Press release
High Voltage Battery Market Report Up to 2031
The market is anticipated to witness positive growth over the forecast period, despite the disruptions created by COVID-19 in the year 2020. The growth of the market can be attributed to the increasing support from the regional governments through incentives, loans and subsidies.
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COVID-19 Impact on High Voltage Battery Market
COVID-19 negatively impacted the High Voltage Battery segment due to restricted public movement and limited economic activities in first few months after the spread of the virus. This in turn led to downturn in the demand for High Voltage Battery. However, hybrid electric vehicle demand remained resilient in the second half. Resumption of economic activities, opening of international borders and exports, growing awareness among customers and government support in the form of demand incentives and investment for enhancing EV manufacturing in turn increased the demand for High Voltage Battery.
Market Drivers
Growing OEM and technology companies’s focus on batteries for next-gen zero emission vehicles has resulted in significant R&D and made high voltage batteries a major area of growth. Increasing initiatives by government across major countries to increase adoption of electric vehicles over IC engine vehicles is anticipated to act as major driving factor for the demand of high voltage battery market. Apart from significant demand from automotive sector, high voltage batteries is also anticipated to find applications in smart city applications and industrial applications due to growing digitization.
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Market Opportunities
Significant opportunity exists in the new technology High Voltage Battery market, major players compete on technology and cost as key differentiation product to win the market. Driving range are the two such areas of opportunity. Many battery manufacturers are investing significantly in R&D to make batteries which are cost effective and offer higher driving range. Growth opportunities also exist in the developing part of the world, i.e. regions such as Asia Pacific where countries such as Thailand, Malaysia, Indonesia and India are striving hard to achieve major electrification in near term.
Competitive Landscape
Some of the company’s profiled in this report include LG Chem, BYD, Tesla, CATL, Samsung SDI, Panasonic Corporation, XALT Energy, ABB Ltd., Siemens AG, Proterra, Robert Bosch GmbH and Others. Some of the additional companies in the high voltage battery market are Delphi, Johnson Controls, Mitsubishi Electric, Nissan, ChargePoint, Magna International, and EDP Brasil. Players in the xEV market have been observed forming alliances with OEMs and other mobility players to co-develop new technologies related to EV supply equipment. For instance, ChargePoint formed an alliance with EV charging infrastructure companies Allego and EVBox for forming consumer-centric EV policies in Europe.
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