Electric Vehicle Battery Market Overview
Electric Vehicle Battery Market is analysed to grow at a CAGR of 20.31% during the forecast 2022-2027 to reach $116.34 billion. An electric-vehicle battery (EVB) is also known as a traction battery that is used to power the electric motors of an electric vehicle. These batteries are usually rechargeable batteries, and are typically lithium ion battery & nickel metal hydride battery based. These batteries are specifically designed for a high ampere-hour or kilowatt-hour with a wide range of capacities. Increasing government policies and investment for the deployment of the public charging infrastructure coupled with the increasing efficiency of the electric vehicle battery management system is expected to create significant growth for the demand of electric vehicle batteries during the forecast period.
Electric Vehicle Battery Market Segment Analysis – By Battery Type
By Battery Type, the Electric Vehicle Battery Market Report is segmented into Lithium-Ion Batteries, Nickel-Metal Hydride Batteries, Lead-Acid Batteries, Ultracapacitors and Others. Lithium-Ion Batteries are analysed to hold highest share 33.47% in 2021 owing to its huge adoption across various electric vehicles and other technical advantages over other battery types. The lithium-ion battery offers high energy density, fast recharging capability and high discharge power as compared to other batteries. Lithium-ion batteries are the only available technology that is capable of meeting OEM requirements for vehicle driving range and charging time. Furthermore, the recycling of Li-ion batteries is expected to secure the supply of raw materials, such as lithium and cobalt, and reduce the reliance on extracting and refining materials from mineral resources. Recycling of lithium-ion batteries that are currently being used in electric vehicles offers an excellent opportunity for companies to utilize the refined constituent materials for manufacturing lithium-ion batteries that can be used for energy storage systems (ESS). These factors tend to drive the demand of lithium ion batteries in the Electric vehicle battery market during the forecast period.
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Electric Vehicle Battery Market Segment Analysis–By Application
By Application, the Electric Vehicle Battery Market Report is segmented into Electric cars (Passenger Cars and Commercial Cars) and Electric scooters. Electric cars are analysed to hold the highest share of 64.21% during the forecast period 2022-2027 owing to the increasing production of electric cars over electric scooter. For instance, according to International Energy Agency (IEA), electric car sales share showed an exponential growth by elevating from 4.3% in 2020 to 25% in 2025 and is forecasted to reach 60.9% by 2030. This huge production and sales of electric cars tend to drive its market growth during the forecast period and will contribute significantly in the Electric vehicle batter market growth.
Electric Vehicle Battery Market Segment Analysis – By Geography
Asia-Pacific is analysed to be the major region with a share of 35% in 2021 for the Electric Vehicle Battery Market owing to the availability of leading market players for the Electric vehicle battery market coupled with increasing deployment of electric vehicles in this region. China is one of the largest markets for electric vehicles, and the increasing adoption of electric vehicles in the country has been in line with the clean energy policy and this will tend to propel the demand of electric vehicle battery during the forecast period. Moreover, the Government of China has been providing both financial and non-financial incentives to promote the adoption of electric vehicles. Favourable policies, such as the energy efficiency standards and increasing peak demand charges and technological advances in China and India is expected to drive the demand for Electric vehicle battery in this region. For instance, according to International Energy Agency (IEA), global electric car stock in China is highest in 2020 accounting for 3.5 million BEV and 1 million PHEV. This huge availability of electric car tend to drive the Electric vehicle battery market growth during the forecast period.
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Electric Vehicle Battery Market Drivers
Increasing demand of zero emission vehicles owing to increasing environmental concerns across the globe is driving the Electric Vehicle Battery Market growth
Increasing environmental concerns to limit the production of conventional vehicles which has adversely affected global environment structure has propelled the demand of electric vehicle batteries. Widespread global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in major cities have created a significant demand for zero emission vehicles. The rise in petrol and diesel prices has added to the demand for fuel-efficient vehicle and enhanced the need for advanced fuel-efficient technologies, leading to a surge in demand for electrically powered vehicles. Economic incentives and regulatory measures are often coupled with other policies that increase the value proposition of EVs. Such policies often aim to harness the multiple co-benefits arising from greater electrification of transport, most prominently energy diversification in a sector that is 90% dependent on oil products and the reduction of local pollutant and GHG emissions. This tend to drive the demand of electric vehicle batteries across the globe, further driving its market growth.
Increasing registration of electric vehicles across the globe is propelling the demand of electric vehicle batteries
Increasing registration of electric vehicles across various parts of the world is analysed to bring significant growth in the demand of electric vehicle battery. With the increasing technological advancement and environmental friendly offerings of electric vehicles is set to drive the global automotive sector during the forecast period. This has brought a major growth in the manufacturing of high efficient and long standing rechargeable batteries. Moreover, conventional automotive manufacturers who used to develop conventional fuel based automobiles are investing in their research and development for the addition of electric vehicle segment in their portfolio. This will further drive the demand of electric vehicle batteries across the globe, further driving its market growth. For instance, according to International Energy Agency (IEA), registration of electric cars in China elevated from 257 thousands units in 2016 to 931 thousand units in 2020. This increasing registration of electric cars will further drive the market growth of electric vehicle battery during the forecast period.
Electric Vehicle Battery Market Challenges
Lack of charging infrastructure and technical limitations is analysed to hamper the Electric Vehicle Battery Market growth
One of the most important factors restraining the market growth of Electric Vehicle Battery Market across the global is the lack of charging infrastructure. There is no doubt that the popularity of electric vehicles has grown exponentially in last few years owing to the environmental concerns, but with the limited availability of charging infrastructure across various parts of a country tend to limit the market growth of electric vehicle batteries during the forecast period. Moreover, Electric vehicle batteries are limited by range and speed over conventional fuels such as petrol and diesel. Most of the electric cars have a range of about 50-100 miles and need to be recharged again and again if used at maximum throttle. In addition, battery life is another major concern, the electric vehicle battery generally last for about 3-4 years if used at maximum efficiency which is needed to be replaced. This limits the adoption of electric vehicle further bringing major challenges in the electric vehicle battery market growth during the forecast period.
Electric Vehicle Battery Industry Outlook
Production Innovation, Acquisitions, Collaboration, and R&D activities are key strategies adopted by players in the Electric Vehicle Battery Market. In 2021, the market of Electric Vehicle Battery industry outlook has been fragmented by several companies. Electric Vehicle Battery top 10 companies include
Mitsubishi Electric Corporation.
LG CHEM LTD
SAMSUNG ELECTRONICS CO. LTD
BYD Company Limited
Wanxiang Group Corporation
Beijing Pride Power Battery Technology Co Ltd
Tianneng Power International Limited
In December 2020, LG Chem Ltd announced its plans to double the production capacity of battery cells in China for Tesla Inc electric vehicles (EV) in 2021 to keep up with its US client’s growth in the biggest car market.
In November 2020, Delhi-based battery maker Inverted Energy announced the opening of its lithium battery manufacturing facility in New Delhi, India. The commissioning of the plant, which currently has a production capacity of 100 MWh (megawatt hour) annually, is aimed at reducing dependence on China.
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Increasing environmental concerns towards the adverse impact of conventional vehicles coupled with supportive government policies around the world for the adoption of vehicles using alternative sources of fuel to limit pollution is analysed to significantly drive the Electric Vehicle Battery Market during the forecast period 2022-2027.
Lithium ion batteries are analysed to hold highest share 33.47% in 2021 owing to its huge adoption across various electric vehicles and other technical advantages.
Electric cars is expected to hold the highest market share 64.21% in the forecast period owing to the increasing production of electric cars over electric scooter.
Asia-Pacific is analysed to hold the highest share in 2021 owing to the availability of leading market players for the Electric vehicle battery market coupled with increasing deployment of electric vehicles in this region.
Relevant Report Titles:
Electric Vehicle Market – Forecast (2021 – 2026)
Automotive Battery Market – Forecast (2021 – 2026)
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