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Industry Insights, Market Size, CAGR, High-Level Analysis: Electric Vehicle Battery Market The electric vehicle battery market size was valued at USD 13,383.0 million in 2018 and is expected to register a CAGR of 16.7% from 2019 to 2025. The growing emphasis of leading automakers, including Bayerische Motoren Werke AG, General Motors, and Ford Motors on rolling out electric vehicles is expected to drive the market growth. The continued rollout of Electric Vehicle Supply Equipment (EVSE) and the subsequent increase in the sales of electric vehicles also bodes well for the growth of the market. Policies to support the installation of charging stations through direct investments as well as through public-private partnerships, specifically in urban areas would equally play a major role in driving the market growth. Multiple charging stations are crucial for ensuring long-distance commuting capability for electric vehicles. However, an integrated electrification system for all kinds of transport vehicles, including freight delivery vehicles, public transport vehicles, two wheelers, and cars, is yet to be implemented on a large scale. Developing countries, such as China, India, South Africa, and Mexico, among others, have been witnessing a significant number of electric vehicle registrations. In 2018, China accounted for more than one-third of the global electric vehicle sales. Similarly, in India, the government has been drafting policies to support the manufacturing of electric vehicles.All these factors are expected to drive the market growth over the forecast period. The e-mobility trend is expected to gain traction in line with the rising sales of electric vehicles over the forecast period. The continued rollout of integrated charging stations and the establishment of green power-generation capability would provide an additional stimulus to the market growth. Another trend that is expected to drive the sales of electric vehicle batteries is the strategic collaborations between e-mobility providers, battery manufacturers, and energy suppliers. At the same time, automakers are also pursuing technological innovations to ensure powerful propulsion for their electric vehicles. The increasing automotive production, mainly in China, Japan, Indonesia, Germany, Mexico, South Korea, Malaysia, and Taiwan, among other nations, can also be considered as a significant factor driving the market growth. The increasing government spending on developing road infrastructure in several countries would also contribute to the market growth. The growing inclination of individuals toward having a personal conveyance is another evolving factor that is expected to drive the market growth. However, volatility in raw material prices can potentially affect battery production costs and restrain the market over the forecast period. Battery Type Insights of Electric Vehicle Battery Market Based on battery type, the market has been further segmented into lead-acid, lithium-ion, nickel-metal hydride, sodium-ion, and others. The lithium-ion segment accounted for the largest market share in 2018. Lithium-ion batteries are used in applications requiring lighter weights and higher energy density. These batteries offer a high energy density per weight and are hence used widely in automotive applications including electric and hybrid automobiles. Adequate availability of EV charging infrastructure remains crucial for the rollout of e-mobility and bodes well for the growth of the lithium-ion battery sales. Lead-acid batteries happen to be among the most economical battery types preferred for larger power applications where weight is not a constraint. Moreover, given the high costs associated with mining and refining lithium coupled with the depleting resources of lithium, lead-acid batteries can be a preferred alternative for lithium-ion batteries. Lead-acid batteries can also be smelted to be recycled and reused. Efforts towards finding another alternative for lithium-ion batteries are prompting battery manufacturers to focus on development and commercialization of sodium-ion batteries. Material costs associated with sodium-ion batteries tend to be lower than those associated with lithium-ion batteries. Hence, vendors are focusing on sodium-ion batteries as part of the efforts to reduce the overall cost while increasing the vehicle range and energy density. Vehicle Type Insights of Electric Vehicle Battery Market Based on vehicle type, the market has been further segmented into passenger vehicles and commercial vehicles. The passenger vehicles segment accounted for the largest market share in 2018. On the other hand, the commercial vehicles segment is expected to exhibit the highest CAGR over the forecast period. Government initiatives to encourage the adoption of electric passenger and commercial vehicles as part of the efforts to reduce air pollution stemming from vehicular emissions is expected to drive the growth of the electric vehicle battery market over the forecast period. The demand