Electric Vehicle Battery Market is estimated growing at 21% CAGR till 2025 and Top Key Players - LG Chem, Ltd, Contemporary Amperex Technology Co. Ltd (CATL), SK Innovation Co., Ltd, Panasonic Corporation, BYD Company Limited

The global electric vehicle battery market was estimated at 108 Gwh in 2019 and $16.1 Billion , growing at 21% CAGR till 2025. Electric-car battery-pack prices have fallen 13% in 2020. Price reductions in 2020 was mainly because of increasing order sizes, growth in BEV sales, and the introduction of new pack designs. Growing energy density by weight and volume(kwh/kg and kWh/m3) and deceasing battery prices are prominent trends in the global electric vehicle battery market which will ultimately cause it to be comparable to conventional powered vehicles.

In passenger vehicle segment, China accounted for ~40% of global EV sales in 2020 and ~64% of global EV battery demand, due to high volume of BEV buses, which sold almost 100k units in 2017, 2018 but declined to 81k units in 2019 which decreased again in 2020 to 70k. With demand for lithium rising quickly, one can foresee increase in lithium prices. However, in terms of supply outlook a deficit in lithium supplies within the next 12–18 months is predicted.

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ELECTRIC VEHICLE BATTERY MARKET DYNAMICS

The all-new range of hundreds of EVs announced by traditional car manufacturers is the biggest growth driver of global EV battery market. Many OEMs have announced extensive plans to launch cumulative 250+ BEV and PHEV models by 2025 and 100 models in 2022 alone.

The world market leader of EV batteries CATL uses prismatic cell formats using NMC (lithium nickel manganese cobalt oxide) chemistry, which have found significant amount of application in Chinese EVs. Going forward, we believe Cobalt`s share will come down further due to cost constraints. Chinese manufacturers are already making EV batteries without Cobalt.

Tesla which has 17% share of global BEV market launched vehicles out of the Tesla factory in China, will have the German factory ready in the next 1.5-2 years as well as launching a new factory in USA which will produce BEVs with high battery capacities including the Cyber Truck and Semi.
Tesla also launched Model Y which was among the top 5 most sold plugged in vehicle globally.

COMPETITIVE LANDSCAPE

Most of the electric vehicle battery manufacturers are trying to improve the energy density (Wh/kg)-the global average is 250Wh/kg at present) in immediate future to further increase range (miles driven per charge). The safety aspects of various battery chemistries are also being looked into along with energy density

CATL with the highest electric vehicle battery market share globally, claims to have reached levels of 304Wh/kg as of June 2019, whereas BYD and Tesla are still in the range of 240-260Wh/kg. CATL, LG Chem & Panasonic were the top 3 EV Battery producers in 2020. These 3 cumulatively account for ~65% of the market share.

To get EVs to a price point where they can be compared with ICE powered vehicles, the energy density of EV batteries should be in the range of 400-450Wh/kg.

COMPANY PROFILES

LG Chem, Ltd
Contemporary Amperex Technology Co. Ltd (CATL)
SK Innovation Co., Ltd
Panasonic Corporation
BYD Company Limited
Tianjin Lishen Battery Joint-Stock Co., Ltd
Samsung SDI Co., Ltd
Guoxuan High-Tech Co., Ltd
Microvast Power Systems Co. Ltd
Envision Group
Automotive Energy Supply Corporation
Funeng Industrial (Ganzhou) Co., Ltd

Read More Information: https://mobilityforesights.com/product/global-electric-vehicle-battery-market/

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