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Electric Vehicle Battery Market

Electric Vehicle Battery Market

Electric Vehicle Battery Market Forecast, Trend Analysis & Competition Tracking - Global Market insights 2021 to 2031

Electric Vehicle Battery Market
FACT3587MR
  • Aug-2021
  • List of Tables : 216
  • List of Figures : 66
  • 170 Pages
  • Automotive

Market Snapshot

Newly published findings by Fact.MR- a market research and competitive intelligence provider- establishes that the global market for electric vehicle batteries exhibited robust Y-o-Y expansion of 14% in 2019, with sales being valued closed to US$ 91 Bn.

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.  

Key Points Addressed in Electric Vehicle Battery Industry Analysis

  • Market Estimates and Forecasts (2016-2031)
  • Key Drivers and Restraints Shaping Market Growth
  • Segment-wise, Country-wise, and Region-wise Analysis
  • Competition Mapping and Benchmarking
  • Brand Share and Market Share Analysis
  • Key Product Innovations and Regulatory Climate
  • COVID-19 Impact on Electric Vehicle Battery Market and How to Navigate
  • Recommendation on Key Winning Strategies

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EV Battery Revenue Analysis 2016-2020 Vs Future Outlook 2021-2031

From 2016 to 2020, global sales of electric vehicle batteries surged at above 12% CAGR, with sales being valued at US$ 91 Bn by the end of the said historical period. Sales have been influenced by a significant increase in demand for zero-emission vehicles as a result of rising fuel prices, depletion of fossil fuel reserves, and tightening pollution rules.

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.

Based on the aforementioned prevailing trends, Fact.MR projects the demand for electric vehicle batteries to register an astronomical surge, registering a whopping CAGR exceeding 25% from 2021 to 2031.

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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How are Surging E-mobility Trends Expected to Widen EV Battery Sales?

With increased sales of electric vehicles, the e-mobility trend is likely to gain traction over the projection period. The continuing implementation of integrated charging stations, as well as the construction of green power-generation capabilities, would add to the market's growth potential.

Strategic alliances between e-mobility providers, battery makers, and energy suppliers are another trend that is predicted to promote sales of electric vehicle batteries. At the same time, automakers are pushing technology advancements to ensure that their electric vehicles have robust propulsion.

Why are Concerns over Battery Safety a Concern?

Most electric vehicle batteries are deemed safe since they are put through a series of testing before being used. However, several occurrences, such as the recall of 68,000 Chevy EV Bolts following five battery-related fires, have raised concerns about the safety of these batteries.

Electric vehicle batteries are made up of combustible components like lithium, manganese, and polymers. When lithium is exposed to water, it becomes extremely reactive. As a result, there are worries about these batteries' performance and safety in extremely dry or moist settings, thus limiting future sales.

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Country-wise Analysis

What Supports Increasing EV battery Sales in Europe?

In 2021, Europe is expected to account for over 30% of the global EV market by volume, registering a staggering CAGR over 35%. Because electric vehicles are currently relatively expensive, the growth of the EV battery business in the region is heavily reliant on government incentives and funds.

Germany is anticipated to remain at the forefront of the European EV battery industry. The presence of OEMs such as the VDL Groep (Netherlands) and AB Volvo (Sweden) in the region provides the potential for the EV battery market to flourish.

What are the Factors Driving Revenue Generation across Asia?

Asia will likely hold the greatest market share- with China capturing around 28.3% of the total revenue. In response to the growing preference for electric vehicles, Asian countries, particularly China, India, and South Korea, have seen an increase in electric vehicle battery demand in recent years.

Because of reduced labor costs and low maintenance expenses, China has a high concentration of electric and conventional vehicle battery manufacturers. Besides China, India is likely to emerge as a major powerhouse, expanding at a whopping 15% CAGR through 2031- attributed to rising government incentives to promote EV production.

How Opportunistic are Growth Prospects in the U.S.?

The U.S has established a dominant position in the electric car battery landscape. Continuing development of electric vehicles is intensifying competition among industry participants, translating into a flurry of product launches. Fact.MR expects the market to surge at around 25% CAGR.

