A recent report from Navigant Research has found that the leading lithium-ion (Li-ion) battery manufacturers are now competing for the developing market for vehicle electrification and that, further, large, financially stable Asian Li-ion battery manufacturers will lead the plug-in electric vehicle (EV) market in the coming years.
The report, which examines the strategy and execution of eight leading Li-ion battery manufacturers active in the light-duty EV battery market, includes company profiles and rankings to provide industry participants with an objective assessment of these companies’ relative strengths and weaknesses in the global Li-ion vehicle electrification market.
According to Navigant, the most successful Li-ion battery manufacturers to date are large and financially stable companies – or subsidiaries of these types of companies – that provide Li-ion batteries to multiple markets, such as the consumer electronics and emerging stationary grid energy storage markets.
“The automotive market is set to have a raft of plug-in hybrid EV and battery EV models introduced between now and the end of the decade,” says William Tokash, senior research analyst with Navigant Research. “If the current trend of battery price cost-cutting continues, there is an opportunity for these products to break out into the mass market in the mid-term.”
The report cites a product strategy that combines a global reach with regional support and strong business relationships in the automotive sector, which will allow Li-ion battery manufacturers to meet the demands of vehicle OEMs on price, quality and energy density. According to the report, it is important for companies to have a diverse Li-ion product portfolio within the EV Li-ion battery market.