ROCKVILLE, Md., Feb. 23, 2022 (GLOBE NEWSWIRE) — According to a recently published Fact.MR report, the global Electric Vehicle Battery market is projected to grow at a compound annual rate (CAGR) of 25% between 2021 and 2031. The market is expected to reach US$ 900 Bn by the end of 2031.
Electric vehicle battery sales have been influenced by a significant increase in demand for zero-emission vehicles, given the rising fuel prices, depletion of fossil fuel reserves, and tightening pollution rules. The growing development of new battery chemistries for electric cars is expected to boost the Sales of electric vehicle battery industry. Preference for lithium-nickel-manganese-cobalt-aluminum oxide (NMCA) alloys because of their better energy density and a longer life cycle is increasing, opening new growth avenues.
The debut of Electric Vehicles (EVs) and the subsequent expansion in their market is one of the chief growth accelerators for this market. In the short-run, until 2022, global market for electric vehicle batteries is likely to surge at a CAGR of 13.6%, while in the long-run, it will likely expand nearly 10x to reach US$ 900 Bn.
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As producers shift their focus towards more cutting-edge technologies and forming strategic collaborations with automotive OEMs, the electric vehicle battery market will have brighter prospects. Mounting environmental concerns such as global warming and rising pollution levels have prompted manufacturers to propose alternative energy sources to power vehicles.
How are new Plug-in EV Models Driving Market Demand?
Across the globe, the electric car market is expanding at a breakneck pace. As a result of the increased demand for EVs, major vehicle manufacturers are entering the market, which is ultimately expected to stimulate demand for EV batteries in the long run.
Prominent manufacturers, including Toyota, Tata Motors, Mercedes-Benz, and Hyundai, are developing electric vehicle models to strengthen their positions in the industry. Electric car development is projected to accelerate shortly, thanks to major manufacturers’ interest in the field.
Recently, in April 2021, Toyota Motor Corporation announced the release of its new battery electric vehicle (BEV) series- Toyota bZ. A concept version of the first model in the series, the bZ4X would be unveiled in Shanghai, while 15 BEVs, including 7 Toyota bZ BEVs, would be introduced globally by 2025.
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Key segments covered in the Electric Vehicles Battery Industry Survey
powersource
- Stored Electricity Electric Vehicle Battery
- Onboard Electric Generator Electric Vehicle Battery
powertrain
- Series Hybrid Electric Vehicle Battery
- Parallel Hybrid Electric Vehicle Battery
- Combined Hybrid Electric Vehicle Battery
Vehicle Type
- Electric Vehicle Battery for Passenger Cars
- Electric Vehicle Battery for Commercial Vehicles
- Electric Vehicle Battery for Two Wheelers
- Electric Vehicle Battery for Others (Golf Carts etc.)
Competitive Landscape
In forthcoming years, manufacturers in the electric vehicle battery industry will primarily focus on strategic acquisitions, collaborations, and product introductions.
- In May 2019, Panasonic Corporation announced the launch of ‘Nymbus’ – the first of its kind smart EV charging service in India. The new service combines various physical components such as charging stations, telematics systems, and others with virtual components including AI, cloud service, and analytics to deliver a one stop solution.
- As more people switch to electric vehicles, Hitachi High-Tech predicts a rise in demand for used lithium-ion batteries. According to the business, the annual global market for testing batteries is expected to reach between 500 billion ($4.8 billion) and 1 trillion yen by 2030.
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Key players in the Electric Vehicle Battery Market
- Bavarian Motor Works AG
- Daimler AG
- Ford Motor Company
- General Motors
- Honda Motor Company Limited
- Mitsubishi Heavy Industries Ltd.
- Nissan Motor Corporation Limited
- Renault SA
- Tesla Motors Inc.
Key Takeaways from the Market Study
- Global EV battery market to expand nearly 10x by 2031
- By vehicle type, demand for EV batteries across passenger cars to capture 50% of global sales
- Stored electricity electric vehicle batteries to expand at over 10% CAGR
- Europe likely to account for over 3 out of 10 electric vehicle battery sales
- Asia to emerge as the dominant market, with China accounting for 28.3% of the revenue
- India to be an opportunistic market, poised to grow at a CAGR of 15% through 2031
“As vehicular emission regulations tighten, automobile owners are shifting towards hybrid and electric vehicles usage, prompting manufacturers to deploy batteries equipped with greater load carrying capacity,” says a Fact.MR analyst.
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