Because of the expanding sales of electric automobiles in these locations, North America has seen an increase in electric vehicle battery demand. Tesla Motor Inc., Ford Motor Company, and Bayerische Motoren Werke AG are among the most well-known electric vehicle manufacturers in the U.S

Category-wise Insights

Why are Passenger Cars Stimulating Heightened Demand?

According to Fact.MR’s analysis, EV batteries for passenger cars are expected to register maximum sales, accounting for more than 50% revenue in forthcoming years. This majorly due to widening preference for EVs globally.

Adoption rates are especially high across Asia- with China emerging at the forefront. The region alone considered using 61% of all cobalt used globally in manufacturing EV batteries in 2019, according to the USGS National Minerals Information Center.

How are Stored Electricity Electric Vehicle Batteries Becoming Popular?

Demand for stored electricity based EV batteries are expected to gain significant traction, attributed to the fact that electric vehicles for traveling larger distances are acquiring popularity. A CAGR above 10% is projected for this segment.

Similar to common rechargeable batteries, very large batteries can store electricity until it is needed. These systems can use lithium ion, lead acid, lithium iron or other battery technologies. Furthermore, large capacity storage batteries increase durability, as opposed to those requiring constant recharging.

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Competitive Landscape

In forthcoming years, manufacturers in the electric vehicle battery industry will primarily focus on strategic acquisitions, collaborations, and product introductions.

  1. 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.
  2. 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.

Report Scope

Attribute

Details

Market size value in 2020

USD 91 Billion

Market forecast value in 2031

USD 900 Billion

Industry Growth Rate

CAGR of 25% from 2021 to 2031

Forecast Period

2021-2031

Historical Data Available for

2016-2020

Market Analysis

US$ Mn for Value & ‘000 Units for Volume

Key Regions Covered

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia
  • Oceania
  • Middle East & Africa

Key Countries Covered

  • U.S
  • Canada
  • Brazil
  • Mexico
  • Argentina
  • Germany
  • U.K
  • France
  • Spain
  • Italy
  • Japan
  • China
  • India
  • ASEAN
  • Australia
  • GCC
  • South Africa
  • Israel
  • Turkey

Key Market Segments Covered

  • Power Source
  • Powertrain
  • Vehicle Type
  • Region

Key Companies Profiled

  • Bayerische Motoren Werke 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.
  • Toyota Motor Corporation
  • Volkswagen AG, Toshiba Corporation
  • Delphi Automotive LLC (Aptiv)
  • Samsung SDI Co. Ltd.
  • LG Chem Ltd.
  • Denso Corporation
  • Panasonic Corporation

Pricing

Available upon Request

Key Segments Covered

  • Power Source

    • Stored Electricity Electric Vehicle Battery
    • On-board 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.)

Electric Vehicle Battery Market- Scope of Report

A recent study by Fact.MR on the electric vehicle battery market offers a 10-year forecast for 2021 to 2031. The study analyzes crucial trends that are currently determining the growth of the market. This report explicates on vital dynamics, such as the drivers, restraints, and opportunities for key market players along with key stakeholders as well as emerging players associated with offering electric vehicle battery.

The study also provides the dynamics responsible for influencing the future status of the electric vehicle battery market over the forecast period. A detailed assessment of value chain analysis, business execution, and supply chain analysis across regional markets has been covered in the report.

A list of prominent companies operating in the electric vehicle battery market, along with their product portfolios, enhances the reliability of this comprehensive research study.

Report Summary

The study offers comprehensive analysis on diverse features, including production capacities, demand, product developments, revenue generation, and sales of electric vehicle battery across the globe.

A comprehensive estimate on the market has been provided through an optimistic as well as a conservative scenario, taking into account the sales of electric vehicle battery during the forecast period. Price point comparison by region with global average price is also considered in the study.

Key Questions Answered in Report

  • Which are the most lucrative electric vehicle battery markets?
  • Which factors will impact the growth of electric vehicle battery?
  • How will changing trends impact the strategies of market players?
  • How can market players capture the low-hanging opportunities across regions?
  • Which companies are leading the electric vehicle battery industry?
  • What are the winning strategies of stakeholders in the market?

