However, a recent report published by Pike Research indicates that annual worldwide EV sales will reach 3.8 million by 2020. “Sales of EVs have not lived up to automakers' expectations and politicians' proclamations, but the market is expanding steadily as fuel prices remain high and consumers increasingly seek alternatives to internal combustion engines,” stated Senior Research Analyst Dave Hurst in a press release. “Indeed, sales of plug-in EVs will grow at a compound annual growth rate of nearly 40 percent over the remainder of the decade, while the overall auto market will expand by only two percent a year.”Over the next decade, significant growth in the EV market will translate into equally significant growth in the lithium-ion battery market, according to new analysis of Frost & Sullivan's Global Hybrid Electric and Electric Vehicle Lithium-ion Battery Market research, published earlier this month. The research shows that the automotive segment of the lithium-ion battery market earned revenues of $2.13 billion in 2012, with that amount likely reach $12.84 billion in 2019.
Global Growth In EV Sales Good For Lithium Battery Market
Check Out Our Best Services for Investors
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Model portfolio
- Stocks trading below $10
- Intraday trade alerts
More than 30 investing pros with skin in the game give you actionable insight and investment ideas.