DUBLIN–(BUSINESS WIRE)–The “Global EV Battery Market by Battery Capacity (<50, 50-110, 111-200, 201-300, >300), Battery Form (Wire, Laser), Propulsion (BEV, PHEV, PHEV, FCEV), Battery Type, Material Type, Li-ion Battery Component, Method, Vehicle Type & Region – Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The global EV battery market is projected to grow at a CAGR of 19.0% from USD 56.4 billion in 2022 to USD 134.6 billion by 2027. The EV battery market will be driven by elements like developing battery technology, supportive governmental policies and regulations, and the introduction of new plug-in EV models.
Manufacturers of EV batteries have developed novel approaches to battery design and chemistry. The reduction of the volume that the battery takes up is another key area of attention for R&D in EV batteries. For instance, Samsung SDI considerably changed the anode-cathode battery separator in order to make the battery smaller. A Chinese EV battery manufacturer named CATL developed “blade-thin” battery cells with a centimeter-thick thickness. A battery system is made up of stacked cells system.
Apart from government initiatives and incentives, the EV battery ecosystem is witnessing various innovations when it comes to the use of advanced metals in the battery. Apart from that, there is a shift in the manner in which batteries are built. For instance, with the introduction of Cell to Pack (CTP) technology, the need for putting cells in modules has been eliminated, thereby making the battery lighter in weight. Similarly, investments by major battery players and few automotive OEMs in capacity expansions as well as green field investments are also poised to play a major role in the growth of the EV battery market.
The medium & heavy truck segment would grow at the quickest rate in near future.
Heavy trucks are preferred for long-distance transportation, medium trucks are typically utilised for distribution and trash services. A number of OEMs have been inspired to introduce electric trucks in 2021 as a result of the usage of electricity as a fuel in medium and heavy vehicles. This will eventually drive up demand for EV batteries. For instance, Navistar intends to release international medium-duty electric trucks in 2021 through its newly created business segment, NEXT e Mobility Solutions. Production of Tesla’s electric heavy-duty vehicle, the Tesla Semi, with a 500-mile range, is anticipated to start in 2021 as well. All of these prospective projects will increase worldwide EV battery manufacturing, driving the EV battery market.
During the forecast period, North America is expected to dominate the market for medium and heavy trucks. The market in this area is driven by OEMs like Peterbilt, Freightliner, Kenworth, and Navistar, who concentrate on making electric medium-duty trucks. Due to the growing use of these vehicles for distribution and trash services, the market for EV batteries is anticipated to grow in demand.
Market Dynamics
Drivers
- Increasing Demand for Electric Vehicles
- Improvements in Battery Technology
- Faster Charging Speed to Enable Plug and Charge Use of EVs
- Government Policies and Regulations
- Launch of New Plug-In Models by Major EV Manufacturers
Restraints
- Procurement Concerns Related to Raw Materials
- Lack of Charging Infrastructure
Opportunities
- Rising Electric Micromobility
- Introduction of Battery-As-A-Service (BaaS) Models
Challenges
- High Initial Investments and High Cost of Electricity
- Bottlenecks in Battery Charging
- Concerns Over Battery Safety
- High Cost of Electric Vehicles Compared to ICE
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 EV Battery Market, by Battery Form
7 EV Battery Market, by Method
8 EV Battery Market, by Battery Type
9 EV Battery Market, by Material Type
10 EV Battery Market, by Propulsion
11 EV Battery Market, by Vehicle Type
12 EV Battery Market, by Battery Capacity
13 EV Battery Market, by Li-Ion Battery Component
14 EV Battery Market, by Region
15 Competitive Landscape
16 Company Profiles
17 Analyst’s Recommendations
18 Appendix
Companies Mentioned
- A123 Systems (Subsidiary of Wanxiang Group)
- Altair Nanotechnologies Inc.
- Aptiv PLC
- Automotive Energy Supply Corporation
- Byd Company Limited
- Catl
- Clarios
- E-One Moli Energy Corp.
- Enersys
- Envision Aesc
- Exide Industries Limited
- Gotion High Tech Co Ltd.
- Gs Yuasa
- Leclanche SA
- LG Chem
- Mitsubishi Corporation
- Northvolt Ab
- Panasonic Holdings Corporation
- Primearth EV Energy Co. Ltd.
- Ruipu Lanjun Energy Co. Ltd.
- Samsung Sdi
- Sk Innovation Co. Ltd.
- Targray Technology International Inc.
- Toshiba Corporation
- Vehicle Energy Japan Co. Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/oaetx9
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