The Global Electric Vehicle Battery Market to Propel at CAGR of 17.66% by 2028
Triton's research report suggests that the global market for electric vehicle battery is estimated to grow at a CAGR of 17.66% during the evaluated years of 2021-2028.
Electric vehicle batteries include traction batteries powering several electric vehicle types, such as battery, hybrid, and plug-in hybrid electric vehicles.
Electric vehicles are easily charged through the grid at public charging stations or home chargers. It is expected that the vehicle-to-grid technology will allow EV owners to sell electricity from the vehicle to the grid during peak hours. Hence, technological advancements in vehicle-to-grid technology, along with the emergence of e-mobility, are likely to create opportunities for the electric vehicle battery market. However, issues in raw material procurement, safety concerns, and high charging time are impeding the studied market's progress.
Globally, Europe is estimated to emerge as the fastest-growing region in the electric vehicle battery market. This growth can be attributed to several initiatives, such as the European Battery Alliance, promoting battery manufacturing. Moreover, numerous companies are setting up battery manufacturing plants across the region, owing to the booming electric vehicle industry. Other than this, the major reason for the rise in EV battery manufacturing is to reduce dependency on the Asian market for batteries and streamline supply chain processes. Therefore, all these factors are majorly driving the growth of the electric vehicle battery market across Europe.
The key companies profiled in the electric vehicle battery market include Vehicle Energy Japan Co Ltd, Panasonic, LG Ensol, Toshiba Corporation, Lithium Energy Japan, GS Yuasa, Prime Planet Energy Solutions, Envision AESC, SK Innovation, Northvolt AB, CATL, BYD, A123 Systems, CALB, and Samsung SDI.
Several prominent companies hold most of the share in the electric vehicle battery market, including Samsung SDI and Panasonic. Moreover, the high investment costs, need for technological expertise, mass production capacity, and contracts hinder the entry of new players. Further, existing companies are entering into partnerships and launching joint ventures to capture market share. Hence, the threat of new players is low, while the competition level among existing players is relatively high.
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