EV Battery Pack Modules Market to Hit USD 85.8 Billion by 2031, Growing at 15.7% CAGR

The global battery pack modules market for electric vehicles (EVs) is set for extraordinary growth, propelled by the escalating demand for eco-friendly transportation and the continuous drive toward more efficient, cost-effective battery solutions. Valued at US$ 23.1 Bn in 2022, the market is projected to expand at a robust CAGR of 15.7% from 2023 to 2031, reaching an estimated US$ 85.8 Bn by the end of the forecast period.

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Analysts' Viewpoint on Market Scenario

Market analysts emphasize that the surge in EV adoption is a primary growth catalyst for battery pack modules. With global consumer spending on EVs reaching an estimated US$ 250 Bn in 2021, the shift toward sustainable mobility is undeniable. As battery costs continue to fall-halving over the past five years-and manufacturers invest heavily in R&D, advanced battery pack modules are emerging as a cornerstone of the electrification movement. This momentum is further reinforced by government initiatives and large-scale investments in EV infrastructure across major markets.

Market Introduction

Battery pack modules are integral to powering electric vehicles by storing and supplying electrical energy. These modules comprise clusters of individual cells-typically arranged in series, parallel, or hybrid configurations-to form a complete battery pack. A standard module may contain around twelve cells, and multiple modules are assembled to achieve the desired power output. By reducing CO2 and NOx emissions, battery pack modules play a critical role in the global transition to cleaner transportation.

Key Growth Drivers

Rise in Adoption of EVs

Increased Consumer Demand: The growing preference for electric vehicles is driven by their eco-friendly credentials and lower operational costs.
Government Initiatives: Public investments and regulatory support-such as tenders for electric bus fleets in India and joint ventures in Chile-are fueling market growth.

Expanding Battery Production Capacity: Global battery production capacity is set to surge from below 200 GWh in 2019 to over 1,260 GWh in 2025, spurring economies of scale and innovation.

Decrease in Battery Pack Costs

Technological Advancements: Ongoing improvements in battery chemistry and manufacturing processes are reducing the cost per kWh.

Competitive Pricing: With current battery pack prices at US$ 100/kWh projected to fall to US$ 70/kWh by 2025, EVs are becoming increasingly affordable.

Market Expansion: Cost reductions are expected to accelerate the replacement of traditional internal combustion engine vehicles with electric alternatives.

Extensive Use in Battery Electric Vehicles (BEVs)

Zero Emissions: BEVs, which rely entirely on battery packs, offer a compelling value proposition by eliminating tailpipe emissions.

Enhanced Range and Affordability: Advancements in battery technology are addressing range anxiety, thereby encouraging broader consumer acceptance.

Sustainability Focus: Global efforts to reduce carbon emissions are making BEVs a priority in the fight against climate change.

Regional Outlook

Asia Pacific is anticipated to command the largest share of the battery pack modules market for EVs from 2023 to 2031, driven by booming EV sales and a strong manufacturing base in countries like China, South Korea, and Japan. In North America, the U.S. and Canada are poised for significant growth due to rising EV adoption and government incentives. Europe is also set to experience robust market dynamics, propelled by stringent energy regulations and a commitment to sustainable transportation solutions.

Key Developments & Industry Updates

February 2023: Volvo Construction Equipment announced a US$ 7.8 Mn investment in battery pack production at its Changwon, South Korea facility, broadening its portfolio of advanced battery solutions.

November 2022: Canoo inaugurated an EV battery module manufacturing facility in MidAmerica Industrial Park, Pryor, Oklahoma, underscoring its commitment to high-tech mobility.

May 2022: Nexcharge, a joint venture between Exide Industries Limited and Leclanché SA, launched a state-of-the-art manufacturing plant in Prantij, Gujarat, India, with a capacity of 1.5 GWh to support both EV and grid storage applications.

2022: MAHLE Powertrain established a new facility dedicated to the testing and characterization of cells, modules, and battery packs to enhance product reliability and performance.

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Market Segmentation

By Battery Type:

Alkaline Battery
Lithium Ceramic Battery
Nickel Metal Hydride Battery
Lithium-ion Battery
Nickel Cadmium Battery
Lead Acid Battery
Others

By Rechargeability:

Primary
Secondary

By Cell Type:

Cylindrical
Prismatic
Pouch

By Battery Capacity:

20 kWh
30-60 kWh
60-80 kWh
More than 80 kWh

By End-use:

Battery Electric Vehicle (BEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)
Others

By Region:

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

Analysis of Key Players

The global battery pack modules market for EVs is highly consolidated, with major players focusing on R&D and strategic investments to expand their market share.

Leading companies include:

Cyantron Synergies Private Limited
Freyr AS
Hyperdrive Innovation
SixPack Battery Technology Co., Ltd.
Steatite Ltd.
Sunwoda Electronic Co., Ltd.
Turntide Technologies
Zhongrui Green Energy Technology (Shenzhen) Co., Ltd.
SK Innovation Co., Ltd.

These industry leaders are continuously innovating to deliver advanced, cost-effective battery solutions that meet the evolving demands of the EV market.

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