Surging demand of electric vehicles to boost global electric vehicle battery market. Asia Pacific to lead the growth!
- Vikas Kumar
- November 12, 2021
- AUTOMOTIVE, NEWS
- Electric Vehicle Battery Market, Electric Vehicle Battery Market Growth, Electric Vehicle Battery Market News, Electric Vehicle Battery Market share, Electric Vehicle Battery Market size, Electric Vehicle Battery Market trend
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The global electric vehicle battery market was stood around $30 billion in 2020 and is expected to showcase a CAGR of around 20% during the forecast period. An EV is a vehicle that has the potential to produce no or less tailpipe emissions. These vehicles have significant emission benefits over conventional vehicles & run-on alternate power sources such as battery electricity, natural gas, gasoline, and solar power. Battery being the essential component of EV is growing with increasing adoption of electric vehicles.
The growth of electric vehicle battery market expanded significantly over the last years, underpinned by supportive policies and technology advances for clean energy across the world. For instance, as per IEA only about 17,000 electric cars were on the world’s roads in 2010. By 2019, that number had swelled to 7.2 million, 47% of which were in The People’s Republic of China (“China”). Surging demand of EV’s would propel the demand of EV batteries thus increasing the market size of electric vehicle battery market. However, environmental harm caused while manufacture and disposal of batteries would hamper the growth.
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As per IEA, as the Covid-19 pandemic unfolded in early 2020 and lockdowns were implemented in countries around the world, global car sales experienced an unprecedented drop. The drop in global car sales in 2020 was significantly larger than the one observed during the global financial crisis of 2007-2009. However, electric car sales in 2020 defied this trend. Backed by existing policy support and additional stimulus measures, the IEA preliminary estimate is that electric car sales worldwide climbed to over 3 million and reached a market share of over 4%, making 2020 a record-breaking year for electric mobility.
Based on Propulsion Type, market is categorized into battery electric vehicle and hybrid electric vehicle. With the projected size of the global automotive market, expansion of battery manufacturing capacity will largely be driven by electrification in the car market. Indeed, the electrification of cars is a crucial driver in cutting unit costs of automotive battery packs that can be used in a variety of road modes. Currently, battery electric vehicles hold the largest market share owing to the fact that BEV models are offered in most vehicle segments in all regions. For instance, according to IEA sustainable development scenario by 2030, BEVs will likely account for ~ 170 million of all new EVs sold.
Based on Battery Type, the market is bifurcated into lead-acid, lithium-ion, nickel-metal hybrid, and solid state. The emergence of Lithium-ion technology has fueled the growth rate for batteries over the last two decades. High-energy density, charge retention capacity, and low maintenance are some of the benefits that have accelerated the growth of Li-ion as a battery technology.
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Additionally, the report provides detailed initiatives that are being taken in the field of Electric Vehicle Battery. The market is classified into distinct regions including North America, Europe, Asia Pacific, and the Rest of World. Asia Pacific constitutes the prominent market share of EV batteries in 2020 owing to the presence of major battery manufacturers. China already accounts for 45% of EVs on road of the world which is 2.3 million. In addition, availability of cheap raw material and skilled coupled with the number of schemes and incentives provided by government to promote the growth of EV vehicles in different countries. However, North America is also identified as emerging markets offering significant growth opportunities for key players owing to the rapidly developing EV infrastructure.
Global Electric Vehicle Battery Market Segmentation
Market Insight, by Propulsion Type
Market Insight, by Battery Type
Market Insight, by Capacity
Market Insight, by Region
- North America
- Asia Pacific
- Rest of World
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