AI-Powered Analysis Drives Growth in Energy Storage and Electric Vehicle Battery Markets

Flow Battery Market to grow by USD 954.8 Million (2024-2028), driven by rising demand for energy storage in renewables, with AI powering market evolution - Technavio

Enter your email to get Benzinga's ultimate morning update: The PreMarket Activity Newsletter NEW YORK, Dec. 4, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global flow battery market size is estimated to grow by USD 954.8 million from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 29.52% during the forecast period. Increasing demand for battery energy storage to address erratic nature of renewables is driving market growth, with a trend towards legislative support for battery recycling. However, decline in lithium-ion battery price poses a challenge. Key market players include BASF SE, Elestor BV, ENEROX GMBH, Gebr. SCHMID GmbH, HYDRAREDOX IBERIA SL, Invinity Energy Systems plc, Largo Inc., LE System Co. Ltd., Lockheed Martin Corp., nanoFlowcell Management AG, Nel ASA, Primus Power Solutions, Redflow Ltd., StorEn Technologies Inc., Stryten Energy LLC, Sumitomo Electric Industries Ltd., Vanadis Power GmbH, VFlow Tech Pte Ltd., VoltStorage GmbH, and VRB Energy. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Flow Battery Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 29.52% Market growth 2024-2028 USD 954.8 million Market structure Fragmented YoY growth 2022-2023 (%) 23.93 Regional analysis North America, Europe, APAC, South America, and Middle East and Africa Performing market contribution APAC at 35% Key countries US, China, Germany, Japan, and UK Key companies profiled BASF SE, Elestor BV, ENEROX GMBH, Gebr. SCHMID GmbH, HYDRAREDOX IBERIA SL, Invinity Energy Systems plc, Largo Inc., LE System Co. Ltd., Lockheed Martin Corp., nanoFlowcell Management AG, Nel ASA, Primus Power Solutions, Redflow Ltd., StorEn Technologies Inc., Stryten Energy LLC, Sumitomo Electric Industries Ltd., Vanadis Power GmbH, VFlow Tech Pte Ltd., VoltStorage GmbH, and VRB Energy Market Driver The Flow Battery market is witnessing significant growth in the power industry, particularly in the utilities sector, as energy storage systems become increasingly important for renewable energy integration. Renewable sources like wind and solar energy require reliable storage solutions to ensure a consistent power supply during power outages and peak times. Flow batteries offer a promising solution with their long-term returns and compatibility with various power systems. New generation flow batteries, such as Zinc Bromine and Redox flow batteries, are gaining popularity due to their high energy capacity, long operational lifetimes, and convenient maintenance. These batteries use circulating electrolytes and have thermal management systems to ensure uniform reactant supply and specific energy efficiency. Flow batteries are also an attractive backup solution for data centers and grid-scale energy storage, offering extended operational lifetimes and safety features. The market for flow batteries includes various chemistries like Iron Flow Battery, Vanadium Redox Flow Battery, and Sodium-based batteries. Government bodies and utilities are incentivizing the use of renewable energy and energy storage systems, making flow batteries a viable option for grid stability and reducing greenhouse gas emissions. Companies like Invinity Energy Systems are leading the commercialization of flow batteries through reseller agreements and innovative electrochemical storage systems. Flow batteries offer a flexible system design, making them suitable for ambient temperatures and small-scale storage applications, such as EV charging stations and mini-grids. The market for flow batteries is expected to grow as the demand for reliable power supply increases during low-demand periods and high-power demands. Flow batteries, a popular energy storage solution, face unique challenges during disposal. Strict government regulations aim to mitigate environmental impact and promote sustainable business practices. Flow batteries, which use vanadium and nickel, pose risks if not recycled properly. These metals can contaminate soil and groundwater. Electrolytes, flammable and toxic, pose fire hazards and health risks. Efficient recycling methods for flow batteries can reduce these risks and contribute to ecological sustainability. Regulations ensure recycling efficiency and minimize the environmental footprint of flow battery disposal. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! Market Challenges The Flow Battery market is experiencing significant growth in the power industry, particularly in the utilities sector, as renewable energy sources become more prevalent. Energy storage systems are crucial for renewable energy integration, addressing the intermittency challenges of wind and solar energy. However, the market faces hurdles such as energy policies, compatibility issues with power systems, and the need for concrete standards. Flow batteries offer long-term returns with their high energy capacity and convenience for backup solutions during power outages. Key players include Lithium-ion batteries, Lead-acid batteries, and new generation Sodium-based battery technologies like Zinc Bromine and Hybrid flow batteries. Functional design, energy storage capacity, and thermal management are essential considerations. Ambient temperatures, small-scale storage, and portable batteries are also gaining popularity for data centers and EV charging stations. Safety features, system design flexibility, and low-cost materials are essential for commercialization. Invinity Energy Systems' Iron Flow Battery is a promising solution, using a circulating electrolyte and offering extended operational lifetimes. Flow batteries' specific energy and energy efficiency make them a reliable power supply for high-power demands and smooth operations, reducing downtime during low-demand periods and peak times. Government bodies and utilities are incentivizing the adoption of renewable technologies and grid-scale energy storage, contributing to the market's growth. Flow batteries' role in grid stability and demand management during peak electrical demand is crucial for green energy and reducing greenhouse gas emissions. Novel technologies, such as Redox flow batteries, offer potential for further advancements in the sector.The lithium-ion battery market is experiencing significant growth, leading to a decline in demand for alternative batteries like flow batteries. Major manufacturers are focusing on technological advancements and cost reduction strategies, causing lithium-ion battery prices to decrease further. This trend is driving the adoption of lithium-ion batteries in various sectors, including day-to-day applications, power grids, automobiles, and industrial uses. Companies are also developing specialized lithium-ion batteries for specific industrial and utility applications. The market's growth is expected to continue during the forecast period. Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This flow battery market report extensively covers market segmentation by Type 1.1 Redox1.2 HybridVariant 2.1 Large scale2.2 CompactGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa 1.1 Redox- Redox flow batteries are a type of energy storage system where the electrolytes, containing the active redox components, are stored in external tanks. The ability to circulate the electrolyte from a reservoir tank allows for extensive energy storage. This feature has attracted significant attention due to its potential applications in utilities, load balancing, and stand-alone power systems. A key component of redox flow batteries is the membrane, specifically the ion-exchange membrane (IEM), which prevents the mixing of positive and negative electrolytes while allowing the passage of charge-carrying ions during charging and discharging. Membranes are a significant cost factor in redox flow battery systems. The market for redox flow batteries is expected to grow due to increasing demand for energy storage solutions in various applications, particularly those with peak-load demands. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics Research Analysis The Flow Battery Market is a significant segment of the energy storage systems industry, gaining prominence in the power industry due to its application in various sectors. These batteries are particularly suited for industrial applications, renewable energy integration, and grid systems. Flow batteries utilize active materials, such as electrolytes, to store energy in liquid form, making them safer than other battery types like lithium-ion batteries and fuel cells. Energy policies and incentives are driving the adoption of flow batteries in the power industry, particularly in the integration of renewable energy sources like wind and solar. Flow batteries provide reliable power supply during high-power demands, smooth operations during peak times, and help reduce downtime during low-demand periods. They offer safety features, such as the absence of thermal runaway risks, making them an attractive alternative for grid systems. Flow batteries are ideal for energy storage during peak times and discharge during periods of low demand, ensuring a consistent power supply and improving overall grid stability. The electrolyte used in flow batteries plays a crucial role in their performance and efficiency. Flow batteries are expected to play a significant role in the energy storage landscape, offering a cost-effective and scalable solution for various applications. Market Research Overview Flow batteries are a type of energy storage system that have gained significant attention in the power industry, particularly in the context of renewable energy and utilities. These systems use a circulating electrolyte to store energy in a non-pure form, making them ideal for long-term returns and grid-scale energy storage. Functional design varies, but they are known for their compatibility with renewable sources like wind and solar energy. Energy policies and government bodies are driving the adoption of flow batteries as a backup solution during power outages, providing a reliable power supply during high-demand periods and peak times. The power systems can be designed with specific energy and energy efficiency in mind, using low-cost materials and recyclable components for extended operational lifetimes. Flow batteries come in various chemistries, including zinc bromine, vanadium, and iron-based systems. They offer advantages such as convenient maintenance, uniform reactant supply, and thermal management. These batteries are also lightweight, making them suitable for small-scale storage and portable applications. Flow batteries are used in data centers, EV charging stations, and mini-grids for backup power systems. They can also be integrated into grid systems to improve grid stability and reduce greenhouse gas emissions. Safety features and incentives for renewable energy are also important considerations in the commercialization of these systems. New generation flow batteries, such as hybrid and sodium-based systems, offer high energy capacity and specific energy, making them suitable for grid-scale energy storage. These batteries are also compatible with fuel cells and can be used in conjunction with lead-acid batteries and other energy storage technologies for demand management and peak electrical demand. Flow batteries are an essential part of the renewable energy sector, providing a reliable and efficient solution for storing energy from renewable sources during low-demand periods and releasing it during high-power demands and peak times. Their long-term use and regular cycle make them an attractive option for utilities and power systems looking to reduce downtime and improve grid stability. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation TypeRedoxHybridVariantLarge ScaleCompactGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/flow-battery-market-to-grow-by-usd-954-8-million-2024-2028-driven-by-rising-demand-for-energy-storage-in-renewables-with-ai-powering-market-evolution---technavio-302321213.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

Lithium-Ion Battery Market to Grow by USD 448.8 Billion (2024-2028) as Consumer Electronics Drive Demand, Report with AI Impact on Market Trends - Technavio

NEW YORK, Nov. 27, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global lithium-ion battery market size is estimated to grow by USD 448.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 42.93% during the forecast period. Augmented demand from consumer electronics is driving market growth, with a trend towards legislative support for battery recycling. However, growing popularity of fuel cell solutions poses a challenge.Key market players include A123 Systems LLC, AT and T Inc., BYD Co. Ltd., CLARIOS LLC, Envision Energy USA Ltd., Exide Industries Ltd., GS Yuasa International Ltd., Hitachi Ltd., Johnson Controls International Plc., LG Chem Ltd., Manz AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shenzhen Bak Battery Co. Ltd., SK Inc., Sony Group Corp., TDK Corp., Tesla Inc., TianJin Lishen Battery Joint Stock Co. Ltd., and Toshiba Corp.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Type (Lithium nickel manganese cobalt, Lithium titanate, Lithium iron phosphate, and Lithium cobalt oxide), Application (Automotive, Consumer electronics, and Energy storage and others), and Geography (APAC, Europe, North America, South America, and Middle East and Africa) Region Covered APAC, Europe, North America, South America, and Middle East and Africa Key companies profiled A123 Systems LLC, AT and T Inc., BYD Co. Ltd., CLARIOS LLC, Envision Energy USA Ltd., Exide Industries Ltd., GS Yuasa International Ltd., Hitachi Ltd., Johnson Controls International Plc., LG Chem Ltd., Manz AG, Panasonic Holdings Corp., Samsung SDI Co. Ltd., Shenzhen Bak Battery Co. Ltd., SK Inc., Sony Group Corp., TDK Corp., Tesla Inc., TianJin Lishen Battery Joint Stock Co. Ltd., and Toshiba Corp. Key Market Trends Fueling Growth The Lithium-ion battery market is experiencing significant growth, driven by the rise of electric vehicles (EVs) in the automobile sector and the increasing demand for rechargeable batteries in consumer electronics and renewable energy. Key components of Lithium-ion batteries include the anode (often made of graphite), cathode (typically Lithium Cobalt Oxide or Lithium Titanate), and electrolyte solution. Major market players are focusing on strategic collaborations, mergers, and innovation to meet the surging demand. EV sales are fueling the market, with lithium-ion batteries being the preferred choice due to their high energy density, long life cycle, and memory effect. The EV industry's reliance on lithium-ion batteries is expected to continue, with solid-state batteries and lithium-air flow