Electric Vehicle Battery Market Overview:
The electric
vehicle battery market size 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.
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 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.
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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