Electric vehicle (EV) battery market size to grow by USD 53.62 billion from 2022 to 2027, Increasing demand for EVs and their expanded applications to influence market growth - Technavio

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Nov 12, 2023, 20:30 ET

NEW YORK, Nov. 12, 2023 /PRNewswire/ -- Technavio has been monitoring the electric vehicle (EV) battery market, and it is expected to grow by USD 53.62 billion during the five-year forecast period. As per the latest report, the market will progress at a CAGR of 19.57% during 2022-2027. This report aids business leaders with an up-to-date analysis that includes the study of the current market scenario, the latest trends and drivers that are likely to influence the market growth, and the overall market environment. The increasing demand for EVs and their expanded applications are driving market growth. Advances in EV technology improve charging infrastructure, which is expected to boost the demand for battery electric vehicles (BEVs) during the forecast period. The rising demand for BEVs and PHEVs increases revenue generation. EV powertrains are being used for regular internal combustion engine vehicles, such as 48V systems, start-stop/micro-hybrid systems, and regenerative braking systems. This increases the workload on the battery, thereby driving demand for battery thermal management systems (BTMS) solutions. These solutions enable wider operating temperature ranges, extend battery life, and expand the range of EVs. These factors are anticipated to fuel market growth during the forecast period. Download the latest sample report within minutes!

Technavio has announced its latest market research report titled Global Electric Vehicle (EV) Battery Market 2023-2027

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. A123 Systems LLC, Ballard Power Systems Inc., BYD Co. Ltd., Clarios, Crown Battery Manufacturing Co., Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Enertech International Inc., Envision Group, Exide Industries Ltd., GS Yuasa Corp., Hitachi Ltd., LG Chem Ltd., OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., SK Innovation Co. Ltd., Solid Power Inc., Tianneng Battery, and Zhejiang Narada Power Source Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.

The increasing use of software and sensors for intelligent battery management systems (BMS) is a key trend in the market. EVs and plug-in hybrid electric vehicles (PHEVs) have innovative features such as global positioning systems (GPS), modern power train systems, AC systems, power windows, and displays. All of these features consume a large amount of power. Therefore, there is a need for rechargeable batteries. The increased use of powertrain systems in EVs and PHEVs has increased the use of high-power-density lithium-ion batteries. This has influenced battery manufacturers to increase their focus on developing advanced high-end BMS solutions through R&D. Such factors are expected to increase the use of EV batteries, which, in turn, will support market growth during the forecast period.

Electric Vehicle (EV) Battery Market 2023-2027: Segmentation

Type

Lithium-ion Battery
Lead-acid Battery
Others

Vehicle Type

Battery Electric Vehicle
Plug-in Hybrid Electric Vehicle
Hybrid Electric Vehicle

Geography

APAC
Europe
North America
South America
Middle East and Africa

The lithium-ion battery segment will account for a significant share of market growth during the forecast period. This growth is attributed to factors such as the high demand for lithium-ion batteries from the EV industry and the declining prices of battery technology. Lithium-ion batteries are manufactured using various combinations of anode and cathode materials, each of which has different safety, cost, and performance characteristics. These factors will drive the growth of the segment during the forecast period.

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The growing global power crisis is challenging market growth. The global demand for electricity to power EVs is increasing, with the expansion of the markets for hybrid electric vehicles (HEVs) and EVs. Some countries, such as India and Japan, are facing a power crisis. Currently, Japan imports more than 85% of its primary energy. This has increased the country's dependence on oil imports, thereby driving electricity prices. The energy crisis and the rising cost of power generation have a major impact on EV sales. These factors are expected to hinder the growth of the EV battery market during the forecast period.

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Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession
Global competitiveness and key competitor positions
Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - Buy the report!

Electric Vehicle (EV) Battery Market 2023-2027: Vendor Analysis

We provide a detailed analysis of around 25 vendors operating in the EV battery market. Backed with competitive intelligence and benchmarking, our research reports on the EV battery market are designed to provide entry support, customer profile, and M&As, as well as go-to-market strategy support.

Vendor offerings

Ballard Power Systems Inc. - The company offers EV batteries such as Fcmove HD and Fcmove XD.
BYD Co. Ltd. - The company offers electric vehicle batteries such as BYD Han EV.
Clarios - The company offers electric vehicle batteries such as Clarios xEV.
Crown Battery Manufacturing Co. - The company offers EV batteries such as G2 CR-205, GC2 CR-220, and GC2 CR-235.

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Electric Vehicle (EV) Battery Market 2023-2027: Key Highlights

CAGR of the market during the forecast period 2023-2027
Detailed information on factors that will assist electric vehicle (EV) battery market growth during the next five years
Estimation of the electric vehicle (EV) battery market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the electric vehicle (EV) battery market
Analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of electric vehicle (EV) battery market vendors

Related Reports:

The light vehicle batteries market size is expected to increase by USD 34.06 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.72%.

The size of the energy storage market for unmanned aerial vehicles (UAVs) is predicted to surge by USD 2.26 billion from 2021 to 2026 at a CAGR of 17.97%.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio