Electric Vehicle Production to Drive Advanced Battery Market Revenue to $61 Billion by 2020
Electric vehicle batteries to account for 73% of advanced battery market by end of decade -----Lithium-ion batteries set to maintain market dominance
LONDON, UK (GlobalData), 25 June 2013 - 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.
More Headlines
- Blockchain Startup Solar DAO Announces ICO Campaign to Support PV Solar Plant Construction
- President Li Zhenguo: Distributed PV Formally Enters 3.0 Era
- University of Virginia, Dominion Energy and Coronal Energy Announce Ambitious Solar Energy Project
- SolarWorld Americas debuts industry-leading SolarWorld Assurance™ warranty programs
- Energy Technology Bill Surpasses 100 Bipartisan Cosponsor Mark
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.
-ABOUT GLOBALDATA-
GlobalData is a leading global research and consulting firm offering advanced analytics to help clients make better, more informed decisions every day. Our research and analysis is based on the expert knowledge of over 700 qualified business analysts and 25,000 interviews conducted with industry insiders every year, enabling us to offer the most relevant, reliable and actionable strategic business intelligence available for a wide range of industries.
Featured Product
WS510 Secondary Standard
In the monitoring of large photovoltaic (Utility Scale), in assessing potential sites (Solar-assessment), or in up and coming electricity cost saving initiatives projects (Commercial & Industrial), the WS510 now provides the market a secondary standard pyranometer, ultrasonic wind speed, ultrasonic wind direction, temperature, pressure and humidity all in a single unit.. This sensor meets the high demands of the world meteorological organization (WMO) through the active valving at air temperature measurement and the inertia- and maintenance-free measurement of wind speed and wind direction on the ultrasonic principle. Equipped with a Kipp & Zonen pyranometer of the secondary standards, the WS510-UMB Compact weather sensor from Lufft unites the precision of a variety of meteorological individual sensors in a single all-in-one device, for the first time.
