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Lithium-Ion EV Battery Market to Reach $22 Billion
Global demand for lithium-ion propulsion batteries for vehicles will surge from $1.6 billion last year to nearly $22 billion by the end of the decade, predicts Pike Research, a unit of Navigant Consulting Inc.
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Global demand for lithium-ion propulsion batteries for vehicles will surge from $1.6 billion last year to nearly $22 billion by the end of the decade, predicts Pike Research, a unit of Navigant Consulting Inc.
Pike says lithium-ion batteries will remain the chemistry of choice in hybrids, plug-ins and electric vehicles for the foreseeable future.
The anticipated jump in production will reduce the cost of such batteries to about $447 per kilowatt-hour by 2020, according to the Boulder, Colo.-based market research firm. Lithium-ion batteries currently cost roughly $600-$700 per kilowatt-hour.
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