REDDING, Calif., March 8, 2022 /PRNewswire/ -- According to a new market research report titled "EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End-user and Geography - Global Forecast to 2028," published by Meticulous Research, the Electric Vehicle (EV) Battery market is expected to grow at a CAGR of 26% from 2021 to 2028 to reach $175.11 billion by 2028.
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Electric vehicle batteries are used to power the electric motors of battery electric vehicles (BEVs) or hybrid electric vehicles (HEVs). These batteries are made up of numerous cells put into a module frame to protect them from external shocks, such as heat or vibration. They have high power and energy density to provide an optimal driving range to the vehicles.
The growth of the overall EV battery market is driven by the increasing adoption of EVs worldwide, decreasing battery prices, and increasing investment by leading automotive OEMs. Moreover, increasing adoption of electric mobility in emerging economies, growing investments in developing lithium-ion battery capacity, and growing deployment of battery-as-a-service provide significant opportunities in this market. However, the potential shortfall in lithium mining capabilities and less energy density of batteries obstruct this market's growth to some extent. In addition, potential safety issues in EV batteries are challenging the growth of the EV batteries market.
The Impact of COVID-19 on the Electric Vehicle (EV) Battery Market
The COVID-19 pandemic outbreak caused a widespread economic downturn. Several countries imposed strict lockdowns to contain the infection, leading to the shutdown of manufacturing industries and disruptions in supply chains and production schedules. As a result, the light vehicles market suffered a decline in revenue close to 20% in 2020. Furthermore, shifts in consumer purchasing behavior due to the pandemic's uncertainty are expected to have significant consequences for the industry's near-future growth.
In North America, the adoption of EVs had fallen in the first & second quarters of 2020, which affected the sale of electric vehicle batteries, while a slight growth was witnessed post second quarter. People avoided shared mobility and public transit to reduce the risk of infection. Due to the COVID-19 pandemic, U.S. vehicle sales declined 12% in the first quarter of 2020 compared to Q1 2019. As the year progressed, things got worse, with a 33% year-on-year decline in Q2, followed by a slight rebound in Q3. Additionally, U.S. sales of plug-in light-duty electric vehicles in 2020 totaled 296,000 units, which was down significantly from the 331,000 in sales in 2019. The decline in sales of electric vehicles in the U.S. directly impacted the EV batteries market in North America.
However, aggressive government initiatives to support the adoption of electric vehicles is anticipated as a key factor in supporting the EV battery market growth post-pandemic. For instance, in June 2021, the U.S. Department of Energy (DOE) announced USD 200 million funding over the next five years for electric vehicles, batteries, and connected vehicles projects at DOE national labs and new DOE partnerships to support electric vehicles innovation. In July 2021, the Government of Canada had set a mandatory target for all new light-duty cars and passenger trucks to be zero-emission by 2035, accelerating Canada's previous goal of 100% sales by 2040. The government of Canada has already invested over USD 1 billion to support increased zero-emission vehicle adoption, and it will pursue a combination of investments and regulations for the transition of the Canadian automotive industry. Such initiatives will help to boost the demand for the electric vehicle batteries market in North America.
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Increasing Investment by Leading Automotive OEMs
Leading players are expanding their operation in the EVs battery market. For instance, in April 2020, SK Innovation invested USD 2.5 billion in its battery business to build two plants at its site in Commerce, Georgia. Also, in April 2021, LG Chem and General Motors (U.S.) invested more than USD 2.3 billion in a second U.S. battery cell plant for electric vehicles in Tennessee. This plant supports the production of General Motor's upcoming Cadillac Lyriq Crossover and other upcoming EVs. In November 2020, SVOLT Energy planned to build the first European lithium-ion cell Gigafactory in Saarlouis, Germany. The company invested USD 2.4 billion in manufacturing capacity. In April 2020, Vehicle Energy Japan completed a new production line for lithium-ion battery cells and battery modules for hybrid vehicles in Kyoto, Japan. This production building can produce 150,000 to 200,000 batteries.
Electric Vehicle (EV) Battery Market Overview
Meticulous Research has segmented the overall EV batteries market based on type ( lithium-ion battery, sealed lead acid battery, nickel-metal hydride battery, ultracapacitors, solid-state batteries, and other batteries), capacity (less than 50 kWh, 51 kWh to 100 kWh, 101 kWh to 300 kWh, and more than 300 kWh), bonding type (wire bonding, and laser bonding), form (prismatic, cylindrical, and pouch), application (electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters and motorcycles, and e-bikes), end user (electric vehicle OEMs and battery swapping stations), and geography (Asia-Pacific, Europe, North America, Latin America, and the Middle East & Africa).
Based on capacity, the EV battery market is mainly segmented into less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 300kWh. In 2021, the 51kWh to 100kWh segment accounted for the largest share of the overall EV batteries market. The large share of this segment is mainly attributed to increasing initiatives by leading automotive OEMs to launch long-range and more powerful electric cars, increasing adoption of electric cars in developing economies, and targets set by governments across the world to phase out internal combustion engine vehicles by 2030.
Based on bonding type, the EV batteries market is mainly segmented into wire bonding and laser bonding. In 2021, the wire bonding segment accounted for the largest share of the EV batteries market. The large share of this segment is mainly attributed to the high reliability of wire bonding technology, low production cost, better thermal relief properties, lesser scrap production, and easy replaceability of faulty wire bonds.
Based on form, the EV batteries market is mainly segmented into prismatic, cylindrical, and pouch. In 2021, the prismatic segment accounted for the largest share of the overall EV batteries market.
Based on application, the EV batteries market is segmented into electric cars, light commercial vehicles, heavy commercial vehicles, e-scooters & motorcycles, and e-bikes. In 2021, the electric cars segment accounted for the largest share of the overall EV batteries market. The large share of this segment is mainly attributed to growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their products line-ups into green and clean, environment-friendly vehicles.
Based on end user, the EV batteries market is segmented into electric vehicle OEMs and battery swapping stations. In 2021, the electric vehicle OEMs segment accounted for the largest share of the EV batteries market. The large share of this segment is mainly attributed to increasing consumer adoption of EVs for personal use, increasing investment by automotive OEMs in EV battery manufacturing capacities, and increasing launch of new EV models by automotive OEMs.
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Geographically, the Asia-Pacific region accounted for the largest share of the global EV batteries market in 2021. The large share of this market is mainly attributed to the increasing adoption of electric vehicles in this region, a growing number of start-ups offering numerous battery solutions, a higher concentration of lithium reserves in China, the leadership of China in global EV battery manufacturing capacities, a higher concentration of global EV battery OEMs in the region, and increasing investment by leading battery OMEs for setting up battery manufacturing capacities in emerging economies of the region such as Thailand, Indonesia, and India.
China is one of the top battery manufacturers by volume. Lithium is a dominant component in battery production. This drives the production of EV batteries in China. According to Benchmark Mineral Intelligence (U.K.), Chinese chemical companies are accounted for 80% of the output raw material for advanced batteries. Major key players in the EV batteries market are taking the initiative to promote battery manufacturing in the country. For instance, in June 2021, CATL (China) extended a lithium-ion battery supply deal with Tesla to 2025. Tesla is manufacturing Model 3 and Model Y sport-utility vehicles in Shanghai, China, for which CATL would be supplying batteries. Furthermore, in February 2021, CATL (China) invested USD 4.49 billion to build or upgrade battery factories to meet growing demand. Also, in August 2021, CATL raised USD 9.0 billion to fund six projects to increase the production of lithium-ion batteries. The six projects will include the construction of new giga factories in China'sFujian, Zhejiang, and Guangdong provinces and the expansion of existing plants. Also, growing government initiatives, increasing availability of charging infrastructure, growing strategic business developments by energy companies, rising fuel prices, and rising awareness regarding environmental concerns are boosting the demand for electric vehicles in China.
The top five players that dominated the global EV batteries market were LG Chem, Ltd, Contemporary Amperex Technology Co. Limited (CATL), Panasonic Corporation, Samsung SDI Co., Ltd., and BYD Company Limited. The other players operating in the EV batteries market are SK Innovations Co. Ltd. ( South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), SVOLT Energy Technology Co., Ltd. (China), BYD Company Limited (China), Samsung SDI Co., Ltd. (South Korea), GS Yuasa International Ltd. (Japan), Vehicle Energy Japan Inc. (Japan), Northvolt AB (Sweden), Panasonic Corporation (Japan), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd. (Japan), E-One Moli Energy Corp. (Taiwan), StoreDot Ltd. (Israel), NOHMs Technologies, Inc. (U.S.), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), and QuantumScape Corporation (U.S.) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/EV-battery-market-5210
Report Scope
Electric Vehicle (EV) Battery Market, by Type
- Lithium-ion Battery
- Sealed Lead Acid Battery
- Nickel-Metal Hydride Battery
- Ultracapacitors
- Solid-State Batteries
- Other Batteries
Electric Vehicle (EV) Battery Market, by Capacity
- Less Than 50 kWh
- 51 kWh to 100 kWh
- 101 kWh to 300 kWh
- More Than 300 kWh
Electric Vehicle (EV) Battery Market, by Bonding Type
- Wire Bonding
- Laser Bonding
Electric Vehicle (EV) Battery Market, by Form
- Prismatic
- Cylindrical
- Pouch
Electric Vehicle (EV) Battery Market, by Application
- Electric Cars
- Battery Electric Vehicles
- Lithium-ion Battery
- Nickel-Metal Hydride Battery
- Ultracapacitors
- Solid-State Batteries
- Other Batteries
- Plug-in Hybrid Electric Vehicles
- Lithium-ion Battery
- Ultracapacitors
- Solid-State Batteries
- Other Batteries
- Pure Hybrid Electric Vehicles
- Lithium-ion Battery
- Nickel-Metal Hydride Battery
- Ultracapacitors
- Solid-State Batteries
- Other Batteries
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- E-scooters & Motorcycles
- E-bikes
Electric Vehicle (EV) Battery Market, by End-user
- Electric Vehicle OEMs
- Battery Swapping Stations
Electric Vehicle (EV) Battery Market, by Geography
- Asia-Pacific (APAC)
- China
- Japan
- South Korea
- Thailand
- Indonesia
- India
- Taiwan
- Rest of Asia-Pacific
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Poland
- Hungary
- Sweden
- Norway
- Rest of Europe (RoE)
- North America
- U.S.
- Canada
- Latin America
- Middle East & Africa
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