REDDING, Calif., June 24, 2024 /PRNewswire/ -- According to a
new market research report titled, 'Electric Vehicle
Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors,
Solid-state Batteries), Battery Capacity (<50 kWh, 51-100 kWh,
101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Battery
Form, Application, End User, and Geography—Global Forecast to
2031,' the electric vehicle batteries market to
be worth $415.9 Billion by 2031, at a
CAGR of 33.1% from 2024–2031.
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Electric vehicle batteries are used to power the electric motors
of battery electric vehicles (BEV) or hybrid electric vehicles
(HEV). EV batteries are made up of numerous cells put into a frame
to provide protection from external shocks such as heat or
vibration called modules. EV batteries have high power density and
high energy density for providing optimal driving range to the
vehicles.
The growth of the electric vehicle batteries market is driven by
supportive government policies and regulations, decreasing battery
prices, and increasing investment by leading automotive OEMs.
However, the potential shortfall in lithium mining capabilities and
the low energy density of lithium-ion batteries restrain the growth
of this market.
Furthermore, increasing adoption of electric mobility in
emerging economies, growing investments in developing lithium-ion
battery capacity, and growing deployment of battery-as-a-service
are expected to offer significant growth opportunities for players
operating in the electric vehicle batteries market. However, the
potential safety issues in EV batteries may hinder the growth of
this market.
The electric vehicle batteries market is segmented based on type
{lithium-ion battery, sealed lead acid battery, nickel-metal
hydride battery, ultracapacitors, solid-state batteries, and other
battery types}, battery capacity {less than 50kWh, 51kWh to 100kWh,
101kWh to 300kWh, and more than 300kWh}, bonding type {wire bonding
and laser bonding}, battery form {prismatic, pouch, and
cylindrical}, application {electric cars (battery electric
vehicles, plug-in hybrid electric vehicles, and pure hybrid
electric vehicles), light commercial vehicles, heavy commercial
vehicles (electric bus and electric trucks), E-scooters &
motorcycles, and E-bikes}, end user {electric vehicle OEMs and
battery swapping stations}, and geography. The study also evaluates
industry competitors and analyzes the market at the regional and
country levels.
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Based on type, the global electric vehicle batteries
market is broadly segmented into lithium-ion batteries, sealed lead
acid batteries, nickel-metal hydride batteries, ultracapacitors,
solid-state batteries, and other battery types. In 2024, the
lithium-ion battery segment is expected to account for the largest
share of the global electric vehicle batteries market. The large
market share of this segment is attributed to its higher energy
density, compactness, durability, and lightweight. Various
automotive OEMs are increasingly partnering with battery OEMs to
develop lithium-ion batteries, secure battery supply chains for
their existing and upcoming electric vehicles, and achieve
technology leadership in EV batteries.
A lithium-ion (Li-ion) battery is a type of rechargeable battery
that uses lithium ions as a key component of its electrochemistry.
Lithium-ion batteries have a higher energy density than lead-acid
batteries or nickel-metal hydride batteries, due to which this type
of battery can store more electricity in the same size cell as
compared to other batteries. Also, various automotive OEMs are
partnering with battery OEMs to develop EV batteries and secure
battery supply chains for their existing and upcoming electric
vehicles and achieve technology leadership in EV batteries. For
instance, In April 2024, German auto
giant BMW Group partnered with Rimac Technology (Croatia) to develop high-voltage EV batteries.
The battery tech will start making an appearance on BMW Group cars
in the second half of the decade. In April
2024, Hyundai Motor Co (South
Korea) and Kia Corp (South
Korea) signed a memorandum of understanding with
India's Exide Energy Solutions Ltd
to supply batteries for their electric vehicles in a bid to boost
competitiveness in the world's No.3 auto market. Under this
partnership with Exide Energy, a unit of Exide Industries Ltd aims
to localize its EV battery production in India, specifically focusing on
lithium-iron-phosphate (LFP) cells.
