electrified vehicles will account for 73% of that $60.5 billion. GlobalData says that “technological advances aimed at increasing battery storage capacity and reducing unit weight, combined with the growing public acceptance of electric vehicles” will see that the global market for advanced batteries for electrified vehicles soars to “$44.3 billion by the end of the decade.”
Advanced batteries have long been used (Toyota Prius and Honda Insight) in electrified vehicles. As GlobalData points out, advanced batteries in automobiles were a $3.6 billion industry in 2008 and $10.3 billion in 2012. This will continue to rise in the coming years.