Global Electric Vehicle Battery Market Size Expected to Reach $82.20 billion at CAGR of 6.6% by 2027

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Nov 23, 2021, 08:30 ET

PALM BEACH, Fla., Nov. 23, 2021 /PRNewswire/ -- FinancialNewsMedia.com News Commentary - The global electric vehicle market has been growing in the past several years and is projected to continue at a high growth rate for years to come. EVs have multiple emission advantages over the traditional internal combustion engine vehicles. The former is capable of utilizing and developing renewable energy resources. They also don't emit harmful gases in the atmosphere. The global electric vehicle battery market is set to gain impetus from the increasing development of new battery chemistries for electric vehicles (EVs) worldwide. Nowadays, people are inclined towards lithium-nickel-manganese-cobalt-aluminum oxide (NMCA) composition as they provide higher energy density and longer life cycle. According to a report from Fortune Business Insights, global electric vehicle battery market size is projected to reach USD 82.20 billion at CAGR of 6.6% by 2027. The report said: "The rising number of awareness programs about rapid climate change is compelling the regulatory bodies to deploy strict norms and regulations on fuel economy. They are also nowadays promoting the development of EVs through multiple initiatives, such as providing incentives to manufacturers. However, the lack of charging infrastructure may hinder the usage of EVs in developing nations, further restraining the electric vehicle battery market growth in the coming years." Active EV stocks in news today include: Triad Pro Innovators, Inc. (OTCPK: TPII), NIO Inc. (NYSE: NIO), ChargePoint Holdings, Inc. (NYSE: CHPT), QuantumScape Corporation (NYSE: QS), Canoo (NASDAQ: GOEV).

Fortune Business continued: "Based on vehicle type, the battery electric vehicle (BEV) segment is set to hold the largest electric vehicle battery market share in 2019. This growth is attributable to the rising fuel economy regulations and quota systems implemented by the government agencies in the emerging economies. The market for electric vehicle batteries houses several renowned manufacturers, such as Panasonic, Samsung, BYD, and LG Chem. Some of them are participating in collaboration strategy to co-develop new products, while the others are aiming to launch innovative electric vehicle batteries for strengthening their positions."

Triad Pro Innovators, Inc. (OTCPK: TPII) BREAKING NEWS - TPII Provides Update on Spree Solar-Powered EV Rapid-Charge Battery Technology – Certification in Progress - Triad Pro Innovators, Inc. is pleased to announce it has commenced the certification process for its breakthrough solid-state energy storage system: the Triad Pro eCell.

Engaging the expertise of the renowned CertifiGroup, the company is initially seeking UL and CSA certification. Achieving this milestone will allow the company to go ahead with the production and development of additional commercial applications for its breakthrough technology.

Triad Pro eCell offers major advantages over lithium-ion battery technology - In addition to its ultra-rapid charge cycles, the company's eCell technology provides several additional advantages not available using existing lithium-ion or lead-acid batteries:

Non-explosive and non-volatile
Stable in extreme temperatures
100% recyclable
30,000+ discharge-recharge cycles

The eCell achieves these properties via the use of supercapacitors, which contain no volatile chemicals. Its energy-density and rapid-charging capabilities are a result of modern advancements in supercapacitor manufacturing coupled with the company's proprietary control circuits and software.

Spree solar-powered EV provides limited preview of eCell's rapid charging abilities - Speaking to the eCell's ultra-fast charging capabilities, company CEO Murray Goldenberg said, "The easy answer is that the time taken to recharge is dependent on the source of input. The eCell will accept a charge at any rate from any source, depending on the source."

Providing an example, the company's Spree solar-powered golf carts are currently capable of a complete recharge in under 1-hour when connected to a standard 110V wall outlet. Here, the limiting factor is the maximum amperage available from a conventional wall socket.

By way of comparison, most golf carts take anywhere from 5 to 8 hours to fully recharge. Here, the limiting factor is the underlying battery technology: usually lead-acid or lithium-ion. This is primarily due to the upper limits imposed by the use of volatile substances, which overheat if charged too rapidly, thus posing fire and explosion hazards.

The eCell's solid-state technology also offers other significant advantages over standard battery technologies. In its solar-powered Spree EV, the eCell will outlast the vehicle's life with over 30,000 charge-discharge cycles available. Backing this up, the company offers a 10-year warranty on the eCell installed in its Spree vehicles.

