2016 Chevrolet Malibu Hybrid Lithium-Ion Battery System
Forward-looking research firm Research and Markets predicts that the global lithium-ion battery market for alternative energy vehicles will grow at a CAGR (compound annual growth rate) of 22.8% over the period 2014-2019.
Research and Markets states the following:
Various types of Li-ion batteries are available in the market for different applications. End-users can opt for Li-ion batteries that suit their requirements. Lithium cobalt oxide batteries are ideal for cellphones, laptops, and cameras because of their high current densities. The control circuit prevents overcharging and ensures these batteries are safe for use. Similarly, LMO batteries provide high thermal stability and enhance power output at lower currents. They are ideal for power tools, e-bikes, EVs, and PHEVs. Lithium nickel cobalt aluminum oxide and lithium titanate batteries are used in electric power trains and grid storage systems. The availability of different types of Li-ion batteries is expected to boost market growth during the forecast period.
According to the report, the growing use of PHEVs worldwide is likely to drive market growth during the forecast period. Several auto manufacturers have started focusing on PHEVs because of tax-related benefits and government grants. Also, the price of Li-ion batteries is reducing YoY, thus encouraging manufacturers to invest more in PHEVs.
Further, the report states that the longer charging time of Li-ion batteries used in vehicles is one of the key hindrances affecting the market growth.