- Electric vehicle battery market registered a value CAGR of 12.2% during the period, 2012-2016. Growing consumer inclination towards electric vehicles (EVs) that run without fossil fuels, amid increasing concerns regarding alarming pollution levels and negative impact of climate change, has underpinned the market growth.
- Worldwide sales of electric vehicle batteries closed in on revenues worth US$ 90,700 million in 2018, and are estimated to record a Y-o-Y growth of nearly 14% in 2019.
- Asia Pacific Excluding Japan (APEJ) continues to retain its leading position in the electric vehicle battery market, with revenues exceeding US$ 35,000 million in 2018. Sales of electric vehicle batteries in the region remain driven by strong automotive industry and improving economy conditions.
- North America is likely to be a high growth market for electric vehicle batteries, accounting for nearly one-third share in 2018.
What are the Key Growth Drivers of Electric Vehicle Battery Market?
- A notable rise in the demand for zero-emission vehicles, on the account of increasing fuel prices, depletion of fossil fuel reserves, and tightening emission regulations, has been influencing the sales of batteries for electric vehicles. Prospects of the electric vehicle battery market will be promising, as cell manufacturers shift their focus towards adopting cutting-edge technologies and entering into strategic partnerships with automotive OEMs.
- Several government initiatives to push the adoption of electric vehicles to reduce emission and ease pollution along with expanding lists of countries announcing plans to ban the future production and sales of fossil fuel cars will continue to augur well with the growth electric vehicle battery market.
- Apart from its innovative technology, EVs are gaining increasing popularity among consumers for wide range of benefits including quieter ride, lower running cost, unique exterior styling, and increased interior space, which in turn will impact the sales of electric vehicle batteries.
- With significant increase in the demand of electric vehicles, key manufacturers are directing their investments towards R&D activities for the development of high-density lithium ion batteries, solid state battery technology, and others that can achieve longer range as well as reduce the time to charge. This, coupled with advances in battery management systems and improved pack design will continue to remain the key growth influencer of electric vehicle battery market.
Know More Details About the Report
What are the Key Challenges Faced by Electric Vehicle Battery Market Players?
- While electric vehicles are growing in popularity, there are still number of barriers before majority of consumers are comfortable with the switch; customer concerns regarding driving range, cost premium, lack of charging infrastructure, and time required to charge have limited the adoption of these vehicles. This may continue to challenge the sales growth of electric vehicle batteries.
- High cost of battery packs and various challenges associated with lithium-ion batteries including decrease in cell storage capacity over time, volatility of electrolytes, and suitable porous membrane to keep the electrolytes intact, may impede the adoption of electric vehicle batteries.
Electric Vehicle Battery Market - Competitive Landscape
- In May 2019, Panasonic Corporation, a leading player in electric vehicle battery market, announced the launch of ‘Nymbus’ – the first of its kind smart EV charging service in India. The new service, designed and developed to cater the growing Indian mobility market, combines various physical components such as charging stations, telematics systems, and others with virtual components including AI, cloud service, and analytics to deliver one stop solution.
- In April 2019, Robert Bosch GmbH announced that it has formed an alliance with the Swedish manufacturer of fuel-cell stacks - Powercell Sweden AB. Under the agreement, the two companies will work together to make the polymer-electrolyte membrane (PEM) fuel cells ready for production and use in commercial trucks and cars.
Founded in 1939, Toshiba Corporation is headquartered in Tokyo, Japan and has operations worldwide. The company is organized into for main groupings including the Digital Products Group, the Electronics Devices Group, the Social Infrastructure Group, and the Home Appliances Group. Toshiba’s line of SCiB™
rechargeable batteries offer the benefits of high energy density and rapid recharging, making important contributions to promoting the spread of electric vehicles.
Delphi Automotive PLC (Aptiv)
Founded in 1994, Delphi Automotive PLC is headquartered in Dublin, Ireland, and has renamed itself Aptiv in December 2017. Aptiv offers an extensive EV/HEV product portfolio with a complete range of E/E architecture systems and components for every high power and high voltage application.
Samsung SDI Co., Ltd.
Established in 1970, Samsung SDI Co., Ltd. is based in Yongin, South Korea, and specializes in manufacturing and sales of batteries worldwide. The company operates through three main segments including Chemicals, Electronic Materials, and Energy, and also offers a range of prismatic lithium-ion battery packs, battery cells and battery modules.
LG Chem Ltd.
Founded in 1947, LG Chem Ltd. is headquartered in Seoul, South Korea, and engages in the basic materials and chemicals, IT and electronic materials, energy solution, advanced materials, and life sciences businesses. The company specializes in supplying high-performance and quality batteries for electric vehicles to the global automobile manufacturers.
Established in 1949, Denso Corporation is based in Aichi Prefecture, Japan and operates in various regions around the world. In addition to automotive components, service parts and accessories, the company offers a range of product for electric and hybrid vehicles.
