Meticulous Research® - a leading global market research company, published a research report titled “Electric Vehicle Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End-user, and Geography - Global Forecast to 2028”.
The EV batteries market is expected to grow at a CAGR of ~26% from 2021 to reach $175.11 billion by 2028. This market is majorly driven by factors such as increasing adoption of EVs worldwide, decreasing battery prices, and increasing investment by leading automotive OEMs to secure the battery supply chain for their future electric vehicles. Moreover, increasing adoption of electric mobility in emerging economies, growing investments in developing lithium-ion battery capacity, and growing deployment of battery-as-a-service provide attractive growth opportunities for players operating in this market.
However, a potential shortfall in lithium mining capabilities and less energy density of batteries obstruct the growth of this market to some extent. Potential safety issues in EV batteries are a major challenge for the growth of the EV batteries market.
The EV batteries market study presents historical market data in terms of value (2019 and 2020), estimated current data (2021), and forecasts for 2028. The market is segmented based on type, capacity, bonding type, form, application, end-user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.
Based on type, the EV batteries market is mainly segmented into lithium-ion battery, sealed lead acid battery, nickel-metal hydride battery, ultracapacitors, solid-state battery, and other batteries. In 2021, the lithium-ion battery segment is expected to account for the largest share of the EV batteries market. The large share of this segment is mainly attributed to their higher energy density, compactness, durability, and lightweight. Various automotive OEMs are increasingly partnering with battery OEMs to develop lithium-ion batteries, secure battery supply chain for their existing and upcoming electric vehicles, and achieve technology leadership in EV batteries.
Based on capacity, the EV batteries market is mainly segmented into less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 300kWh. In 2021, the 51kWh to 100kWh segment is expected to account for the largest share of the EV batteries market. The large share of this segment is mainly attributed to increasing initiatives by leading automotive OEMs to launch long-range and more powerful electric cars, increasing adoption of electric cars in developing economies, and targets set by governments across the world to phase out internal combustion engine vehicles by 2030.
Based on bonding type, the EV battery market is mainly segmented into wire bonding and laser bonding. In 2021, the wire bonding segment is expected to account for the largest share of the EV batteries market. The large share of this segment is mainly attributed to the high reliability of wire bonding technology, low production cost, better thermal relief properties, lesser scrap production, and easy replaceability of faulty wire bonds. Wire bonding can handle extreme temperature ranges, shock, and vibrations over increasingly longer lifetimes. Wire bonding is increasingly used for applications such as battery cell-to-cell connections, battery cell-to-busbar connections, and battery management system (BMS) interconnects.
Based on form, the EV batteries market is mainly segmented into prismatic, cylindrical, and pouch. In 2021, the prismatic segment is expected to account for the largest share of the EV batteries market. The large share of this segment is attributed to factors such as a very thin profile providing better space utilization, allows flexibility in battery design, and high-power quality. Prismatic cells offer better layering options than other types of cells, due to which they are commonly used in critical applications like EV batteries. Prismatic cells are highly stable since they are encased in steel or aluminum casing.
Based on application, the EV batteries market is segmented into electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters & motorcycles, and e-bikes. In 2021, the electric cars segment is expected to account for the largest share of the EV batteries market. The large share of this segment is mainly attributed to growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their products line-ups into green and clean, environment-friendly vehicles. Battery OEMs are increasingly investing in the R&D of new battery technologies for reducing the car’s battery size cost-effectively and improve its performance and power to weight ratio.
Based on end-user, the EV battery market is segmented into electric vehicle OEMs and battery swapping stations. In 2021, the electric vehicle OEMs segment is expected to account for the largest share of the EV batteries market. The large share of this segment is mainly attributed to increasing consumer adoption of EVs for personal use, increasing investment by automotive OEMs in EV battery manufacturing capacities to create a secure supply chain for their future electric vehicles, and increasing launch of new EV models by automotive OEMs. Moreover, all major EV OEMs currently cover batteries in a warrant for 8 years to 10 years, due to which customers buy replacement batteries for older EVs from OEMs, further supporting the battery demand by EV OEMs.
Geographically, the Asia-Pacific region is expected to account for the largest share of the EV batteries market in 2021. The large share of this market is mainly attributed to the increasing adoption of electric vehicles in this region, a growing number of start-ups offering numerous battery solutions, a higher concentration of lithium reserves in China, the leadership of China in global EV battery manufacturing capacities, a higher concentration of global EV battery OEMs in the region, and increasing investment by leading battery OMEs for setting up battery manufacturing capacities in emerging economies of the region such as Thailand, Indonesia, and India.
The key players operating in the EV battery market are SK Innovations Co. Ltd. ( South Korea), LG Chem, Ltd (South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), SVOLT Energy Technology Co., Ltd. (China), BYD Company Limited (China), Samsung SDI Co., Ltd. (South Korea), GS Yuasa International Ltd. (Japan), Vehicle Energy Japan Inc. (Japan), Northvolt AB (Sweden), Panasonic Corporation (Japan), Contemporary Amperex Technology Co. Limited (CATL) (China), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd. (Japan), E-One Moli Energy Corp. (Taiwan), StoreDot Ltd. (Israel), NOHMs Technologies, Inc. (U.S.), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), and QuantumScape Corporation (U.S.).
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