Automotive Sodium-Ion Battery: Introduction
- Sodium-ion batteries have been gaining popularity as an alternative energy storage system for automobile, aerospace, marine, and other applications. Easy availability and accessibility of sodium has increased the demand for sodium-ion batteries. These batteries are suitable for applications where compactness is of secondary importance. At the anode, energy is stored in the form of chemical bonds. When the battery is charged, sodium ions de-intercalate from the cathode and migrate to the anode.
- In terms of charge discharge, reversibility, and specific discharge capacity, sodium-ion batteries have exceptional electrochemical quality. These batteries have only recently become available in electric vehicles. Sodium-ion (Si-ion) battery is an excellent substitute for a lithium-ion (Li-ion) battery. Li-ion battery compounds are more expensive than sodium-ion battery materials.
Key Drivers of Global Automotive Sodium-Ion Battery Market:
- The global automotive sodium-ion battery market has expanded due to a rise in consumer preference for sodium-ion batteries, particularly in the automotive, electronics and electrical industries. Handling sodium-based compounds may be done with the same machines that handle lithium-ion components, making the shift to sodium battery cells easier for manufacturers. Widespread availability of sodium metal helps ensure the long-term viability of sodium-ion batteries, which helps to cater to the rising demand for a reliable power source.
- Sodium-ion batteries can offer some crucial advantages to EV manufacturers and consumers, which include sustainability, affordability, and increased safety. However, the energy density in sodium-ion batteries is lower than that of their lithium-ion counterparts. This issue is likely to be improved in the next few years with consistent improvement in technologies. Therefore, several battery manufacturers are exploring the possibility to use sodium-ion batteries in forthcoming electric vehicles, in place of traditional lithium-ion batteries. All these factors are likely to boost the automotive sodium-ion battery market across the globe.
- Key players operating in sodium-ion battery market are startups funded by public or private investments. Investment from numerous sectors and players in the automotive industry is highly concentrated toward expansion of product portfolios. Key players are likely to focus on mergers and acquisition of startups in order to expand and consolidate their position in the automotive sodium-ion battery market across the globe.
Increasing Demand for Electric Vehicles to Offer Significant Opportunities:
- Stringent emission regulations enacted by various governments and regulatory authorities to reduce vehicle emission are prompting automakers to adopt alternate fuel propulsion such as electric propulsion, i.e. electric vehicles. Electric vehicles are considered as green vehicles, as they do not emit harmful gases such as CO, CO2, and SO2.
- Increase in adoption of sodium-ion battery technology in electric vehicles in order to cater to the demand for easily availability, affordable, safer, and lightweight batteries among consumers is anticipated to offer lucrative opportunity to the global automotive sodium-ion battery market during the forecast period
Challenges of Global Automotive Sodium-Ion Battery Market
- Manufacturing of sodium-ion battery for electric vehicles requires high initial investment and subsequent research and development activities that are expensive, which restrains the entry of new players in the market. This is likely to hamper the global automotive sodium-ion battery market.
- Governments have enacted stringent norms for manufacturing batteries for electric vehicles, which is likely to hinder the market across the globe. Additionally, high import taxes on electric vehicle batteries and instability of raw material prices are expected to hinder the automotive sodium-ion battery market.
North America to Hold Significant Share of Global Automotive Sodium-Ion Battery Market:
- North American is estimated to dominate the global automotive sodium-ion battery market due to the rising purchasing power parity of people, increased participation in R&D by leading automotive companies in the region, rising sales of electric vehicles, and favorable technological infrastructure in the region.
- The automotive industry in Asia Pacific is expanding at a significant pace. Demand for electric vehicles is high in the region. Expansion of the market is significant owing to government initiatives, stringent government policies, and affordable prices of electric vehicles across the region. The presence of China, which is the largest market for batteries, also fuels the market in Asia Pacific.
Key Players Operating in Global Market:
The global automotive sodium-ion battery market is highly fragmented with top manufacturers across the global market. A few of the key players operating and potential in the global automotive sodium-ion battery market are:
- Aquion Energy
- AGM Batteries Ltd.
- Faradion Limited.
- HiNa Battery Technology
- Jiangxi JingJiu Power Science& Technology Co., LTD.
- Liaoning Hongcheng
- Retek Inc.
- NGK
- Panasonic Corporation
- Qintang New Energy
- Xiamen Tmax Battery Equipment’s Limited.
- Zhejiang Lvming Energy (Durathon)
Global Automotive Sodium-Ion Battery Market: Research Scope
Global Automotive Sodium-Ion Battery Market, by Type
- Sodium-sulfur Battery
- Sodium-salt Battery
- Sodium-oxygen Battery
Global Automotive Sodium-Ion Battery Market, by Propulsion Type
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Hybrid Electric Vehicle
Global Automotive Sodium-Ion Battery Market, by Sales Channel
Global Automotive Sodium-Ion Battery Market, by Region
- North America
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Russia & CIS
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- ASEAN
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
