The industry for energy storage in electric vehicles is expected to grow from $13 billion to $30 billion in the next five years. But, according to a new report from Lux Research, smaller lithium-ion batteries will see more growth in the market than larger lithium-ion battery models that power cars.
A senior analyst at the research firm said that although pricing for electric car batteries would fall, the company did not see the technology becoming cheap enough for wide-spread adoption by consumers. Instead, Lux Research believes lithium-ion batteries for electric bicycles and types that power micro-hybrids will be more successful.
The micro-hybrid battery market specifically is expected to boom from $495 million to $3.1 billion by 2016. Still, the e-bike battery industry, according to the report, will be larger worldwide, going from $12 billion to $24.3 billion in the same period of time.
While the lithium-ion battery market is surging ahead, lead-acid batteries still reign supreme, as that market is projected to be $16.1 billion in five years time.