The "Global EV Battery Market by Battery Capacity (<50, 50-110, 111-200, 201-300, >300), Battery Form (Wire, Laser), Propulsion (BEV, PHEV, PHEV, FCEV), Battery Type, Material Type, Li-ion Battery Component, Method, Vehicle Type & Region - Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
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.
Factors such as improving battery technology, supporting government policies and regulations, and launch of new plug-in EV models will drive the EV battery market.
EV battery manufacturers have achieved innovative solutions in battery composition as well as battery design. An important focus on R&D in EV batteries is also on the reduction of volume that the battery occupies. For example, Samsung SDI modified the anode-cathode battery separator significantly to reduce the battery size. A Chinese EV battery manufacturer, CATL came up with 'blade-thin' battery cells that have a thickness of around a centimeter. The cells are stacked up to form a battery system.
Apart from reducing battery size, companies are also working on using different battery materials for improved battery performance. Companies like Toshiba, Targray, and Altairnano have adopted lithium titanate and graphite as anode and cathode materials, respectively. The materials improve battery safety and lifetime. In addition, there is a significant emphasis on the location of the battery in an EV.
Unlike traditional vehicles where starter motor batteries are placed close to the engine at the front, the EV battery systems occupy a significantly large portion of the car space and are often placed at the bottom of the vehicle. Researchers are synthesizing battery systems such that they are smaller in size, have more energy density, and can be placed closer to drive wheels such that the size of the drivetrain is reduced as much as possible.
Recent developments in the electric vehicle market have led to the introduction of batteries with improved specifications. While these batteries are expected to enhance the performance and range of electric vehicles, factors such as the limited range of electric vehicles, significant charging time required, high price of EV batteries, the life of batteries, and availability of charging stations make users hesitant to opt for electric vehicles over ICE vehicles. Thus, EV battery manufacturers are focusing on overcoming these factors by developing advanced batteries with innovative fast- and rapid-charging solutions.
As of January 2021, the global EV battery market, by propulsion, is dominated by hybrid electric vehicles. Electric vehicles were initially commercialized to reduce the emissions from traditional fossil-fuel run ICE vehicles. As a result, hybrid electric vehicles still hold the largest share of the market as of 2021. However, the increasing focus on replacing conventional ICE vehicles with environment-friendly vehicles that run on pure electrical energy is expected to boost the market for BEVs exponentially, creating opportunities for EV battery makers.
The EV battery market is dominated by a few globally established players such as CATL (China), Panasonic (Japan), BYD (China), LG Chem (South Korea), GS Yuasa (Japan), Samsung SDI (South Korea), and Toshiba (Japan).
A123 Systems (Subsidiary of Wanxiang Group)
Altair Nanotechnologies Inc.
BYD Company Limited
E-One Moli Energy Corp.
Exide Industries Limited
Indian Oil Corporation Limited (IOCL)
Lithium Energy Japan
Primearth EV Energy Co. Ltd.
SK Innovation Co. Ltd.
Targray Technology International Inc.
Vehicle Energy Japan Co. Ltd. (Under Hitachi Automotive Systems, Ltd.)
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Laura Wood, Senior Press Manager
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