batteries being potential future competitors. In the consumer electronics sector, lithium-ion batteries power small-sized electronic devices such as laptops and mobile phones, thanks to their high conductivity and energy efficiency. The aerospace, medical, marine, industrial, and telecommunications industries also rely on these batteries for reliable power sources. The lithium supply chain faces disruptions due to the increasing demand for lithium-ion batteries, making it crucial for companies to secure their supply of lithium insertion materials like graphite and LiCoO2. The fundamental operation of lithium-ion batteries involves the combination of the anode and cathode during charging and discharging, with the selective membrane preventing unwanted reactions. Lithium-ion batteries offer features like power density, long life cycle, and energy efficiency, making them a popular choice for various applications. However, they require an integrated protection circuit for charging and discharging, and proper management to ensure reliable performance and minimize aging. Competition in the market includes lead-acid batteries, nickel-metal hydride batteries, and nickel-cadmium batteries. As the market evolves, companies must stay ahead by focusing on expertise, innovation, and delivering reliable battery solutions to meet the growing demand. The global shift towards sustainable transportation has gained momentum due to growing concerns over environmental issues and increasing greenhouse gas emissions. In response, numerous governments have set targets and introduced directives to phase out diesel and petrol vehicles and promote the adoption of electric vehicles (EVs) instead. Notable examples include France, the UK, and the Netherlands, which plan to ban the sale of diesel vehicles by 2040, 2040, and 2030, respectively. China is also taking action by offering subsidies for EVs and restricting new ownership of diesel and petrol cars. These initiatives are expected to significantly boost the demand for lithium-ion batteries, a key component of EVs, in the automotive industry. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges * The Lithium-ion battery market is experiencing significant growth due to the increasing demand for electric vehicles (EVs) in the automobile sector and consumer electronics. However, challenges persist, including supply chain disruptions related to the EV industry's reliance on raw materials like Lithium and Cobalt. Major market players are collaborating, merging, and exploring alternative technologies like lithium-air flow batteries, solid-state batteries, and Lithium Titanate to mitigate these challenges. Anodes and cathodes, key components of Lithium-ion batteries, utilize various materials such as graphite, LiCoO2, and lithium insertion materials. The fundamental operation of these batteries involves an electrolyte solution and a selective membrane. Features like power density, life cycle, energy efficiency, and rechargeability make Lithium-ion batteries popular power sources for small-sized electronic devices, electric vehicles, renewable energy sector applications, and industries like aerospace, medical, marine, industrial, and telecommunications. Despite their advantages, challenges such as memory effect, aging, and maintenance requirements necessitate expertise in management and reliable power supply solutions. Alternatives like lead-acid, nickel-metal hydride, and nickel-cadmium batteries also compete in the commercial market, offering different features and requirements for various applications. * Lithium-ion batteries have been widely used in various industries, including automotive and material handling equipment. However, end-users face challenges with the frequent replacement or charging of these batteries, particularly in operations that run for multiple shifts. For instance, forklifts in warehouses require batteries that can last longer to avoid disruptions in logistics management. Traditional batteries, such as lead-acid and lithium-ion, have limited energy capacity and long recharging periods, necessitating frequent replacements every 2-3 years. To address these issues, more end-users are adopting fuel cell systems, which offer longer operational hours and require less frequent replacement or charging. This shift towards fuel cells is expected to impact the demand for lithium-ion batteries in these industries. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This lithium-ion battery market report extensively covers market segmentation by Type 1.1 Lithium nickel manganese cobalt1.2 Lithium titanate1.3 Lithium iron phosphate1.4 Lithium cobalt oxideApplication 2.1 Automotive2.2 Consumer electronics2.3 Energy storage and othersGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa 1.1 Lithium nickel manganese cobalt- Lithium-ion batteries with nickel, manganese, and cobalt compositions have gained significant market share due to their unique properties. Nickel and manganese combine to create spinel structures, reducing internal resistance, while nickel's large specific energy ensures stability. These batteries cater to various applications, including power tools, e-bikes, electric drivetrains, laptops, mobile phones, portable gadgets, electric vehicles, and battery storage power plants. The lithium nickel manganese cobalt segment dominated the global lithium-ion battery market in 2023 and is projected to maintain its position throughout the forecast period. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis The Lithium-ion battery market is experiencing significant growth due to the increasing demand for electric vehicles (EVs) in the automobile sector and the expanding use of electric power sources in consumer electronics and renewable energy. Lithium and cobalt are key elements in the production of these batteries, with lithium providing high energy density and cobalt enhancing conductivity. The market for lithium-ion batteries is diverse, serving the EV industry, power tools, small-sized electronic devices, and renewable energy storage. The fundamental operation of lithium-ion batteries involves the combination of lithium insertion materials, such as graphite and LiCoO2, during charging and discharging. The market is subject to supply chain disruptions due to the limited availability of raw materials and geopolitical tensions. Strategic collaborations, mergers, and innovation in materials, such as graphite-based lithium-ion batteries, are driving market growth. Lithium-ion batteries are the power sources of choice for various applications, from electric vehicles to laptops, mobile phones, and renewable energy storage systems. Their high energy density, long cycle life, and rechargeability make them an essential component of the modern world's power infrastructure. Market Research Overview The Lithium-ion battery market is a significant segment of the energy storage industry, primarily driven by the growing demand for electric vehicles (EVs) in the automobile sector and the increasing adoption of renewable energy in various industries. Lithium-ion batteries are preferred due to their high energy density, long cycle life, and superior power density compared to traditional lead-acid, nickel-metal hydride, and nickel-cadmium batteries. The market is also fueled by the increasing sales of electric vehicles and the expanding use of lithium-ion batteries in consumer electronics. The lithium-ion battery market consists of several