Additionally, the lithium-ion battery segment is also projected
to register the highest CAGR during the forecast period.
Based on battery capacity, the global electric vehicle
batteries market is broadly segmented into less than 50kWh,
51kWh to 100kWh, 101kWh to 300kWh, and more
than 300kWh. In 2024, the 51kWh to 100kWh segment is
expected to account for the largest share of the electric vehicle
batteries market.
However, the 101kWh to 300kWh segment is expected to
record the highest CAGR during the forecast period. The growth of
this segment is attributed to the rise in fuel prices and
government initiatives for lowering fleet emissions of logistics
and public transportation and the rise in fuel prices and
government initiatives for lowering fleet emissions of logistics
and public transportation. Also, the increasing launch of new EVs
by automotive OEMs for electrification of logistics and public
transport fleets and the increasing adoption of electric vehicles
by E-commerce companies such as Amazon.com, Inc., (U.S.) and United
Parcel Service, Inc. (U.S.) are supporting the market's growth
during the forecast period.
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Based on bonding type, the global electric vehicle
batteries market is broadly segmented into wire bonding and laser
bonding. In 2024, the wire bonding segment is expected to account
for the largest share of the global electric vehicle batteries
market. The growth of the segment is attributed to the high
reliability of wire bonding technology, low production cost, better
thermal relief properties, lesser scrap production, and easy
replaceability of faulty wire bonds. Wire bonding can handle
extreme temperature ranges, shock, and vibrations over increasingly
longer lifetimes. Wire bonding is increasingly used for
applications such as battery cell-to-cell connections, battery
cell-to-busbar connections, and battery management system (BMS)
interconnects. Wire bonding is an ultrasonic, metal friction
welding process that is used to connect cells to a battery pack.
This process takes place at room temperature, and no external heat
is necessary for welding. Wire bonding is a combination of three
parameters that form the bond: vertical force, ultrasonic power,
and time. An ultrasonic transducer generates vibrations in the
range of about 60kHz. Vibrations are transferred to the welding
area for a period in the order of 100ms. Wire bonding makes fast
and fully automated connections, and it allows better thermal
relief as the cell can be placed against the enclosure.
However, the laser bonding segment is expected to record the
highest CAGR during the forecast period mainly because laser-welded
bonds can withstand higher currents, offer the advantages of narrow
welds, high welding speed, and low level of heat, which is
important for battery tab welding because the chemicals within the
batteries are heat sensitive.
Based on battery form, the global electric vehicle
batteries market is broadly segmented into prismatic, pouch, and
cylindrical. In 2024, the colorful segment is expected to account
for the largest share of the global electric vehicle batteries
market. The large market share of this segment is attributed to
various factors, as this form has a very thin profile, providing
better space utilization and allowing flexibility in battery design
and high-power quality. Prismatic cells offer better layering
options than other types of cells, due to which they are commonly
used in critical applications like EV batteries. Also, prismatic
cells are highly stable since they are encased in steel or aluminum
casing. Prismatic cells are made of aluminum alloy and contained in
a rectangular can. The electrodes are either stacked or in the form
of a flattened spiral. They are usually designed to have a very
thin profile for use in small electronic devices. Prismatic cells
provide better space utilization at the expense of slightly higher
manufacturing costs, lower energy density, and more vulnerability
to swelling.
However, the pouch segment is expected to record the
highest CAGR during the forecast period. The growth of this segment
is attributed to higher energy density compared with the same
weight of prismatic cells, more safety performance, and lower
internal resistance.
