EV Battery Market Outlook to 2022: High Growth Opportunities by 2025
Today, with the increasing concerns raised over the environmental impact of conventional vehicles, governments around the world are encouraging the adoption of vehicles using alternative sources of fuel. EVs are zero-emission vehicles and are gaining preference for clean public transport across countries. Several national governments offer financial incentives, such as tax exemptions and rebates, subsidies, reduced parking/toll fees for EVs, and free charging, to encourage the adoption of EVs. Thus, globally the requirement of EV battery is gaining fast pace.
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The passenger cars segment is expected to be the largest vehicle type market
The passenger cars segment is expected to lead the EV battery market in Asia Pacific due to the high adoption rate of EVs in China. The high growth of the passenger cars segment can also be attributed to the presence of major EV manufacturers such as BYD, Byton, BAIC, and Geely in the country that manufacture EV passenger cars in large volume.The passenger cars segment is expected to dominate the EV battery market during the forecast period, as many governments across the globe have started introducing emission norms. Since the production of electric passenger cars remains the highest among other EV types, the growth opportunity increases for batteries.
The lithium-ion segment in battery type will be leading the EV battery market during the forecast period
Lithium-ion batteries are the most common battery type used in modern electric vehicles. These batteries have higher energy density compared to lead-acid or nickel-metal hydride batteries. Their compact size makes them preferable in the automotive industry. For example, Nissan's lithium-ion battery technology allows a higher density of lithium ions to be stored, increasing travel distance. Panasonic, one of the major suppliers of batteries to OEMs like Tesla and Toyota, has deployed more lithium batteries in 2019 than all of its competitors globally. CATL quadrupled its lithium batteries deployment year-over-year to 4,800 tons in 2019. In 2020, CATL also successfully tested its liquid cooling battery energy storage system (BESS) based on lithium iron phosphate (LFP) and cleared all the safety tests. Alternatives such as advanced batteries and supercapacitors cannot easily replace lithium-ion batteries due to their performance, cost, weight, and size.
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The European EV battery market is projected to be the fastest by 2025
Europe is estimated to account for a share of 31.0% of the global EV battery market, by volume, in 2021 and is projected to grow at a CAGR of 35.3% during the forecast period. The growth of the EV battery market in the region is largely dependent on government incentives and funds as electric vehicles are currently very expensive.
Key Market Players:
The global EV battery market is dominated by major players CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).The key strategies adopted by these companies to sustain their market position are new product developments,merges & acquistions, supply contracts, partnerships, expanisons, collaborations, acquisitions, and contracts & agreements.
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