Electric Vehicle Battery Market Top Key Players - 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

The global electric vehicle battery market was estimated at 108 Gwh in 2019 and $16.1 Billion, growing at 21% CAGR till 2025. As the demand for lithium grows rapidly, lithium prices can be predicted to rise. However, from the point of view of supply prospects, a lithium shortage is expected in the next 12-18 months.

In the future, the electric vehicle battery market will receive support from Toyota (the world's largest electric car dealer) as it recently announced plans to market a number of BEVs in the next 2 years. GM has announced 30 vehicles by 2025 and is modernizing its Detroit-Hamtramck plant to produce electric vehicles. Volkswagen launched the ID 3 based on the MEB platform, which will also have multiple vehicles on the same platform. Ford will also use the MEB platform in some of its vehicles.

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ELECTRIC VEHICLE BATTERY MARKET DYNAMICS

• Grinntech, a manufacturer of lithium-ion batteries for electric two-wheelers, has closed a nearly $ 2 million funding round that has attracted all existing investors.

• CATL increased its lithium-ion battery production to four quarters from 4,800 tons. The company also successfully tested the liquid-cooled battery storage system (BESS) based on Lithium Ion Phosphate (LFP), the technology has been tuned to pass all required tests.

• In March 2021, LG Chem released an estimate to double battery capacity for Tesla in China. It will also shift growing demand for the Tesla Model 3 from factories in China and Korea to Tesla's production units in Germany and the United States. In March 2021, Amara Raja Batteries, India's second-largest car battery manufacturer, launched Liion cell development as its first technology center in Andhra Pradesh.

• The all-new range of hundreds of electric vehicles announced by traditional car makers is the biggest growth driver of the global electric vehicle battery market. Many OEMs have announced large-scale plans to produce a total of BEV and PHEV 250+ models by 2025 and only 100 models by 2022.

COMPETITIVE LANDSCAPE

Some companies are introducing new business models such as battery service (BaaS) and battery replacement; this allows customers to replace batteries in electric vehicles when the original batteries are exhausted. This model saves charging time, which in turn increases customer satisfaction and provides an additional incentive to buy electric vehicles. Chinese electric vehicle battery maker NIO has started implementing the BaaS model that separates the battery from the electric vehicle. Panasonic and Toyota announced a joint venture to produce batteries for electric vehicles.

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

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