Licensing and product development opportunities - Successful certification of the Triad Pro eCell will enable Triad Pro Innovators to move ahead with the development of additional licensing opportunities and commercial applications for its technology.

TPII expects to develop multiple licensing opportunities within one-year post-certification. Possible licensing targets for its eCell technology include other electric vehicle manufacturers, as well as commercial equipment suppliers to the oil and mining industry. CONTINUED… Read this full press release for Triad Pro Innovators, Inc by visiting: https://triadproinc.com/news/

In other EV news of note:

ChargePoint Holdings, Inc. (NYSE: CHPT), a leading electric vehicle (EV) charging network operating in North America and Europe, recently announced significant milestones, including the closing of its previously announced acquisition of leading European electric mobility platform has·to·be.

"Today we announce our accelerating leadership position in the European EV charging market with the closing of our acquisition of has·to·be, which combined with our acquisition of ViriCiti and our existing broad portfolio of charging infrastructure solutions position ChargePoint well in commercial and fleet segments. With these acquisitions, we grew our talent pool across and have state-of-the-art research and development centers across Europe," said Pasquale Romano, CEO of ChargePoint. "These key milestones further strengthen our commitment to the European EV charging market, to complement our position as a leader in EV charging in North America."

NIO Inc. (NYSE: NIO), a pioneer and a leading company in the premium smart electric vehicle market, recently announced its unaudited financial results for the third quarter ended September 30, 2021.

Operating/Financial Highlights for the Third Quarter 2021: Deliveries of vehicles were 24,439 in the third quarter of 2021, including 5,418 ES8s, 11,271 ES6s and 7,750 EC6s, representing an increase of 100.2% from the third quarter of 2020 and an increase of 11.6% from the second quarter of 2021; Vehicle sales were RMB8,636.8 million (US$1,340.4 million) in the third quarter of 2021, representing an increase of 102.4% from the third quarter of 2020 and an increase of 9.2% from the second quarter of 2021; Vehicle margin was 18.0%, compared with 14.5% in the third quarter of 2020 and 20.3% in the second quarter of 2021; Total revenues were RMB9,805.3 million (US$1,521.8 million) in the third quarter of 2021, representing an increase of 116.6% from the third quarter of 2020 and an increase of 16.1% from the second quarter of 2021; Gross profit was RMB1,993.2 million (US$309.3 million) in the third quarter of 2021, representing an increase of 240.3% from the third quarter of 2020 and an increase of 26.6% from the second quarter of 2021; and Gross margin was 20.3%, compared with 12.9% in the third quarter of 2020 and 18.6% in the second quarter of 2021.

QuantumScape Corporation (NYSE: QS) recently released 10-layer battery cell testing data showing 800 cycles at better than one-hour charge rates at 25 °C, achieving the goal it had laid out for 2021. With this achievement, QuantumScape has now met all the milestones it laid out at the beginning of the year.

"We are delighted to share this data on 10-layer cell performance," said Jagdeep Singh, co-founder and CEO of QuantumScape. "This demonstrates that we continue to successfully execute on the objectives we established to scale up our technology and manufacturing efforts. These are groundbreaking results, as we believe no other player has demonstrated equivalent performance with solid-state or lithium-metal battery technology."

The results confirm that the company achieved the goal, which was to demonstrate a 10-layer cell capable of at least 800 cycles with energy retention greater than 80%; a 1C-1C charge and discharge rate; at 25°C, 3.4 atmospheres of pressure, and 100% depth of discharge.

Canoo (NASDAQ: GOEV), a manufacturer of breakthrough electric vehicles (EVs) that are reinventing mobility, recently announced it will expand its Oklahoma partnership to include new R&D, software development and customer support and financing centers. The investments are expected to bring at least 700 additional high paying jobs to the state.

"Oklahoma is fast emerging as a premier location for global innovation, supported by a committed and inspiring group of businesses, family, educational and government leaders," said Tony Aquila, Investor, Chairman and CEO, Canoo, Inc. "These transformational partnerships have helped build a skilled workforce and excellent research universities, making Oklahoma the right place to develop cutting edge software for our total EV solutions."

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