Based on application, the global electric vehicle
batteries market is broadly segmented into electric cars, light
commercial vehicles, heavy commercial vehicles, E-scooters &
motorcycles, and E-bikes. Electric cars are further segmented into
battery electric vehicles, plug-in hybrid electric vehicles, and
pure hybrid electric vehicles. Heavy commercial vehicles are
further segmented into electric buses and electric trucks. In 2024,
the electric cars segment is expected to account for the largest
share of the global electric vehicle batteries market. The large
market share of this segment is attributed to growing concerns
regarding the negative environmental effects of vehicular
emissions, supportive government initiatives to decarbonize
transportation, and increasing efforts by major automotive OEMs to
reduce greenhouse gas emissions and transform their product
line-ups into green and clean, environment-friendly vehicles. Also,
battery OEMs are increasingly investing in the R&D of new
battery technologies for reducing the car's battery size
cost-effectively and improving its performance and power to weight
ratio. An electric car primarily uses a lithium-ion battery pack
made of several cells, a battery management system (BMS) for
monitoring and optimizing battery performance, and a cooling
circuit (using air or liquid) for maintaining optimum operating
temperatures, all encased within a reinforced waterproof box. A
Lithium-ion (Li-ion) battery is primarily used as they have a
higher energy density compared to other rechargeable battery
technologies available. They also have a high power-to-weight
ratio, high energy efficiency, good performance at high
temperatures, and low self-discharge rate. Various key players in
this market launch various initiatives in the development of the
market. For instance, in February
2024, Car sharing marketplace Zoomcar (India) partnered with electric vehicles
self-drive rental firm SPARKCARS to introduce over 1,000 EVs on its
platform across India within the
next two years. This partnership will help increase the supply of
EV cars available for self-drive to meet the growing needs of
convenient and independent travel. In October 2023, Honda Motor Co., Ltd. (Japan) partnered with General Motors (U.S.) to
jointly develop affordable electric vehicles (EVs), just a year
after they agreed to work together in a USD
5 billion effort to try to beat Tesla (U.S.) in sales.
However, the light commercial vehicle segment is expected to
record the highest CAGR during the forecast period. The growth of
this segment is attributed to the increasing shift of retail MNCs
and transport fleet operators to electric light commercial
vehicles, growing awareness regarding the role of electric vehicles
in reducing emissions, increase in demand for electric vehicles to
reduce fleet emissions, and stringent government rules and
regulations towards vehicle emissions.
Based on end user, the global electric vehicle batteries
market is broadly segmented into electric vehicle OEMs and battery
swapping stations. In 2024, the electric vehicle OEMs segment is
expected to account for the larger share of the global electric
vehicle batteries market. The growth of the segment is attributed
to the increasing consumer adoption of EVs for personal use,
increasing investment by automotive OEMs in EV battery
manufacturing capacities to create a secure supply chain for their
future electric vehicles, and the increasing launch of new EV
models by automotive OEMs. Moreover, all major EV OEMs currently
cover batteries in a warrant for 8 to 10 years, due to which
customers buy replacement batteries for older EVs from OEMs,
further supporting the battery demand by EV OEMs.
However, the battery swapping stations segment is expected
to record the highest CAGR during the forecast period. The growth
of this segment is attributed mainly to battery swapping services
that help reduce EV acquisition costs, increase the battery
lifespan, and increase battery swapping services by various
automotive start-up companies. Also, other mobility stakeholders,
such as oil refining companies, are partnering with E-mobility
start-ups to set up battery-swapping stations, which will support
the market growth of this segment. Battery swapping is a service in
which a drained battery is exchanged for a fully charged battery at
a battery swapping station (BSS). The BSS acts as a battery
aggregator that provides the infrastructure where the number of
batteries is kept in charging and charged batteries are made
available to the EV drivers. The battery swapping service helps to
reduce EV acquisition costs, i.e., we can separate the vehicle
business from the energy business, and it eliminates long-time
charging. AC charging and even fast DC charging require time for
charging as per their battery capacity but battery swapping service
is as fast as refueling a conventional vehicle.
Additionally, various key players in this market launched
various initiatives in the development of the market. For instance,
in December 2023, Stellantis N.V.
