"...worldwide revenue from Li-ion batteries for EVs will grow from less than $6 billion in 2014 to $26.1 billion in 2023."

Chevy Volt Battery

Chevy Volt Battery

That's according to a new report put out by Navigant Research.

Navigant credits the "steady increase in sales of electric vehicles" with the predicted rise in global revenue from lithium-ion battery production.

David Alexander, senior research analyst with Navigant Research, states:

“The shift to lithium ion represents a major endorsement of the ability of this chemistry to perform consistently in an automotive environment.  Most of the major automakers have introduced battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) models in the last two years, almost all of which use lithium ion batteries for onboard energy storage.”

Navigant concludes:

"Demand for Li-ion batteries will be driven primarily by BEVs throughout the forecast period thanks to the size of the battery required."

Source: Navigant