Market for lithium ion batteries for vehicles expected to reach US$30.6 billion in 2024, says report

As automotive manufacturers continue efforts to produce more vehicles with electric drivetrains, the amount of vehicles using lithium ion (Li-ion) batteries for onboard energy storage is increasing. The technology's future is expected to be secure, and automakers are now focusing on how they can reduce costs while increasing energy density and vehicle range. According to Navigant Research, the global market for Li-ion batteries for vehicles is expected to grow from US$7.8 billion in 2015 to US$30.6 billion in 2024.

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