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Electric car lithium battery pack and power

Electric Vehicle Lithium-Ion Batteries Will Hit $24 Billion by 2023

July 23, 2014
The capabilities of Li-ion batteries have overtaken other technologies in most electrified light duty transportation and they are up to 95% efficient, says new report.

Li-ion batteries have emerged as the leading battery technology for a wide variety of applications, including mobile devices, grid-scale energy storage, and electric vehicles (EVs). Consequently, the market for Li-ion batteries for automobiles is expected to expand rapidly over the next 10 years, with battery electric vehicles (BEVs) for consumers drawing the largest share. 

According to a recent report from Navigant Research, worldwide revenue from Li-ion batteries for all consumer EVs will grow from $5.7 billion in 2014 to $24.1 billion in 2023, with BEVs accounting for $15.1 billion of that total.

“The capabilities of Li-ion batteries have overtaken other technologies in most electrified light-duty transportation applications,” says David Alexander, senior research analyst with Navigant Research. “They are up to 95% efficient, they have a potential lifespan of 20 years, and costs could be reduced significantly in high-volume production in the coming years.”

One challenge for suppliers of Li-ion batteries, according to the report, is that automakers have not yet agreed on battery performance standards. Today, almost every vehicle manufacturer uses its own battery pack specification and making slightly different batteries for each customer limits the ability of battery manufacturers to optimize production facilities.

About the Author

Adrienne Selko | Senior Editor - MH&L, IW, & EHS Today

Adrienne Selko has written about many topics over the 17 years she has been with Endeavor Business Media and currently focuses on workforce development strategies. Previously Adrienne was in corporate communications at a medical manufacturing company as well as a large regional bank.

She is the author of Do I Have to Wear Garlic Around My Neck? which made the Cleveland Plain Dealer's best sellers list. She is a senior editor at Material Handling & Logistics, EHS Today, and IndustryWeek. 

Editorial Mission Statement:

Manufacturing is the enviable position of creating products, processes, and policies that solve the world’s problems. When the industry stepped up to manufacture what was necessary to combat the pandemic, it revealed its true nature. My goal is to showcase the sector’s ability to address a broad range of workforce issues including technology, training, diversity & inclusion, with a goal of enticing future generations to join this amazing sector.

Why I Find Manufacturing Interesting: 

On my first day working for a company that made medical equipment such as MRIs, I toured the plant floor. On every wall was a photo of a person, mostly children. I asked my supervisor why this was the case and he said that the work we do at this company has saved these people’s lives. “We never forget how important our work is and everyone’s contribution to that.” From that moment on I was hooked on manufacturing.

I have talked with many people in this field who have transformed their own career development to assist others. For example, companies are hiring those with disabilities, those previously incarcerated, and other talent pools that have been underutilized. I have talked with leaders who have brought out the best in their workforce, as well as employees doing their best work while doing good for the world.