types, including lithium-air flow batteries, solid-state batteries, and graphite-based lithium-ion batteries. The fundamental operation of a lithium-ion battery involves the movement of lithium ions between the anode and cathode through an electrolyte solution and a selective membrane. Lithium-ion batteries are used in various applications, including electric vehicles, power tools, small-sized electronic devices, aerospace, medical, marine, industrial, telecommunications, and more. The market is subject to supply chain disruptions due to the reliance on key raw materials like lithium and cobalt. However, strategic collaborations, mergers, and advancements in technology, such as lithium titanate and solid-state batteries, are expected to mitigate these challenges. Lithium-ion batteries offer several features, including high energy efficiency, long life cycle, and low memory effect. They are rechargeable and require minimal maintenance, making them a reliable power source for various applications. The market is expected to grow significantly in the coming years, driven by the increasing demand for clean energy and the growing popularity of electric vehicles. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation TypeLithium Nickel Manganese CobaltLithium TitanateLithium Iron PhosphateLithium Cobalt OxideApplicationAutomotiveConsumer ElectronicsEnergy Storage And OthersGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/lithium-ion-battery-market-to-grow-by-usd-448-8-billion-2024-2028-as-consumer-electronics-drive-demand-report-with-ai-impact-on-market-trends---technavio-302316362.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

Electric Vehicle (EV) Battery Market to Grow by USD 65.23 Billion (2024-2028), Driven by Rising EV Demand, with AI Powering Market Evolution - Technavio

NEW YORK, Nov. 28, 2024 /PRNewswire/ -- Report on how AI is driving market transformation - The global electric vehicle (EV) battery market size is estimated to grow by USD 65.23 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 20.2% during the forecast period. Increasing demand for EVS and their expanded applications is driving market growth, with a trend towards increasing use of software and sensors for intelligent BM. However, growing global power crisis poses a challenge. Key market players include A123 Systems LLC, Ballard Power Systems Inc., BYD Co. Ltd., CLARIOS LLC, Crown Battery Manufacturing Co., Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Enertech International Inc., Envision Group, Exide Industries Ltd., GS Yuasa International Ltd., Hitachi Ltd., LG Chem Ltd., OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., SK Innovation Co. Ltd., Solid Power Inc., Tianneng Group, and Zhejiang Narada Power Source Co. Ltd.. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Electric Vehicle (Ev) Battery Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 20.2% Market growth 2024-2028 USD 65228.7 million Market structure Fragmented YoY growth 2022-2023 (%) 17.41 Regional analysis APAC, Europe, North America, South America, and Middle East and Africa Performing market contribution APAC at 49% Key countries China, US, Norway, Germany, and Japan Key companies profiled A123 Systems LLC, Ballard Power Systems Inc., BYD Co. Ltd., CLARIOS LLC, Crown Battery Manufacturing Co., Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Enertech International Inc., Envision Group, Exide Industries Ltd., GS Yuasa International Ltd., Hitachi Ltd., LG Chem Ltd., OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., SK Innovation Co. Ltd., Solid Power Inc., Tianneng Group, and Zhejiang Narada Power Source Co. Ltd. Market Driver The Electric Vehicle (EV) battery market is experiencing significant growth as automakers invest heavily in EV technology. Lithium-ion batteries remain the dominant battery technology, with companies like QuantumScape and Solid Power developing solid-state batteries for improved battery life, charging times, and driving ranges. EV sales continue to rise, with electric cars, SUVs, PHEVs, BEVs, and EREVs leading the charge. However, the supply chain for lithium, cobalt, and nickel, used in battery manufacturing, faces challenges due to mining and refining processes. This, in turn, impacts battery prices. Lithium Iron Phosphate batteries and other battery chemistries, including sodium-ion batteries, are also gaining attention. Manufacturers like Northvolt are expanding manufacturing capacity through gigafactories to meet demand. The shift to EVs raises questions about energy security and the role of alternative technologies like hydrogen vehicles and ethanol vehicles. The EV battery market is an evolving landscape, with battery performance, energy density, and manufacturing capacity key factors shaping its future. The Electric Vehicle (EV) and Plug-in Hybrid Electric Vehicle (PHEV) market is witnessing significant growth due to the increasing adoption of advanced features such as GPS, modern power train systems, AC systems, power windows, and display drives. These innovations consume a considerable amount of power, leading to a higher energy demand from EV batteries. As a result, there is a growing need for efficient and optimal battery management systems (BMS) to ensure a longer battery life and reduce frequent charging requirements. The automotive industry is focusing on developing advanced high-end BMS solutions using high-power density lithium-ion batteries. Continuous research and development will drive the growth of the intelligent BMS market in the EV and PHEV segments. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! Market Challenges The Electric Vehicle (EV) battery market is growing rapidly as automakers shift focus towards sustainable transportation. However, challenges persist in the form of battery life, charging times, and driving ranges. Lithium-ion batteries, currently dominating the EV battery scene, face pressure to improve performance and reduce costs. New technologies like solid-state batteries from QuantumScape and Solid Power are promising solutions. However, the supply chain for batteries relies heavily on lithium, cobalt, and nickel, which require mining and refining. This can impact battery prices and energy security. Automakers like Cadillac are investing in manufacturing innovations like laser bonding to increase manufacturing capacity. The EV sales has led to a demand for Gigawatt hours of batteries annually. As the market evolves, we'll see a mix of BEVs, PHEVs, SUVs, and other EV types. Traditional battery chemistries like Lead acid, Nickel-metal hydride, and Lithium Iron Phosphate will continue to coexist with Lithium-ion segment in the EV technology landscape.The Electric Vehicle (EV) battery market is experiencing significant growth due to the increasing global demand for electricity to power EVs. In regions with sufficient power generation, such as Europe, the shift to EVs is reducing crude oil consumption, with EVs accounting for approximately 25% of vehicles on the road and consuming 11% of global power demand. However, challenges arise in developing and underdeveloped countries where power generation does not meet daily consumption needs, limiting EV sales and market growth. Despite these challenges, the EV market's expansion continues to impact the global energy landscape. Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This electric vehicle (ev) battery market report extensively covers market segmentation by Type 1.1 Lithium-ion battery1.2 Lead-acid battery1.3 OthersVehicle Type2.1 Battery electric vehicle2.2 Plug-in hybrid electric vehicle2.3 Hybrid electric vehicleGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa 1.1 Lithium-ion battery- The lithium-ion battery market for Electric Vehicles (EVs) is projected to expand significantly during the forecast period. Lithium-ion batteries, a type of rechargeable battery, are preferred due to their superior electrochemical performance and capacity. The lithium-ion segment is poised for rapid growth, driven by the increasing demand from the EV industry and the declining prices of battery technology. Lithium-ion batteries are manufactured using various combinations of anode and cathode materials, with lithium-nickel-cobalt-aluminum oxide (NCA), lithium nickel manganese cobalt oxide (NCM), lithium-manganese spinel (LMO), lithium titanate (LTO), and lithium-ion phosphate (LFP) being the most common cathode materials. Each cathode material has distinct characteristics, including safety, cost, and performance. Lithium-ion batteries offer a higher current density, longer power-holding capacity, and longer shelf life than other battery technologies. With mass production and government incentives, the cost of these batteries is expected to decrease significantly, further fueling demand. Lithium-ion batteries are available in cylindrical, prismatic, and laminate shapes, and the choice of cell shape depends on end-user requirements. Companies such as Panasonic Corporation, Samsung SDI CO., LTD., and LG Chem offer cylindrical, laminate, and prismatic lithium-ion cells, respectively. Compared to other battery chemistries like lead-acid and NiMH batteries, lithium-ion batteries do not have their drawbacks, making them the preferred choice for EVs. As a result, the demand for lithium-ion batteries for EVs is expected to continue to rise, driving the growth of the market during the forecast period. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics Research Analysis Electric Vehicles (EVs) are revolutionizing the automotive industry with their eco-friendly and cost-effective advantages. The heart of an EV is its battery, which powers the motor and determines key factors such as driving range, charging times, and battery life. Lithium-ion batteries currently dominate the EV battery market due to their high energy density, long cycle life, and fast charging capabilities. However, solid-state batteries are emerging as a promising alternative, offering even greater energy density and faster charging times. Automakers worldwide are investing heavily in EV technology, with Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Extended-Range Electric Vehicles (EREVs) all utilizing batteries to power their electric motors. The global EV battery market is expected to reach Gigawatt hours of production capacity by 2030. Traditional Internal Combustion Engine (ICE) vehicles are being phased out in favor of EVs to reduce carbon emissions and improve energy security. While lithium-ion batteries are currently the most common EV batteries, alternative technologies such as Lead acid and Nickel-metal hydride batteries are also used in certain applications. The Lithium-ion segment is expected to continue dominating the market due to its superior performance, but solid-state batteries may disrupt the market in the future. Market Research Overview The Electric Vehicle (EV) battery market is experiencing rapid growth as the shift towards sustainable transportation gains momentum. EV batteries play a crucial role in powering electric vehicles, offering various benefits such as longer driving ranges, faster charging times, and improved battery life. Lithium-ion batteries are currently the most popular EV battery technology, with solid-state batteries and other advanced chemistries like Lithium Iron Phosphate and sodium-ion batteries emerging as potential contenders. Automakers are investing heavily in EV technology, with some announcing new models like the Cadillac Lyriq, and collaborating with battery manufacturers to increase manufacturing capacity. The EV battery market is expected to reach new heights in the coming years, with Gigawatt hours of production capacity being added through gigafactories and other large-scale manufacturing facilities. The supply chain for EV batteries involves mining and refining of raw materials like lithium, cobalt, nickel, and other elements, which can impact battery prices and energy security. Other alternative fuel vehicles like hydrogen and ethanol vehicles are also being explored, but EVs remain the front-runners in the race towards a sustainable future. The battery market is segmented into Lithium-ion segment and Lead-acid segment, with Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Extended Range Electric Vehicles (EREVs) making up the majority of sales. The battery pack price continues to decrease as manufacturing technologies like cell-to-pack and cell-to-chassis improve energy density and battery performance. Companies like QuantumScape, Solid Power, and Northvolt are leading the way in developing new battery technologies to further enhance the capabilities of EV batteries. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation TypeLithium-ion BatteryLead-acid BatteryOthersVehicle TypeBattery Electric VehiclePlug-in Hybrid Electric VehicleHybrid Electric VehicleGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/electric-vehicle-ev-battery-market-to-grow-by-usd-65-23-billion-2024-2028-driven-by-rising-ev-demand-with-ai-powering-market-evolution---technavio-302318424.html SOURCE Infiniti Research, Inc. 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Cylindrical Lithium-Ion Battery Market to Grow by USD 11.61 Billion (2024-2028), Driven by Automotive Shift to EVs, with AI Impacting Market Trends - Technavio

NEW YORK, Dec. 3, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global cylindrical lithium-ion battery market size is estimated to grow by USD 11.61 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 6.59% during the forecast period. Shift in the automotive industry to evs is driving market growth, with a trend towards revisions in lithium-ion battery safety standards. However, safety concerns in lithium-ion batteries poses a challenge. Key market players include Altertek Ltd., BorgWarner Inc., E One Moli Energy Corp., EVE Energy Co. Ltd., Hitachi Ltd., LG Corp., Lithion Power Group Ltd., Lithium Werks, Murata Manufacturing Co. Ltd., Nanograf Corp., Northvolt AB, OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., PowerTech Systems, Samsung Electronics Co. Ltd., Sony Group Corp., Tesla Inc., The Duracell Co., TotalEnergies SE, and VARTA AG. Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View Free Sample PDF Cylindrical Lithium-Ion Battery Market Scope Report Coverage Details Base year 2023 Historic period 2018 - 2022 Forecast period 2024-2028 Growth momentum & CAGR Accelerate at a CAGR of 6.59% Market growth 2024-2028 USD 11613.1 million Market structure Fragmented YoY growth 2022-2023 (%) 6.18 Regional analysis APAC, North America, Europe, South America, and Middle East and Africa Performing market contribution APAC at 57% Key countries China, US, Japan, South Korea, and Germany Key companies profiled Altertek Ltd., BorgWarner Inc., E One Moli Energy Corp., EVE Energy Co. Ltd., Hitachi Ltd., LG Corp., Lithion Power Group Ltd., Lithium Werks, Murata Manufacturing Co. Ltd., Nanograf Corp., Northvolt AB, OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., PowerTech Systems, Samsung Electronics Co. Ltd., Sony Group Corp., Tesla Inc., The Duracell Co., TotalEnergies SE, and VARTA AG Market Driver The International Electrotechnical Commission (IEC), established in 1906, sets the global standard for batteries, including lithium-ion batteries. With the increasing focus on lithium-ion batteries due to their unique characteristics, the IEC has revised the battery safety standards. The IEC 62133 standard, which covers testing instructions for nickel- and lithium-based batteries, has been updated. Mechanical testing now requires specific shock and vibration testing, previously covered by UN38.3 testing. Overcharging testing involves charging batteries at 1.4 times the maximum charging voltage for 1S battery packs, compared to the previous maximum voltage charging. Labeling requirements now include IEC 61960 details: battery type, manufacturing date, rated capacity, manufacturer name, nominal voltage, and polarity markings. These revisions aim to enhance safety and reduce risks associated with cylindrical lithium-ion batteries, contributing to the growth of the global market for these batteries. The Cylindrical Lithium-Ion Battery market is experiencing significant growth due to increasing demand from various industries. Digital cameras, battery-operated material-handling equipment, automation, and smart devices are major consumers. The renewable energy sector also drives growth, as Li-ion batteries provide efficient energy storage. Lithium ions, the key component, move between the negative electrode (carbon anode) and positive electrode (cobalt oxide cathode), releasing chemical energy and converting it into electrical energy. Li-ion batteries offer high energy density, long charge and discharge cycles, and low carbon footprint. LiCoO2 and LiMn2O4 batteries are popular types. The market's future looks bright, with advancements in automotive, medical devices, and grid energy storage applications. Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution! Market Challenges Lithium-ion batteries are a popular choice in the automotive industry and consumer electronics due to their high energy density and superior electrochemical performance. However, these batteries have safety concerns as they use a flammable electrolyte and are susceptible to leakage and drying out, which can lead to explosions or short-circuits. The International Air Transportation Association (IATA) has regulations limiting the shipment of Lithium-ion batteries to a 2.5-kg package due to safety concerns. Separators are a crucial component in these batteries, acting as a fuse by shutting down pores during overheating. Uneven separators can cause battery failure due to poor conductivity in dry areas, posing a risk of disastrous incidents, albeit with a low probability. These safety concerns may hinder the growth of the global cylindrical lithium-ion battery market during the forecast period.The Cylindrical Lithium-Ion Battery market is experiencing significant growth due to increasing demand from various industries and applications. Automobiles and industrial operations are major consumers, with automotive applications including electric vehicles, e-bikes, and automated guided vehicles. In electronics, laptops, mobile phones, power tools, and portable products drive demand. However, challenges exist. Government policies and GHG emissions concerns are pushing for green energy solutions. Commercial charging stations and energy storage systems are essential for electric vehicles. Lithium-ion batteries, with their high-power capacity, are key. Cylindrical batteries, with their cylindrical cell design, metal casing, and various electrode materials like Lithium Iron Phosphate, Lithium Cobalt Oxide, Lithium Titanate Oxide, and Lithium Manganese Oxide, cater to diverse sectors like Aerospace, Marine, Medical, Industrial, Power, Telecommunication, and consumer electronics. The automotive segment, including cars and buses, is a significant market. Despite these opportunities, challenges remain. Carbon discharges during production and disposal pose environmental concerns. Regulatory pressures and consumer expectations call for more sustainable, cost-effective, and efficient solutions. Innovations in battery technology, recycling, and circular economy models will be crucial. Discover how AI is revolutionizing market trends- Get your access now! Segment Overview This cylindrical lithium-ion battery market report extensively covers market segmentation by Application 1.1 Automotive1.2 Industrial1.3 OthersType 2.1 Lithium nickel manganese cobalt2.2 Lithium titanate2.3 Lithium iron phosphate2.4 Lithium cobalt oxideGeography 3.1 APAC3.2 North America3.3 Europe3.4 South America3.5 Middle East and Africa 1.1 Automotive- The automotive segment of the Cylindrical Lithium-Ion Battery market is experiencing significant growth, driven primarily by the increasing adoption of Electric Vehicles (EVs) and e-bikes. Lithium-ion batteries, including cylindrical types, offer advantages over traditional lead-acid batteries, such as higher energy density, better performance, longer cycle life, production automation, and improved security. Cylindrical lithium-ion batteries are more cost-effective due to their higher energy density, faster charging times, and longer lifespan, making them a preferred choice for leading EV manufacturers like Tesla. Government support for EVs due to environmental concerns and the deployment of subsidies and incentives are further fueling market growth. For instance, France and the UK have announced plans to ban the sale of diesel vehicles by 2040. In the e-bike segment, cylindrical lithium-ion batteries are increasingly popular due to their longer running times and faster charging rates. Technological advancements and declining battery prices are also contributing factors. The market is shifting towards 20700 and 21700 rechargeable cylindrical lithium-ion batteries, offering increased capacity and improved performance. The growth of the EV industry in the coming years is expected to continue driving the market during the forecast period. Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics Research Analysis The Cylindrical Lithium-Ion Battery Market refers to the global industry dedicated to producing and supplying cylindrical shaped Lithium-Ion Batteries. These batteries are widely used in various applications due to their high energy density, long cycle life, and excellent power output. They store chemical energy and convert it into electrical energy, making them ideal for consumer electronics and energy storage systems. Operating at different voltage levels, these batteries are finding increasing demand in portable electronics and automotive verticals, including electric vehicles, e-bikes, automated guided vehicles, and battery-driven vehicles. Cylindrical Lithium-Ion Batteries consist of a Negative Electrode, Positive Electrode, Intercalated Lithium Compound, and an Electrolyte. Lithium ions move between the electrodes during charging and discharging. The batteries are rechargeable, making them a preferred choice for applications requiring high-power capacity and off-grid electrification. Despite their benefits, the production and disposal of Lithium-Ion Batteries have a carbon footprint, which is a concern for the environment and is being addressed through research and innovation in the