Analysis on Market Size Evaluation

The market has been analyzed for each segment in terms of volume (‘000 Units) and value (US$ Mn).

Estimates at global and regional levels for electric vehicle battery are available in terms of “US$ Mn” for value and in “‘000 Units” for volume. A Y-o-Y growth contrast on prominent market segments, along with market attractiveness evaluation, has been incorporated in the report. Furthermore, absolute dollar opportunity analysis of all the segments adds prominence to the report. Absolute dollar opportunity plays a crucial role in assessing the level of opportunity that a manufacturer/distributor can look to achieve, along with identifying potential resources, considering the sales and distribution perspective in the global electric vehicle battery market.

Inspected Assessment on Regional Segments

Key sections have been elaborated in the report, which have helped deliver projections on regional markets. These chapters include regional macros (political, economic, and business environment outlook), which are expected to have a momentous influence on the growth of the electric vehicle battery market during the forecast period

Country-specific valuation on demand for electric vehicle batteries has been offered for each region, along with market scope estimates and forecasts, price index, and impact analysis of the dynamics of prominence in regions and countries. For all regional markets, Y-o-Y growth estimates have also been incorporated in the report.

Detailed breakup in terms of value & volume for emerging countries has also been included in the report.

In-depth Analysis on Competition Analysis

The report sheds light on leading manufacturers of electric vehicle batteries, along with their detailed profiles. Essential and up-to-date data related to market performers who are principally engaged in offering electric vehicle batteries has been brought with the help of a detailed dashboard view. Market share analysis and comparison of prominent players provided in the report permits report readers to take preemptive steps in advancing their businesses.

Company profiles have been included in the report, which include essentials such as product portfolios and key strategies, along with all-inclusive SWOT analysis on each player. Company presence is mapped and presented through a matrix for all the prominent players, thus providing readers with actionable insights, which helps in thoughtfully presenting the market status, and predicting the competition level in the electric vehicle battery domain. 

Research Methodology

In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the electric vehicle battery industry, and reach conclusions on the future growth parameters. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the drawn conclusions.

Secondary resources referred to by analysts during the preparation of the market study include statistics from governmental organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, all of whom have contributed to the development of the research report as a primary resource.

- FAQs -

According to Fact.MR, the global electric vehicle battery industry was valued at US$ 91 Bn in 2020

Between 2016 and 2020, sales of electric vehicle batteries expanded at above 12% CAGR

As per Fact.MR’s estimates, sales of electric vehicle batteries would surge at a CAGR of over 25% to reach US$ 900 Bn by 2031

From 2021 to 2031, the electric vehicle battery industry is poised to expand nearly 10x

Until 2022, demand for electric vehicle batteries is likely to surge at 13.6% CAGR

Increased scramble to shift to alternative fuel powered vehicles, mostly EVs, is widening prospects for EV batteries

Sales of EV batteries in the U.S is expected to surge at a whopping 25% CAGR through 2031

Presence of numerous EV manufacturers renders Europe an attractive market, poised to grow at over 35% CAGR

China is expected to account for 28.3% of global revenue in the electric vehicle battery industry

Passenger cars remain the primary end user of EV batteries, capturing over 50% of global demand

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Is the market research conducted by Fact.MR?

Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.

What research methodology is followed by Fact.MR?

Fact.MR follows a methodology that encompasses the demand-side assessment of the market, and triangulates the same through a supply-side analysis. This methodology is based on the use of standard market structure, methods, and definitions.

What are the sources of secondary research?

Fact.MR conducts extensive secondary research through proprietary databases, paid databases, and information available in the public domain. We refer to industry associations, company press releases, annual reports, investor presentations, and research papers. More information about desk research is available upon request.

Who are the respondents for primary research?

Fact.MR speaks to stakeholders across the spectrum, including C-level executives, distributors, product manufacturers, and industry experts. For a full list of primary respondents, please reach out to us.

Is a sample of this report available for evaluation?

Yes, you can request a sample, and it will be sent to you through an email.