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A new report from the research firm IDTechEx argues that the electric bus market’s rapid growth could function as a “game changer” for the global battery market over the coming years.
Owing to the relatively large size of batteries used in electric buses — from around 75 kilowatt-hours (kWh) up to more than 300 kWh — fast growth could lead to the electric bus battery market surging to $30 billion by 2026, according to the report. And, perhaps more interestingly, to it surpassing the consumer electronics battery market as soon as 2019.
“We expect that this sector will alter the entire value chain for battery production from material suppliers, battery manufacturers through to original equipment manufacturers,” stated an IDTechEx rep in a recent press release.
As it currently stands, lithium iron phosphate (LFP) batteries — the most common type of battery produced in China — comprise more than 80% of the market, a marked difference from the consumer electric car market, or the the consumer electronics market. The report notes that this may change somewhat over the coming years as non-LFP battery technology
improves — becoming safer, and with higher energy storage density. Much depends, however, on potential Chinese government intervention in the market