(Netherlands) signed a binding
agreement with Ample (U.S.) to establish a partnership in electric
vehicle (EV) battery charging technology capable of delivering a
fully charged electric vehicle battery in less than five minutes.
The two partners have agreed to work toward integrating Ample's
Modular Battery Swapping solution in Stellantis electric
vehicles.
Based on geography, the electric vehicle batteries market
is segmented into North America,
Europe, Asia-Pacific, Latin
America, and the Middle
East & Africa. In 2024,
Asia-Pacific is expected to
account for the largest share of the global electric vehicle
batteries market. The penetration of electric vehicles drives the
market growth in Asia-Pacific at a
higher rate as compared to other regions. Increasing demands for
EVs and associated charging facilities, a growing number of
start-ups offering numerous solutions and services in the electric
mobility industry, and growing government initiatives in developing
charging infrastructure and incentive programs for EV adopters are
factors driving the electric vehicle market's growth in this
region, which will support the demand of electric vehicle batteries
in the region during the forecast period.
However, the European region is projected to record the highest
CAGR during the forecast period. The growth of this market is
attributed to various key players planning to launch numerous
gigafactories in this region to meet the anticipated surge in
demand for electric vehicles (EVs) and the high adoption of
electric mobility. European governments are taking initiatives to
promote EV adoption, with the European Battery Alliance setting an
objective for 90% of Europe's
annual battery demand to be supplied from within the EU by 2030,
according to a U.K. Parliament report.
By 2030, Germany is expected to
have the largest amount of battery manufacturing capacity in
Europe. Eastern European
countries, such as Hungary and
Poland, have also attracted
significant investments from leading Asian battery manufacturers,
partly due to the cheaper land and labor in these countries but
also because of their proximity to the German car industry.
The key players operating in the global electric vehicle
batteries market are SK Innovations Co. Ltd. ( South Korea), LG Chem, Ltd (South Korea), Farasis Energy (GanZhou) Co.,
Ltd. (China), SVOLT Energy
Technology Co., Ltd. (China), BYD
Company Limited (China), Samsung
SDI Co., Ltd. (South Korea), GS
Yuasa International Ltd. (Japan),
Vehicle Energy Japan Inc. (Japan),
Northvolt AB (Sweden), Panasonic
Corporation (Japan), Contemporary
Amperex Technology Co. Limited (CATL) (China), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd.
(Japan), E-One Moli Energy Corp.
(Taiwan), StoreDot Ltd.
(Israel), NOHMs Technologies, Inc.
(U.S.), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), and
QuantumScape Corporation (U.S.).
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Scope of the Report:
Electric Vehicle Batteries Market, by Type
- Lithium-ion Battery
- Sealed Lead Acid Battery
- Nickel-metal Hydride Battery
- Ultracapacitors
- Solid-state Batteries
- Other Battery Types
Electric Vehicle Batteries Market, by Battery Capacity
- Less Than 50kWh
- 51kWh to 100kWh
- 101kWh to 300kWh
- More Than 300kWh
Electric Vehicle Batteries Market, by Bonding Type
Electric Vehicle Batteries Market, by Battery Form
- Prismatic
- Pouch
- Cylindrical
Electric Vehicle Batteries Market, by Application
- Electric Cars
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicles
- Pure Hybrid Electric Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Electric Bus
- Electric Trucks
- E-scooters & Motorcycles
- E-bikes
Electric Vehicle Batteries Market, by
End User
- Electric Vehicle OEMs
- Battery Swapping Stations
Electric Vehicle Batteries Market, by Geography
- Asia-Pacific
- China
- Japan
- South Korea
- Taiwan
- India
- Thailand
- Indonesia
- Rest of Asia-Pacific
- Europe
- Germany
- France
- U.K.
- Norway
- Sweden
- Italy
- Spain
- Poland
- Hungary
- Rest of Europe
- North America
- Latin America
- Middle East and Africa
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