Electric Vehicle (EV) Battery Market size to grow by USD 53.62 billion from 2022 to 2027, A123 Systems LLC, Ballard Power Systems Inc., BYD Co. Ltd., and more among key companies, Technavio
NEW YORK, March 18, 2024 /PRNewswire/ -- The electric vehicle (EV) battery market is expected to grow by USD 53.62 billion from 2022 to 2027. In addition, the growth momentum of the market will progress at a CAGR of 19.57% during the forecast period. We provide a detailed analysis of 20 companies operating in the electric vehicle (EV) battery market including A123 Systems LLC, Ballard Power Systems Inc., BYD Co. Ltd., Clarios, Crown Battery Manufacturing Co., Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Enertech International Inc., Envision Group, Exide Industries Ltd., GS Yuasa Corp., Hitachi Ltd., LG Chem Ltd., OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., SK Innovation Co. Ltd., Solid Power Inc., Tianneng Battery, and Zhejiang Narada Power Source Co. Ltd.
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Samsungsdi - The company offers electric vehicle batteries such as lithium-ion PHEV, EV, and HEV.
Segmentation Overview
Type
- The electric vehicle battery market share growth by the lithium-ion battery segment will be significant during the forecast period. Increasing demand for lithium-ion batteries from the electric vehicle sector and falling prices of battery technology are contributing to this growth. Compared to other battery technologies, lithium-ion batteries have higher current density, longer current holding periods, and longer shelf life.
- Other segments include vehicle type (battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle)
The Market is driven by amplified demand for EVs and their diversified applications.
The rise is influenced by various factors including lithium and nickel utilization, enhancing Battery Energy Density, developing Charging Infrastructure, and Fast Charging Technology. Advancements in Battery Management Systems, Cathode and Anode Materials, Electrolyte Solutions, Battery Recycling, and the emergence of Battery Swapping Stations further boost the market growth.
- The evolving trend in the Electric Vehicle (EV) Battery Market involves the extensive utilization of software and sensors to facilitate intelligent Battery Management Systems (BMS).
- The rising global power crisis is a significant hurdle for the Electric Vehicle (EV) Battery Market, impacting its market share.
Regional Overview
- APAC is estimated to contribute 48% to the growth of the global market during the forecast period. The shift from fossil fuels to electric vehicles has been actively promoted by governments in countries such as China, Japan, India, and South Korea on the basis of targets, reforms, and incentives. R&D activities are focused on enhancing EV technology in the APAC market.
- Other regions include Europe, North America, South America, and Middle East and Africa
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a Free PDF Sample Report
Analyst Review
The Electric Vehicle (EV) battery market is currently experiencing a surge in innovation and growth, driven by a confluence of factors including advancements in battery technology, emerging trends in automakers' strategies, and the increasing demand for sustainable transportation solutions. Key players such as Toyota, BMW, and QuantumScape are at the forefront of this revolution, spearheading research and development in areas such as solid-state batteries, electrolytes, and cell-to-pack (CTP) technology.
One of the most significant shifts in recent years has been the move towards solid-state batteries, which offer higher energy density, faster charging times, and improved safety compared to traditional lithium-ion batteries. This technology has the potential to revolutionize the EV market by addressing concerns related to battery life, driving ranges, and charging times.
LFP (Lithium Iron Phosphate) batteries have also gained traction due to their lower cost, longer lifespan, and reduced risk of thermal runaway. Additionally, the use of cobalt-free lithium carbonate and hydroxide in battery production is becoming increasingly common, driven by concerns over ethical sourcing and environmental sustainability.
Automakers are exploring new manufacturing techniques such as laser bonding and welding to improve the reliability and efficiency of battery enclosures, while also incorporating dissimilar materials to reduce dead weight and corrosion issues, particularly in heavy-duty applications like the Chevrolet Silverado EV pickup truck.
Hydrogen vehicles and fuel cells remain promising alternatives to traditional EVs, offering longer driving ranges and quicker refueling times, although challenges related to infrastructure and production costs persist. Ethanol and flex-fuel vehicles continue to be explored as transitional solutions, providing flexibility in fuel choice while reducing emissions.
The EV battery market is witnessing a rapid expansion of gigafactories dedicated to the mass production of batteries, driving down production costs and accelerating deployment. Solid Power, a leading manufacturer of solid-state batteries, is among the companies poised to capitalize on this trend, with its innovative approach to energy storage and production efficiency.
As the demand for electric vehicles continues to grow, fueled by concerns over climate change and energy security, the EV battery market is expected to remain a hotbed of innovation and investment. With ongoing advancements in battery technology, automakers and consumers alike can look forward to a future where electric vehicles offer unparalleled performance, flexibility, and sustainability.
Market Overview
The Electric Vehicle (EV) Battery Market is witnessing rapid advancements driven by emerging technologies like solid-state batteries. With automakers investing heavily in research and development, battery life is extending, enhancing driving ranges and reducing charging times. Among the notable trends is the shift towards LFP (Lithium Iron Phosphate) batteries, offering improved safety and longevity while mitigating concerns over cobalt sourcing. This transition is particularly relevant for fleets seeking durable and cost-effective solutions. As the industry evolves, innovations in battery technology continue to shape the market, fostering sustainable transportation and reducing reliance on traditional fossil fuels.
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ToC:
1 Executive Summary
2 Landscape
3 Sizing
4 Historic Size
5 Five Forces Analysis
6 Segmentations
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
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SOURCE Technavio
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