Vigorously growing automotive production across the globe coupled with the constantly rising population and their improvised living standards is posing severe adverse effect on the environment such as emission of large volumes of hazardous gases including CO2, methane and nitrous oxide, fuel spills and rapid consumption of natural resources and fossil fuels. The use of traditional petrol or diesel powered vehicles is creating several jeopardies to the living creatures such as global warming and rising sea levels and have upsurged the need for eco-friendly automotive systems like Battery Electric Vehicles (BEV) that are powered by rechargeable batteries.
The technological advancements in chemical and semiconductor industries resulted in evolution of innovative batteries which have high specific power and high energy density that enhance the efficiency of the BEVs. The usage of Sodium Nickel Chloride (Zebra) Batteries with zero emission vehicles provide maximum energy density exceeding the goals of U.S. Advanced Battery Consortium (USABC).
The emergence of hybrid vehicles as a global solution for oil saving is likely to be the major driving factor for the growth of next generation batteries market. The improving fuel economy and additional auxiliary power capabilities of hybrid vehicles by regenerative braking, idle-off and other techniques is motivating the researchers towards development of advanced batteries. Moreover, the trending deployment of nanotube ultracapacitors in electric vehicles as an alternative power source is also boosting the growth rate of the market. However, the high battery pack costs owing to the retail price is hindering the market for next generation batteries.
This report categorizes the market by type of batteries and vehicles. Based on the battery types, the market has been classified into Fuel Cells, Metal Air Batteries, Solid State Batteries, Lithium-ion batteries, Advanced lead acid batteries and others. By vehicle type, the market is classified into pure electric car, E-Bikes and hybrid car classes. The report has also been categorized based on the geographic region that comprise of Americas, Europe, APAC, and RoW. This are further broken down into notable countries to provide exhaustive analysis of the market.
Lithium batteries are the dominant segment for next generation battery market which is majorly attributable to the low self-discharge rates and high power densities of this battery type. However due to the scarcitiy of compositional materials, particularly lithium, companies have been looking to develop innovative batteries that offer the same energy density and discharge as ithium ion batteries but made of different materials. This has in particular led to the development of emerging battery technologies such as sodium ion, solid state and hydrogen fuel cell based batteries. However these batteries, their characteristics still lag behind lkthium ion batteries and thus these batteries have been preferred in the market currently. With new breakthroughs regarding energy storage and discharge, solid state and sodium ion batteries will be a major competitor to lithium ion batteries in the future.
With the rising demand for increasing the compactness of batteries, this has been a major focus are for battery manufacuturers. Sodium based batteries are increasingly used because they need to carry less energy storage by weight and volume compared to a vehicle propelled by lithium based batteries. These batteries are also signficnatly cheaper due to lower price of sodium compared to lithium.
The total revenue generated by global next generation battery market in 2016 was around $XX billion. During the forecast period 2017 – 2023, it is estimated to grow at an annual growth rate of XX% to reach $XX billion by 2023.
From the geographical perspective, Americas is the dominant region for next generation battery market. This is due to the adoption of electric vehicles coupled with the growing electric generation to propel the next generation market. In Europe,Adoption of new technologies in vehicles to reduce carbon footprints is propelling the electric vehicles market in the region which in turn fueling the next generation battery market. Growing investment in renewable energy production is another factor creating oppourtunities for next generation battery market.
Sample Companies profiled in this report are:
Toyota Motor Corporation (Japan),
Robert Bosch GmbH (Germany),
Tesla, Inc. (U.S.),
Panasonic Corporation (Japan)
LG Chem. (South Korea)