EV Battery Market worth $67.2 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Feb. 18, 2021 /PRNewswire/ -- According to the new market research report "EV Battery Market by Battery Capacity (<50, 50-110, 111-200, 201-300 and >300), Battery Form (Wire, Laser), Propulsion (BEV, PHEV, PHEV, FCEV), Battery Type, Material Type, Li-ion Battery Component, Method, Vehicle Type & Region - Global Forecast to 2025", published by MarketsandMarkets™, the global EV Battery Market is projected to grow at a CAGR of 25.3% from USD 27.3 billion in 2021 to USD 67.2 billion by 2025.
Browse in-depth TOC on "EV Battery Market"
176 – Tables
80 – Figures
248 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id= 100188347
The growth of the EV Battery Market can be attributed to the increasing demand of electric vehicles, improvement in battery technology, supporting government policies and regulations, and launch of new plug-in EV models.
Asia pacific is expected to be the largest EV Battery Market in the forecast
Countries such as China, Japan, India, South Korea, and Thailand are considered under Asia Pacific for market analysis. China is the largest contributor to the global market, accounting for a share of more than 95%. Chinese companies such as Panasonic, LG, Chem, Samsung, CATL, and BYD are dominating both the Chinese and global EV Battery Market. Chinese EV manufacturers, who have access to cheaper parts and components, are providing electric vehicles at lower prices.
The Chinese government has made significant investments to convert conventional public transport fleets into electric ones, which also drives the EV Battery Market. In 2019, BYD launched its K12A, the world's first 27-m pure electric bus. With a passenger capacity of 250 people, it is the longest pure electric bus in the world and can travel at a maximum speed of 70 km/h. The K12A is also the world's first electric bus equipped with a distributed 4WD system, which can smoothly switch between 2WD and 4WD to meet the demands of different terrains, while also lowering the vehicle's overall energy consumption.
The Indian government has announced plans for financial support for EVs—a zero-rated goods and services tax (GST) and the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME) scheme run by the Department of Heavy Industries to increase the adoption of electric vehicles. State authorities are rolling out contracts for electrifying the public transport fleet. For example, in 2018, BYD supplied 25 electric buses to the city of Pune and is expected to supply more in other cities.
South Korea and Japan started adopting electric vehicles in the last few years, with the introduction of hybrid vehicles. In October 2020, Toyota and Panasonic formed a joint venture to begin the production of batteries for hybrid vehicles at a facility in Japan. The Japanese manufacturer, Mitsubishi has announced to spend USD 9.6 million to boost production of electrolyte solution for lithium-ion batteries in 2021. The company will used this fund to upgrade equipment at plants in the U.S., the U.K. and China.
With advancements in battery technology and focused research, the presence of EVs in these countries has grown considerably.
Europe is expected to be the fastest-growing market during the forecast
Countries such as Germany, France, Spain, UK, Italy, Norway, Sweden, and Denmark are considered under Europe for market analysis. The presence of OEMs such as VDL Groep (Netherlands) and AB Volvo (Sweden) offers opportunities for the growth of the EV Battery Market in the region. The increasingly stringent regulations related to environmental issues are propelling market players to test and develop advanced vehicles, which will further boost the market for advanced battery technologies. For example, Brexit deal creates an opportunity for Nissan to expand the business operations at its Sunderland plant. In return, the Japanese OEMs is even investing in the UK and other European countries. Nissan is interested to build additional battery production capacity in Sunderland. In September 2020, Mercedes-Benz, a subsidiary of Daimler AG, introduced its new all-electric eCitaro G, optionally equipped with innovative solid-state batteries. In December 2019, Volvo Trucks, a subsidiary of AB Volvo, developed heavy-duty electric concept trucks for construction operations and regional distribution.
France is expected to be the fastest-growing market for EV batteries in the region. The initiatives undertaken by the French government to promote electric commercial vehicles and electrification of public transport fleets are driving the country's EV Battery Market. The government in Germany is also focusing on increasing the use of electric vehicles.
Major battery manufactures have been expanding their networks in the European region that has allowed significant growth of EVs and batteries. For instance, in 2017, Samsung SDI has invested about USD 1.3 billion to expand its factory in Hungary. This allowed Samsung to start production in 2018 on the Hungary plant, which produced batteries for 50,000 EVs that year.
Request FREE Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id= 100188347
The laser bonding segment is expected to be the largest EV method in the forecast
The laser bonding method is expected to lead the EV Battery Market during the forecast period. This method is mostly preferred due to its non-contact process that enables welding of dissimilar materials with high precision. Laser bonding is considered a reliable technology to connect battery cells and achieve fast production of battery pack conductive joints.
Key Market Players:
The global EV Battery Market is dominated by major players CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).The key strategies adopted by these companies to sustain their market position are new product developments,merges & acquistions, supply contracts, partnerships, expanisons, collaborations, acquisitions, and contracts & agreements.
Browse Related Reports:
Electric Commercial Vehicle Market by Propulsion Type, Vehicle Type, Range, Battery Type, Length of Bus, Power Output Type, Battery Capacity Type, Component Type, Autonomous Vehicles Type, End User and Region - Global Forecast to 2028
Electric Vehicle Charging Station Market by Level of Charging (Level 1, Level 2 & Level 3, By Charging Infrastructure (Normal Charge, Type-2, CCS, CHAdeMO and Tesla Supercharger), DC fast Charging (Fast & Ultra-fast) - Global Forecast to 2027
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/electric-vehicle-battery-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/electric-vehicle-battery.asp
SOURCE MarketsandMarkets
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article