The global electric vehicle battery market size is poised to grow by USD 44.24 billion during 2020-2024, progressing at a CAGR of almost 22% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
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Technavio has announced its latest market research report titled Global Electric Vehicle (EV) Battery Market 2020-2024 (Graphic: Business Wire)
The advances in EV battery and associated technologies will be one of the major drivers in the global electric vehicle battery market. Several automotive companies are focusing on developing batteries with improved specifications by engaging in collaborative partnerships with other manufacturers. Next-generation batteries are safer compared to lithium-ion batteries, have high charging rates, and low battery leakage risks. Furthermore, several initiatives are being implemented for improving battery quality. For instance, in April 2018, the Indian Space Research Organization (ISRO) announced that it was open to sharing the technology used in its space-grade lithium-ion battery with private players in the automotive industry. As a response to this, ISRO received interest from over 100 companies, of which 14 were selected in December 2018. Such rising initiatives to improve the efficiency of electric vehicles will boost the EV battery market growth during the forecast period.
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Report Highlights
- The major electric vehicle battery market growth came from the lithium-ion battery segment in 2019, and it is expected to witness the fastest growth during the next five years. This is primarily because of the high demand for lithium-ion batteries from the EV industry as well as the declining prices of the battery technology.
- APAC was the largest electric vehicle battery market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the presence of numerous established vendors, rising disposable income, and improving living standards.
- The global electric vehicle battery market is fragmented. A123 Systems LLC, Ballard Power Systems Inc., BYD Company Ltd., Cummins Inc., EnerSys, Exide Technologies, GS Yuasa International Ltd., LG Chem Ltd., Panasonic Corp., and Samsung SDI Co. Ltd. are some of the major market participants. To help clients improve their market position, this electric vehicle battery market forecast report provides a detailed analysis of the market leaders.
- As the business impact of COVID-19 spreads, the global electric vehicle battery market 2020-2024 is expected to have Negative Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: www.technavio.com/report/electric-vehicle-battery-market-industry-analysis?
Decline in EV Lithium-ion Battery cost will be a Key Market Trend
Lithium-ion batteries account for a major portion of the overall cost of EVs and are comparatively costlier than lead-acid batteries or NiMH batteries. However, the manufacturing cost of lithium-ion batteries has been declining significantly. The cost of battery packs has decreased substantially in the past few years as the production scale and manufacturing efficiency have improved. The cost of lithium-ion batteries fell by 78.65% during 2010-2017. This decline is the result of the increased adoption of battery technology by the automotive industry as well as the development of cost-effective production methods by vendors. Since lithium-ion batteries form a major part of the manufacturing cost of EVs, the declining prices are lowering the total cost of ownership of EVs. Moreover, the prices of lithium-ion batteries are expected to decrease further in the coming years as the production capacity continues to rise owing to the strong demand for EVs.
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Electric Vehicle Battery Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist electric vehicle battery market growth during the next five years
- Estimation of the electric vehicle 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 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 battery market vendors
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Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Battery Type
- Market segments
- Comparison by Battery Type
- Lithium-ion battery Market size and forecast 2019-2024
- Lead-acid battery Market size and forecast 2019-2024
- Others Market size and forecast 2019-2024
- Market opportunity by Battery Type
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC Market size and forecast 2019-2024
- North America Market size and forecast 2019-2024
- Europe Market size and forecast 2019-2024
- MEA Market size and forecast 2019-2024
- South America Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver Demand led growth
- Volume driver Supply led growth
- Volume driver External factors
- Volume driver Demand shift in adjacent markets
- Price driver Inflation
- Price driver Shift from lower to higher priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- A123 Systems LLC
- Ballard Power Systems Inc.
- BYD Company Ltd.
- Cummins Inc.
- EnerSys
- Exide Technologies
- GS Yuasa International Ltd.
- LG Chem Ltd.
- Panasonic Corp.
- Samsung SDI Co. Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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