for commercial vehicles is rising, particularly in emerging economies, in line with the continued infrastructure development. However, commercial vehicles tend to be heavy-duty vehicles and their emission discharge rates are higher than those of passenger vehicles. Hence, government bodies are focusing on electrifying commercial vehicles as part of the efforts to reduce greenhouse gas emissions. Such efforts would trigger the adoption of electric vehicles and subsequently the electric vehicle battery sales over the forecast period. Propulsion Insights Based on propulsion, the market has been further segmented into battery electric vehicle (BEV), and plug-in hybrid electric vehicle (PHEV). The BEV segment dominated the market in 2018 and is estimated to remain the largest segment dominant over the forecast period. On the other hand, the PHEV segment is anticipated to exhibit the highest CAGR from 2019 to 2025. The BEV segment is particularly expected to gain high traction in emerging economies owing to the fuel economy regulations. While a BEV relies entirely on rechargeable battery packs, the battery of a PHEV can be recharged from an external source of electricity as well as using the on-board engine and generator. China has been the largest market in terms of sales and production of battery electric vehicles (BEVs). The growing popularity of mini battery electric vehicles with battery packs are also expected to drive the growth of the market for electric vehicle battery. Given the rising demand, vendors are scaling up battery production while also trying to strengthen their margins and ensuring price competitiveness. Regional Insights of Electric Vehicle Battery Market Based on region, the market has been further segmented into North America, South America, Europe, Asia Pacific, and MEA. The Asia Pacific region accounted for the largest market share in 2018. China alone accounted for a 28% share of the global market. Countries in Asia Pacific, especially China, India, and South Korea, have been witnessing a rising electric vehicle battery demand over the past few years in line with the growing preference for electric vehicles. Battery concentration is highly concentrated in China owing to the low maintenance costs and low labor costs. Europe and North America have also been witnessing a rising electric vehicle battery demand owing to the growing sales of electric cars in these regions. Some of the prominent electric vehicle manufacturers, including Tesla Motor Inc., Ford Motor Company, and Bayerische Motoren Werke AG, are based in the U.S. and Germany. Hence, the U.S. and Germany have taken a lead in electric vehicle battery production and sales. Moreover, the continued development of electric cars is intensifying competition among market players to provide better and cost-effective solutions. The intense market competition bodes well for the market growth. Market Share Insights of Electric Vehicle Battery Market Key players operating in the market include ATLASBX Co., Ltd.; Sony; Hitachi; NEC Corporation; Panasonic Corporation; TCL Corporation; Huanyu New Energy Technology; Duracell; NorthStar; Crown Battery Manufacturing; GS Yuasa Corp; East Penn Manufacturing Co.; C&D Technologies, Inc.; B.B. Battery Co., Ltd.; Narada Power Source Co., Ltd.; CSB Battery Company Ltd.; EnerSys, Inc.; Coslight Technology International Group Co., Ltd.; and Zibo Torch Energy Co., Ltd.; among others. They supply their electric vehicle battery products to incumbents of the automotive industry through various distribution channels, including individual vendors, wholesalers, and distributors. They may also opt for forward integration and distribute their products on their own. For instance, Samsung is involved in manufacturing, distributing, and using batteries for some of the products. Automotive companies select batteries for their respective electric vehicles depending on the costs, overcharge tolerance, discharge rates, maintenance required, and self-discharge rates. Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Electric Vehicle Battery Market Research Report: This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2025. For this study, this market research report has segmented the electric vehicle battery market report based on battery type, vehicle type, propulsion, and region: Battery Type Outlook (Revenue, USD Million, 2019 - 2030) Lithium-Ion Lead-Acid Nickel-Metal Hydride Sodium-Ion Others Vehicle Type Outlook (Revenue, USD Million, 2019 - 2030) Passenger Vehicles Commercial Vehicles Propulsion Outlook (Revenue, USD Million, 2019 - 2030) Battery Electric Vehicle (BEV) Plug-In Hybrid Electric Vehicle (PHEV)
Table of Contents Chapter 1 Methodology and Scope 1.1 Market segmentation & scope 1.2. Market definition 1.3. Information procurement 1.3.1. Purchased database 1.3.2. GVR’s internal database 1.3.3. Secondary sources & third-party perspectives 1.3.4. Primary research 1.4. Information analysis 1.4.1. Data analysis models 1.5. Market formulation & data visualizationChapter 2 Executive Summa | read more...