The electric vehicle battery market is growing continuously, mainly due to the growing production and sales of electric vehicles over the last few years. Besides, the spurring rise in advanced EV batteries foments innovation races around range and power. Battery manufacturers focus on improving their battery performance and management technologies that have already altered the market capitalization.
The growing demand for
lithium-ion & hybrid batteries provides excellent opportunities to the
market. According to Market Research
Future (MRFR), the global electric vehicle battery market is estimated to reach
an exponential valuation by 2027, registering an impressive CAGR during the
forecast period (2020–2027).
EV battery manufacturers strive
to improve the suppressed demand and supply chain, rectify production
challenges, and scramble to keep pace with technologies. They focus on the
immediate prospect for industry consolidation and adjusting demand, largely via
consumer subsidies and through taxes and fees.
On the other hand, changing
regulatory norms, market dynamics, and technological trends are major factors
impeding market growth. Also, price volatility and the demand-supply gap in raw
materials required for battery production pose significant challenges to the
growth of the market.
Electric Vehicle Battery
Market - Segments
The EV battery market is
segmented into battery type, vehicle technology, end market, and region. The
battery type segment is sub-segmented into lithium-ion battery, lead-acid
battery, nickel hydride battery, and others. Among these, the sub-segment lithium-ion
battery holds the largest market share, followed by nickel hydride and
lead-acid battery.
The vehicle technology segment is
sub-segmented into battery electric vehicles, hybrid electric vehicles, plug-in
hybrid electric vehicles and others. Among these, the sub-segment battery
electric vehicle holds the largest market share, followed by hybrid electric
vehicles.
The end market segment is
sub-segmented into OEMs and aftermarkets. The region segment is sub-segmented
into the Americas, Europe, Asia Pacific, and rest-of-the-world.
Electric Vehicle Battery
Market – Regional Market
The Asia Pacific region dominates
the global electric vehicle battery market. China, South Korea, Japan, and
India account for major market share due to the raw material advantages and the
availability of cost-competitive workforces. Besides, the increasing demand for
EVs and growing awareness of eco-friendly vehicles are major growth drivers.
The APAC EV battery market is projected to maintain its market position
throughout the review period.
Europe holds the second position
in terms of electric vehicle battery market value. The region witnesses a rise
in the sales of new electric vehicles, augmenting the demand for EV batteries.
Also, Germany, UK and France being the leading countries in Europe, have
fuelled the market growth. Additionally, stringent regulations and increasing
demand for environment-friendly vehicles boost the electric vehicle battery
market revenue.
North America has
been witnessing a spurring rise in the electric vehicle battery market
revenues. Factors providing impetus to market growth include advances in
technologies and storage capacities. Furthermore, the proliferation of EVs and
the presence of key industry players act as a major tailwind for the region's
market growth. The North American EV battery market is expected to grow at a
significant rate over the forecast period.
Electric Vehicle Battery
Market - Competitive Analysis
The EV battery market size is estimated to witness
significant strategic approaches, such as expansion, collaboration, mergers
& acquisitions, and advanced technologies integration. Leading industry
players also make strategic investments in driving research and development
activities and fostering their expansion plans.
Major Players
Players leading the EV battery
market include Panasonic Corporation (Japan), Automotive Energy Supply
Corporation (Japan), BYD Company Limited (China), Quallion (US), LG Chem Ltd.
(South Korea), Boston-Power (US), Narada Power Source (China), Johnson Controls
International (US), GS Yuasa Corporation (Japan), Crown Battery Corporation
(US), Tianneng Power International (China), and Hitachi Chemical Company
(Japan), among others.
Industry/Innovation/Related News
April 09, 2021 – Epsilon Advanced Materials Pvt.
Ltd. announced opening a new anode production facility in Karnataka State,
India. Anode materials are used in lithium-ion batteries for electric vehicles
(EV). The company is an upcoming global supplier of synthetic graphite anode
materials. Epsilon is looking to convert coal tar into graphite anodes to cut
the dependence on China, which has a monopoly in electric-car batteries.
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