Electric Vehicle Battery Market Key Facts and Forecast Predictions Presented Until 2022

Posted on 2019-10-09 by Mark Hub in Automotive, Industrial // 0 Comments

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.

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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.

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.

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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.

Toshiba Corporation

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 cells, battery modules and battery packs.

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.

Denso Corporation

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.

Additional Insights

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.

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Electric vehicle battery market gains also remain significant from passenger cars, with sales in 2022 estimated to exceed US$ 33,000 million.

Research Methodology

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.

About Fact.MR

Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that’s why we publish multi-industry global, regional, and country-specific research reports.

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