Avail customized purchase options for your needs
Parallel hybrid powertrains continue to account for relatively large sales of electric vehicle batteries, with nearly 70% share in 2018. Sales of these batteries remain driven by increasing use of parallel hybrid powertrains in EVs and HEVs, as they eliminate the inefficiency of converting mechanical power to electricity and increase efficiency for highway driving.
Electric vehicle battery market gains also remain significant from passenger cars, with sales in 2022 estimated to exceed US$ 33,000 million.
The Fact.MR study on electric vehicle battery market provides industry-based intelligence and in-depth insights into the global market. To carry out a detailed analysis on the growth of electric vehicle battery market for the period, 2017-2022, a unique methodology and holistic approach have been adapted.
An elaborate and complete secondary research is followed by a thorough primary research, to obtain valuable information about historical and current growth parameters of the electric vehicle battery market.
An Adaptive Approach to Modern-day Research Needs
A new Fact.MR report on electric vehicle battery market offers an elaborate and exhaustive market forecast for the period, 2017-2022. Various dynamics influencing the electric vehicle battery market are identified and their degree of impact has been analyzed and covered in the report.
Further, the report offers both qualitative and quantitative analysis of the macro- and micro-economic factors impacting electric vehicle battery market growth. The Fact.MR report also provides in-depth insights into the competitive landscape of electric vehicle battery market to direct its readers towards implementing and devising well-informed decisions.
Chapter 1 - Executive Summary
The report begins with an executive summary that offers multiple nodes and antinodes in the electric vehicle battery market including global market outlook, market dynamics, supply chain, cost structure, pricing analysis, mega trends, view-point of analysts, list of distributors, and opportunity assessment.
Chapter 2 - Market Overview
Current scenario of the electric vehicle battery market has been analyzed and briefly introduced in this chapter followed by a concrete definition of the targeted product – electric vehicle battery. Several segments identified in the global market of electric vehicle battery have been represented in the form of a taxonomy table.
Chapter 3 - Global Electric Vehicle Battery Market Analysis and Forecast by Power Source
This chapter focuses on the segment-wise analysis of electric vehicle battery market based on power source. On the basis of power source, the electric vehicle battery has been segmented into stored electricity and on board electric generator.
Chapter 4 - Global Electric Vehicle Battery Market Analysis and Forecast by Powertrain
The chapter covers segmental analysis of global electric vehicle battery market based on powertrain. Based on powertrain, electric vehicle battery can be segmented into series hybrid, parallel hybrid, and combine hybrid.
Chapter 5 - Global Electric Vehicle Battery Market Analysis and Forecast by Vehicle Type
Under the chapter, the report offers segmental analysis of global electric vehicle battery market based on vehicle type including passenger cars, commercial vehicles, two wheelers, and others (golf cart etc.)
Chapter 6 - Global Electric Vehicle Battery Market Analysis and Forecast by Region
The chapter covers historical market value along with current and future market value projections across six key regions. Y-o-Y growth trend analysis and market value share of each region have been provided in the chapter.
Chapter 7 - North America Electric Vehicle battery Market Analysis and Forecast
The chapter offers the key opportunities and challenges in the electric vehicle battery market in North America. It also includes insights into the market scenario in each country of North America.
Chapter 8 - Latin America Electric Vehicle battery Market Analysis and Forecast
The chapter details an accurate forecast of the electric vehicle battery market in Latin America, and provides detailed information of regional market. Key countries analyzed in the Latin America electric vehicle battery market include Argentina, Brazil, and rest of Latin America.
Chapter 9 - Europe Electric Vehicle battery Market Analysis and Forecast
The chapter covers an elaborate insights into the factors influencing the growth of electric vehicle battery market in Europe. It also includes market share analysis on the basis of country, power source, powertrain, and vehicle type.
Chapter 10 - Japan Electric Vehicle battery Market Analysis and Forecast
In this chapter, the report focuses on the novel developments and opportunities in the Japan electric vehicle battery market. Comprehensive insights into market performance in the country are also provided in the chapter.
Chapter 11 - APEJ Electric Vehicle battery Market Analysis and Forecast
The chapter focuses on important factors influencing the growth of the electric vehicle battery market in APEJ. Market value proportion analysis, pricing analysis, and detailed insights into performance of all market segments in the region have been included in this chapter.
Chapter 12 - Middle East & Africa Electric Vehicle battery Market Analysis and Forecast
The chapter provides comprehensive insights into the electric vehicle battery market in the Middle East & Africa (MEA) including key drivers, recent trends, opportunities, and challenges in the region. It also offers current scenario of the electric vehicle battery market in various countries across MEA.
Chapter 13 - Competitive Landscape
The chapter offers a dashboard view of the market share analysis of key players in electric vehicle battery market, along with structural analysis. It also provides company profiles, product offerings, key financials, strategies, and regional presence of each leading player in the electric vehicle battery market.
Need an Exclusive Report for your Unique Requirement?
- Our Clients -
- Evaluate How Fact.MR's Report Can Help. -
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.