Electric Vehicle (EV) Batteries Market Worth $175.11 Billion by 2028 - Exclusive Report by Meticulous Research®

According to a new market research report titled "EV Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (300 kWh), Bonding Type (Wire, Laser), Form, Application, End-user and Geography - Global Forecast to 2028", published by Meticulous Research®, the EV batteries 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 (BEV) or hybrid electric vehicles (HEV). EV batteries are made up of numerous cells put into a frame to provide protection from external shocks, such as heat or vibration called module. Several modules combined with a BMS (Battery Management System) and a cooling device that controls and manages the battery's temperature, voltage, etc., are called a battery pack.

The major factors driving the EV batteries market include decreasing battery prices, increasing investment by leading automotive OEMs to secure the battery supply chain for their future electric vehicles, and increasing adoption of EVs worldwide. Potential safety issues in EV batteries are a major challenge for the growth of the EV batteries market.

The Impact of COVID-19 on the Electric Vehicle Battery Market

The COVID-19 crisis led to disrupted supply chains, limited operations and workforce, and factory closures. This caused a severe decline in electric vehicle sales, which directly affect the sales of batteries, especially in the electric vehicles segment.

The adoption of EVs in the APAC region decreased significantly in 2020, affecting the electric vehicle battery market. Due to the pandemic, various automotive OEMs halted their plans to set up battery manufacturing plants in the region. For instance, in May 2020, LG Chem halted its lithium-ion battery project in India as the auto sector affected the coronavirus pandemic.

However, aggressive government initiatives in stabilizing the automobile industry are anticipated as a key factor triggering the growth of the EV batteries market during the forecast period. In China, amidst the pandemic, the government announced to phase out conventional combustion engine vehicles by 2035 and planned numerous strategies to boost the demand for electric vehicles. In September 2020, the Government of India announced its plans to offer $4.6 billion in incentives to companies setting up advanced battery manufacturing facilities as they seek to promote the use of electric vehicles and cut down dependence on oil.

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The EV batteries market is segmented based on type, capacity, bonding type, form, application, end-user, and geography. The study also evaluates industry competitors and analyzes the market at the country level.

Based on type, the lithium-ion battery segment is expected to account for the largest share of the overall EV batteries market in 2021. The large share of this segment is mainly attributed to their higher energy density, compactness, durability, and lightweight. Various automotive OEMs are partnering with battery OEMs to developed lithium-ion batteries and secure battery supply chain for their existing and upcoming electric vehicles and achieve technology leadership in EV batteries. For instance, in July 2021, BASF, a German multinational chemical company, partnered with Porsche to develop high-performing lithium-ion batteries for electric vehicles. This battery production plant is expected to start operations in 2024 with an initial capacity of at least 100 MWh per year, powering 1,000 motorsport and high-performance vehicles.

Based on capacity, the 51kWh to 100kWh segment is expected to account for the largest share of the EV batteries market in 2021. 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. Additionally, governments worldwide are increasingly launching subsidies and initiatives for increasing the adoption of electric mobility. The $174 billion EV purchase incentivization plan launched by the U.S. government in March 2021 aims at replacing or electrifying transit vehicles, school buses, and the federal fleet of 645,000 vehicles requiring approximately 69 GWh battery capacity to achieve the fleet electrification target.

Based on bonding type, the wire bonding segment is expected to account for the largest share of the EV batteries market in 2021. 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 production, and easy replaceability of faulty wire bonds. Wire bonding can handle extreme temperature ranges, shock, and vibrations over increasingly longer lifetimes. Wire bonding is increasingly used for applications such as battery cell-to-cell connections, battery cell-to-busbar connections, and battery management system (BMS) interconnects.

Based on form, the prismatic segment is expected to account for the largest share of the EV batteries market in 2021. The large share of this segment is attributed to factors such as a very thin profile providing better space utilization, allows flexibility in battery design, and high-power quality. Prismatic cells offer better layering options than other types of cells, due to which they are commonly used in critical applications like EV batteries. Prismatic cells are highly stable since they are encased in steel or aluminum casing.

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Based on application, the electric cars segment is expected to account for the largest share of the EV batteries market in 2021. 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. Battery OEMs are increasingly investing in the R&D of new battery technologies for reducing the car's battery size cost-effectively and improve its performance and power to weight ratio.

Based on end user, the electric vehicle OEMs segment is expected to account for the largest share of the EV batteries market in 2021. 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 to create a secure supply chain for their future electric vehicles, and increasing launch of new EV models by automotive OEMs. Moreover, all major EV OEMs currently cover batteries in a warrant for 8 years to 10 years, due to which customers buy replacement batteries for older EVs from OEMs, further supporting the battery demand by EV OEMs.

Geographically, the Asia-Pacific region is expected to account for the largest share of the EV battery 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.

The key players operating in the global EV battery market are SK Innovations Co. Ltd. ( South Korea), LG Chem, 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

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