Chicago, June 30, 2022 (GLOBE NEWSWIRE) -- According to MarketsandMarkets™ new market research report, the "EV Battery Market Battery Capacity (<50, 50-110, 111-200, 201-300 and >300), Battery Form (Wire, Laser), Propulsion (BEV, PHEV, PHEV, FCEV), Battery Type, Material Type, Li-ion Battery Component, Method, Vehicle Type & Region - Global Forecast to 2025", is projected to grow at a CAGR of 25.3% from USD 27.3 billion in 2021 to USD 67.2 billion by 2025.
The growth of the EV Battery Market can be attributed to the increasing demand of electric vehicles, improvement in battery technology, supporting government policies and regulations, and launch of new plug-in EV models. Due to government regulations to reduce emissions and plans for phasing out ICE vehicles, the demand for EVs and their components including EV batteries will increase in the coming years. Developments in EV battery technology have also led to a growing demand with technologies like graphine batteries, solid state batteries among development. These developments will propell new innovations in the EV Battery Market with faster charging threshold and larger battery life.
• 178 market data Tables
• 87 Figures
• 262 Pages and in-depth TOC on "EV Battery Market"
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Lithium ion is expected to be the largest EV battery segment during the forecast period
Lithium-ion batteries are the most common battery type used in modern electric vehicles. These batteries have higher energy density compared to lead-acid or nickel-metal hydride batteries. Their compact size makes them preferable in the automotive industry. For example, Nissan's lithium-ion battery technology allows a higher density of lithium ions to be stored, increasing travel distance. Alternatives such as advanced batteries and supercapacitors cannot easily replace lithium-ion batteries due to their performance, cost, weight, and size. This segment will also be the most cost viable option in the years to come even on development of new technologies including solid state batteries, which may cost higher in the initial years. As of 2021, SSB’s are currently mainly used in limited hypercars due to their high cost.
BEV’s are expected to be the largest market during the forecast period
BEVs are the largest segment of the EV market and their related components including EV batteries. These vehicles primarily use lithium-ion batteries for power storage. The emphasis of governments and institutions for having clean-energy transport is driving the demand for BEVs. The structure of these vehicles is simple and does not require complex systems to run them. These vehicles have a comparable running range over a single charge and are approximately the same as the range ICEs offer with a single full-tank refill. BEVs also have the ability to handle fast and rapid charging. They even can re-charge an EV up to 80% in intervals in 20-30 minutes. The simple manufacturing process involved with BEVs encourages more innovations such as adding regenerative braking, solar rooftop charging, or battery swapping in these vehicles. Heavy subsidies provided by the governments in the world for a considerable period of time enabled the EV manufacturers to set up their bases across regions. Prominent EV manufacturers including Tesla, BYD, SAIC, and battery manufacturers like CATL, Panasonic, LG Chem, and Samsung SDI are leading the demand for use in BEVs. The plans by top countries to shift to EVs in the coming decades will lead to fast growth in EV battery demand for BEVs.
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Asia pacific is expected to be the largest market during the forecast period
Countries such as China, Japan, India, South Korea, and Thailand are considered under Asia Pacific for market analysis. China is the largest contributor to the global market, accounting for a share of more than 95%. Chinese companies such as Panasonic, LG, Chem, Samsung, CATL, and BYD are dominating both the Chinese and global EV Battery Market. Chinese EV manufacturers, who have access to cheaper parts and components, are providing electric vehicles at lower prices. The Chinese government has made significant investments to convert conventional public transport fleets into electric ones, which also drives the EV Battery Market. In 2019, BYD launched its K12A, the world's first 27-m pure electric bus. With a passenger capacity of 250 people, it is the longest pure electric bus in the world and can travel at a maximum speed of 70 km/h. The K12A is also the world's first electric bus equipped with a distributed 4WD system, which can smoothly switch between 2WD and 4WD to meet the demands of different terrains, while also lowering the vehicle's overall energy consumption.
The Indian government has announced plans for financial support for EVs—a zero-rated goods and services tax (GST) and the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme run by the Department of Heavy Industries to increase the adoption of electric vehicles. State authorities are rolling out contracts for electrifying the public transport fleet. For example, in 2018, BYD supplied 25 electric buses to the city of Pune and is expected to supply more in other cities. South Korea and Japan started adopting electric vehicles in the last few years, with the introduction of hybrid vehicles. In October 2020, Toyota and Panasonic formed a joint venture to begin the production of batteries for hybrid vehicles at a facility in Japan. Mitsubishi has also announced its intention to spend USD 9.6 million to boost the production of electrolyte solution for lithium-ion batteries in 2021. The company will use this fund to upgrade equipment at its plants in the US, the UK, and China. With advancements in battery technology and focused research, the presence of EVs in these countries has grown considerably.
Key Market Players:
The EV Battery Market comprises major companies such as players CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).
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