Electric Vehicle Battery Market is Driven by the Rising EV Production
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 2030, registering an impressive CAGR during the forecast period
(2023–2030).
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.
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.
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 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.
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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