industry. Market Research Overview Cylindrical Lithium-Ion Batteries: A Game Changer in Energy Storage Cylindrical Lithium-Ion Batteries are a type of rechargeable battery known for their high energy density, long cycle life, and excellent performance. These batteries store chemical energy and convert it into electrical energy when required. They are widely used in various applications, including consumer electronics, medical devices, automobiles, industrial operations, and automation. The cylindrical design offers several advantages, such as high-power capacity, long charge and discharge cycles, and compatibility with various electrode materials like LiCoO2 battery, LiMn2O4 battery, Lithium Iron Phosphate, Lithium Cobalt Oxide, Lithium Titanate Oxide, and Lithium Manganese Oxide. The batteries consist of a cylindrical cell with a metal casing, electrodes, and an electrolyte. The growing demand for portable electronics, electric vehicles, and green energy is driving the market for cylindrical lithium-ion batteries. However, concerns over their carbon footprint and the need for sustainable energy solutions have led to government policies and commercial charging stations promoting the use of renewable energy sources. The batteries have applications in various sectors, including aerospace, marine, medical, industrial, power, telecommunication, and automotive. In the automotive segment, they are used in electric vehicles, e-bikes, automated guided vehicles, and battery-driven vehicles. They are also used in power tools, portable products, and various smart devices. The electrodes in cylindrical lithium-ion batteries consist of a negative electrode (usually made of graphite carbon anode), a positive electrode (cobalt oxide cathode or other materials), and an intercalated lithium compound. The batteries operate at various voltages, depending on the application. The use of lithium-ion batteries in various applications contributes to reducing greenhouse gas emissions, as they offer a more efficient and sustainable alternative to traditional energy sources. However, efforts are being made to reduce the carbon footprint of lithium-ion battery production and disposal. In summary, cylindrical lithium-ion batteries are a versatile and high-performing energy storage solution with a wide range of applications and benefits. Their increasing use in various sectors is expected to drive market growth, while efforts to reduce their carbon footprint and promote sustainable production and disposal will ensure their long-term viability. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation ApplicationAutomotiveIndustrialOthersTypeLithium Nickel Manganese CobaltLithium TitanateLithium Iron PhosphateLithium Cobalt OxideGeographyAPACNorth AmericaEuropeSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/cylindrical-lithium-ion-battery-market-to-grow-by-usd-11-61-billion-2024-2028-driven-by-automotive-shift-to-evs-with-ai-impacting-market-trends---technavio-302319795.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs

Automotive Lighting Market to Grow by USD 12.38 Billion (2024-2028) with Rising Demand for Interior Lighting, Report with the AI Impact on Market Trends - Technavio

NEW YORK, Nov. 27, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global automotive lighting market size is estimated to grow by USD 12.38 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of almost 8.09% during the forecast period. Increasing demand for effective interior lighting is driving market growth, with a trend towards development of autonomous vehicles. However, high cost of led lamps poses a challenge.Key market players include Continental AG, FlexNGate Group of Companies, General Electric Co., Hyundai Motor Group, Koito Manufacturing Co. Ltd., Koninklijke Philips N.V., LG Corp., Lumax Industries Ltd, Marelli Holdings Co. Ltd., Namyung Lighting Co. Ltd, NXP Semiconductors NV, OSRAM Licht AG, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Stanley Electric Co. Ltd., Stellantis NV, Suprajit Engineering Ltd., Valeo SA, and Varroc Engineering Ltd.. AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF Forecast period 2024-2028 Base Year 2023 Historic Data 2018 - 2022 Segment Covered Vehicle Type (Passenger cars and Commercial vehicles), End-user (OEM and Aftermarket), and Geography (APAC, Europe, North America, South America, and Middle East and Africa) Region Covered APAC, Europe, North America, South America, and Middle East and Africa Key companies profiled Continental AG, FlexNGate Group of Companies, General Electric Co., Hyundai Motor Group, Koito Manufacturing Co. Ltd., Koninklijke Philips N.V., LG Corp., Lumax Industries Ltd, Marelli Holdings Co. Ltd., Namyung Lighting Co. Ltd, NXP Semiconductors NV, OSRAM Licht AG, Robert Bosch GmbH, Samsung Electronics Co. Ltd., Seoul Semiconductor Co. Ltd., Stanley Electric Co. Ltd., Stellantis NV, Suprajit Engineering Ltd., Valeo SA, and Varroc Engineering Ltd. Key Market Trends Fueling Growth The Automotive Lighting Market is experiencing significant growth due to increasing demand from car users for advanced lighting systems in both passenger cars and commercial vehicles. Luxury vehicles lead the trend with adaptive lighting systems, such as LED lights and Xenon or HID headlights, becoming standard features. Indium gallium nitide and aluminum gallium arsenide are popular materials for these systems. Adaptive lighting includes projector headlights, reflector headlights, OLED, matrix LEDs, and laser glare-free lighting systems. These technologies enhance visibility during vehicle movements, especially on road tracks with pedestrians, road hazards, and traffic collisions. Passenger cars, buses, LCVs (light commercial vehicles) like pickup trucks, delivery vans, and heavy trucks are all adopting energy-efficient LED technology for headlights, tail lights, brake lights, reversing lights, turn signal lights, and interior lighting. Vehicle manufacturers focus on dynamic light sequencing, Dynamic Light System, and smart lighting systems to improve safety and road safety. The two-wheeler lighting market also follows this trend. Autonomous driving and specialized lighting technologies further boost the market growth. Traditional fixtures like halogen bulbs are being replaced by LED lamps due to their superior illumination and cooling equipment efficiency. Battery technology and charging infrastructure development in electric vehicles also impact the automotive lighting market. The market size is expected to grow based on increasing per capita income, vehicle aesthetics, and lighting design considerations. Leading automotive companies, including Delphi, Continental, Bosch, Daimler, Scania, and Volvo, are making significant strides in expanding the autonomous driving market. Their efforts, such as research and development, have led to increased acceptance of semi-autonomous features in both passenger and commercial vehicles. By the end of the forecast period, self-driving cars may become a reality, with a substantial number of these vehicles expected to be on the road within the next decade. These prominent automotive vendors have advanced in their research on autonomous vehicles, and the development and testing of features in advanced driver-assistance systems (ADAS) and telematics/connected vehicle applications and services are estimated to continue. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The Automotive Lighting Market faces several challenges in catering to the varying needs of car users. For luxury vehicles, providing glare-free lighting systems using technologies like OLED, matrix LEDs, and laser is crucial. However, affordability remains a concern for mass-market passenger cars, buses, and commercial vehicles like freight trucks and LCVs. Pedestrian safety is a significant challenge, with the need for adaptive lighting systems that respond to road tracks, vehicle movements, and pedestrian presence. Daytime running lights and LED tail lights are popular energy-efficient lighting solutions. Lighting design also focuses on vehicle aesthetics and autonomous driving requirements. Specialized lighting technologies like LED, Indium Gallium Nitride, and Aluminum Gallium Arsenide continue to evolve, with cooling equipment and battery technology playing essential roles in their implementation. Road safety and improved visibility are key concerns, with the market witnessing a shift from halogen and HID to LED headlamps and tail lights. The two-wheeler lighting market also presents opportunities for innovation, with dynamic light sequencing and smart lighting systems gaining popularity.The automotive lighting market has seen significant growth with the increasing adoption of LED lamps. These lamps offer energy efficiency and numerous features, making them a popular choice over traditional halogen and compact fluorescent lamps (CFL). LED lamps last 25 times longer than halogen lamps and three times longer than CFL, reducing the frequency of replacements. However, their high upfront cost remains a barrier to purchase. Vendors are working to reduce costs while maintaining quality and efficiency, making LED lamps more accessible to consumers. Despite the price reduction, LED lamps remain more expensive than other automotive lighting options. Insights into how AI is reshaping industries and driving growth- Download a Sample Report Segment Overview This automotive lighting market report extensively covers market segmentation by Vehicle Type1.1 Passenger cars1.2 Commercial vehiclesEnd-user 2.1 OEM2.2 AftermarketGeography 3.1 APAC3.2 Europe3.3 North America3.4 South America3.5 Middle East and Africa 1.1 Passenger cars- The automotive lighting market in passenger cars is driven by the growing demand for both exterior and interior lighting systems. While exterior lighting is the primary factor fueling the market's growth, the increasing preference for interior lighting offers significant opportunities for vendors. Interior lighting in passenger cars has evolved to provide functional and operational benefits, enhancing safety, appeal, and fashion. Although initially found in luxury vehicles, ambient interior lighting is gaining traction in mid-segment and economic classes. Key stakeholders include suppliers, OEMs, and aftermarket service providers, who influence new technology usage. The luxury car sector leads the interior automotive lighting market due to rising demand and technological innovations. SUVs, with their multipurpose applications and added comfort, are the primary driver for the passenger cars segment. Additionally, the increasing adoption of electric vehicles (EVs) and the focus on in-vehicle comfort are boosting market growth. The aftermarket for automotive lighting is also expanding as consumers seek to enhance their vehicles' comfort and aesthetics. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis The automotive lighting market is witnessing significant growth due to the increasing demand for advanced lighting systems in cars. Car users, especially those driving luxury vehicles, are seeking better visibility and safety features, leading to the adoption of adaptive lighting technologies such as LED lights and Halogen, Xenon or HID headlights. Indium gallium nitride is a key material used in the production of high-performance LED lights. Car lights are not just for illumination but also play a crucial role in ensuring the safety of motor vehicles by enhancing visibility during traffic collisions, pedestrian detection, and warning of road hazards. Vehicle manufacturers are integrating advanced lighting technologies like Daytime running lights, High-Intensity Discharge headlights, LED tail lights, and Smart lighting systems to improve vehicle movements and road tracking. Lighting technology continues to evolve with the introduction of Laser lighting technology, Laser headlights, and cooling equipment for LED lamps. The focus on enhancing vehicle safety and reducing fatal crashes is driving the demand for advanced automotive lighting systems. Market Research Overview The Automotive Lighting Market encompasses various lighting technologies and applications for motor vehicles, including cars, buses, commercial vehicles, and two-wheeler vehicles. Adaptive lighting, such as LED lights and Halogen, Xenon or HID, plays a crucial role in enhancing visibility during vehicle movements, particularly in luxury vehicles and passenger cars. Advanced lighting systems, like matrix LEDs, laser, and OLED, offer glare-free lighting and dynamic light sequencing for improved safety during traffic collisions and pedestrian detection. LED technology, with its energy-efficient solutions, dominates the market, with applications ranging from headlights to tail lights, brake lights, reversing lights, and interior lighting. The market also includes traditional fixtures like halogen bulbs and high-intensity discharge headlights. Autonomous driving and specialized lighting technologies are emerging trends in the market, focusing on safety and design flexibility. The two-wheeler lighting market also showcases advancements in LED technology, with dynamic lighting features and superior illumination. Factors influencing the market include vehicle movements, road hazards, road tracks, and per capita income. The market caters to various vehicle types, including passenger cars, electric vehicles, LCVs, pickup trucks, delivery vans, heavy trucks, and buses. Manufacturers prioritize energy-efficient lighting solutions, cooling equipment, and lighting design for both aesthetic and safety purposes. The market also includes advanced lighting systems like dynamic lighting features, side lighting, and lighting grille technology. Road safety, traffic accidents, and fatal crashes are significant concerns driving the demand for advanced lighting systems. The market's future growth is expected to be influenced by battery technology, charging infrastructure, and the increasing popularity of electric vehicles. Table of Contents: 1 Executive Summary 2 Market Landscape 3 Market Sizing 4 Historic Market Size 5 Five Forces Analysis 6 Market Segmentation Vehicle TypePassenger CarsCommercial VehiclesEnd-userOEMAftermarketGeographyAPACEuropeNorth AmericaSouth AmericaMiddle East And Africa 7 Customer Landscape 8 Geographic Landscape 9 Drivers, Challenges, and Trends 10 Company Landscape 11 Company Analysis 12 Appendix About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts Technavio Research Jesse Maida Media & Marketing Executive US: +1 844 364 1100 UK: +44 203 893 3200 Email: media@technavio.com Website: www.technavio.com/ View original content to download multimedia:https://www.prnewswire.com/news-releases/automotive-lighting-market-to-grow-by-usd-12-38-billion-2024-2028-with-rising-demand-for-interior-lighting-report-with-the-ai-impact-on-market-trends---technavio-302316296.html SOURCE Technavio Market News and Data brought to you by Benzinga APIs