Automotive sales in 2021 continued the seismic shift to electric vehicles (EV) that began in 2020, defying even the most bullish estimates as global EV sales grew by more than 100% year over year (YoY) with close to 6.
New York, July 19, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Global Electric Vehicle Battery Manufacturer Profiles and Growth Opportunities" - https://www.reportlinker.com/p06293642/?utm_source=GNW
7 million units sold to achieve 8.9% penetration in the passenger car market. China and Europe led the way, closely followed by the United States. The rapid EV growth sent shock waves throughout the lithium-ion (Li-ion) battery industry, alerting established and new battery manufacturers to incoming demand. The EV battery market is estimated to reach $100 billion in value by 2025.Of the 6.7 million EVs sold in 2021, 70% were battery electric vehicles (BEV). BEV sales grew from 2.1 million in 2020 to more than 4.5 million in 2021, achieving a 114% YoY growth rate. This figure reflects the jump in battery demand and expected growth trajectory. EVs mainly use Li-ion batteries with varying amounts of cathode elements, such as nickel, cobalt, aluminum, and manganese. Cobalt is a scarce resource procured from conflict regions, and battery manufacturers are actively moving away from these chemistries. Lithium iron phosphate batteries have shown the highest potential in cost, performance, and safety and use abundantly available cathode materials. Sodium is another alternative cathode chemistry that battery manufacturers are exploring.Safety is a critical consideration in EV batteries. Unlike fuel for internal combustion engine vehicles, EV batteries and battery packs are not one-size-fits-all solutions. Battery packs and battery management systems (BMS) are customized to various factors, including the EV platform, vehicle model specifications, and regional weather. Any error during production or quality assurance checks can cause faulty batteries or battery packs, resulting in disastrous mass recalls affecting thousands of EVs.Six battery manufacturers dominate the global EV battery market: BYD, CATL, LG Chem, Panasonic, Samsung SDI, and SK Innovation. They accounted for approximately 87% of the global installed battery capacity in 2020 and 2021. This study profiles these leading battery manufacturers, shedding light on their:
• Global network and production capacity
• Installed capacity for 2020 and 2021
• Product portfolio: Cells, chemistries, packs, and BMS
• Growth strategy
• Automotive partners and top-selling EV models
• Latest company news: Expansion roadmap, R&D, partnerships, supply contracts, and battery recycling initiativesThe study also includes a SWOT analysis of each battery manufacturer before rounding out with a discussion on key growth opportunities in the global EV battery market.
Author: Prajyot Sathe
Read the full report: https://www.reportlinker.com/p06293642/?utm_source=GNW
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