Newark, Oct. 13, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global EV battery market is expected to grow from USD 60.1 billion in 2022 to USD 305.4 billion by 2030, at a CAGR of 19.8% during the forecast period 2022-2030.
Due to growing worries about the environmental impact of conventional cars, governments worldwide are encouraging the development of alternative fuel vehicles. EVS, or zero-emission vehicles, are gaining popularity as a greener form of public transportation worldwide. Several national governments offer financial incentives to encourage the use of E.V.s, including tax exemptions and refunds, subsidies, reduced parking/toll charges for E.V.s, and free charging. As a result, the market demand for E.V. batteries is rising significantly. Leading battery OEMs are also investing in developing new battery production technologies. For instance, S.K. Innovation (South Korea) invested an extra $2.5 billion in its battery business in April 2020 to construct two factories in Georgia. Additionally, to meet the expected customer demand for E.V.s in the U.S., SK Innovations invested $5 billion in its U.S. battery business.
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Competitive Landscape:
To enhance their market position in the global E.V. battery market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
● In April 2021, A second U.S. battery cell factory for electric vehicles was built in Tennessee with more than $2.3 billion in investment from L.G. Chem and General Motors (U.S.), an automobile manufacturer. This facility will support the future Cadillac Lyriq Crossover production from General Motors and other E.V.s.
Market growth and trends:
Leading E.V. markets like China, the U.S., and Germany invest in E.V. charging infrastructure and R&D for faster and more efficient charging methods. To fulfill the rising demand for E.V.s and to reshape the industry, automotive manufacturers are increasing their production, which propels the market's growth. However, the raw materials used for producing E.V. batteries are primarily present in China and Congo, which is a concern for the market's growth. While ultra-fast charging and Level 3 E.V. charging can charge an E.V. in 15 to 30 minutes, their prolonged use harms the E.V. batteries. As a result, battery swapping emerged as a quick charging station substitute. Over the past several years, demand for it has increased, which is expected to provide growth opportunities for the market. Due to the expensive process involved in manufacturing these vehicles, the E.V. production cost is much higher than that of ICE automobiles, which challenges the market's growth.
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Key Findings
● In 2022, the passenger cars segment dominated the market with the largest market share of 23% and revenue of 13.8 billion.
The vehicle type segment is divided into passenger cars, light trucks/vans, medium and heavy trucks, off-highway vehicles, and buses. In 2022, the passenger cars segment dominated the market with the largest market share of 23% and revenue of 13.8 billion. The increasing demand for luxury and comfortable traveling propels the segment's growth.
● In 2022, the 50-110 kWh segment accounted for the largest share of the market, with 17% and a market revenue of 10.2 billion.
The battery capacity segment is divided into <50 kWh, 50-110 kWh, 111-200 kWh, 201-300 kWh, and >300 kWh. In 2022, the 50-110 kWh segment accounted for the largest share of the market, with 17% and a market revenue of 10.2 billion. Most electric car batteries have a 50 to 110-kilowatt hours (kWh) operating range, propelling the segment's growth.
● In 2022, the PHEV segment accounted for the largest share of the market, with 32.8% and market revenue of 19.7 billion.
The propulsion segment is divided into BEV, HEV, PHEV, and FCEV. In 2022, the PHEV segment accounted for the largest share of the market, with 32.8% and market revenue of 19.7 billion. Hospitals also have better facilities for treating all kinds of diseases, including neurological disorders, which propel the market growth in the hospital segment.
● In 2022, the solid-state segment accounted for the largest share of the market, with 22.6% and a market revenue of 13.5 billion.
The battery type segment is divided into lead-acid, lithium-ion, nickel-metal hydride, sodium-ion, and solid-state. In 2022, the solid-state segment accounted for the largest share of the market, with 22.6% and a market revenue of 13.5 billion. Compared to lithium-ion batteries, a solid-state battery can significantly increase the energy density per unit area of an E.V. battery.
● In 2022, the laser segment accounted for the largest share of the market, with 63% and a market revenue of 37.8 billion.
The bonding segment is divided into laser and wire. In 2022, the laser segment accounted for the largest market share, with 63% and market revenue of 37.8 billion, since laser-welded bonds can withstand higher currents and have advantages like narrow welds, quick welding, and low heat, which propels the market's growth.
● In 2022, the pouch segment accounted for the largest share of the market, with 39% and a market revenue of 23.4 billion.
The form segment is divided into the pouch, prismatic, and cylindrical. In 2022, the pouch segment accounted for the largest share of the market, with 39% and market revenue of 23.4 billion. In a given physical area, a pouch cell can store far more energy than a cylindrical cell, which propels the market growth in the pouch segment.
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Regional Segment Analysis of the E.V. Battery Market:
● North America (U.S., Canada, Mexico)
● Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
● Asia-Pacific (China, Japan, India, Rest of APAC)
● South America (Brazil and the Rest of South America)
● The Middle East and Africa (UAE, South Africa, Rest of MEA)
Among all regions, Asia Pacific emerged as the largest market for the global E.V. battery market, with a market share of around 34.8% and 20.9 billion of the market revenue in 2022. The Asia-Pacific region is expanding because it may provide businesses with significant labor and raw material cost savings. In addition, the bulk production of E.V. cars in countries such as China and India propels the market's growth.
Key players operating in the global EV battery market are:
● Hitachi
● North Star
● GS Yuasa Corp.
● Sony
● ATLASBX Co. Ltd.
● Narada Power Source Co., Ltd.
● TCL Corporation
● Duracell
● Crown Battery Manufacturing
● EnerSys, Inc.
● Huanyu New Energy Technology
● C&D Technologies, Inc.
● Panasonic
● NEC Corporation
● BB Battery Co.
This study forecasts revenue at global, regional, and country levels from 2019 to 2030. Brainy Insights has segmented the global EV battery market based on the below-mentioned segments:
Global EV Battery Market by Vehicle Type:
● Passenger Cars
● Vans/Light Trucks
● Medium & Heavy Trucks
● Buses
● Off-highway Vehicles
Global EV Battery Market by Battery Capacity:
● <50 kWh
● 50-110 kWh
● 111-200 kWh
● 201-300 kWh
● >300 kWh
Global EV Battery Market by Propulsion:
● BEV
● HEV
● PHEV
● FCEV
Global EV Battery Market by Battery Type:
● Lead-acid
● Lithium-ion
● Nickel-metal Hydride
● Sodium-ion
● Solid-state
Global EV Battery Market by Bonding:
● Wire Bonding
● Laser Bonding
Global EV Battery Market by Form:
● Prismatic
● Cylindrical
● Pouch
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About the report:
The global EV battery market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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