Advanced Battery Market Revenue to reach $61 Billion

Friday 5 July 2013, Amsterdam

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 a consulting firm

The 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.

Our 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 this 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, We expect 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.