Electric Vehicle Battery Market: Current Analysis and Forecast (2021-2027)

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Emphasis on Propulsion Type [Battery Electric Vehicles (BEV) (Passenger Vehicle and Commercial Vehicle), Plug-in Hybrid Electric Vehicles (HEV) (Passenger Vehicle and Commercial Vehicle)]; Battery Type (Lead Acid, Lithium-ion, Nickel-metal Hybrid, Solid-state); Battery Capacity (<50kWh, >50-110kWh, >110-200kWh, >200-300kWh, >300kWh); Region/Country

Published:

Nov-2021

Pages:

286

Table:

67

Figure:

118

Report ID:

UMAU21496

Geography:

Clear
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Report Description
Table of content
Research Methodology

Report Description


Electric Vehicle Battery
Market was estimated to be around $30 billion in 2020 and is anticipated to display a CAGR of above 20% over the forecast period (2021-2027). An electric vehicle is a vehicle that has the potential to produce no or very less tailpipe emissions (PHEV). These vehicles have significant emission benefits over conventional vehicles & run-on alternate power sources such as battery electricity, natural gas, and gasoline (in case of PHEV). The growth of electric vehicle battery market expanded significantly over the last few 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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Panasonic Corporation, Mitsubishi Electric Corporation, LG Chem Ltd., Samsung SDI Co., Ltd., Exide Industries Ltd., BYD Company Limited, Wanxiang Group Corporation, Contemporary Amperex Technology Co. Limited, Tianneng Power International Limited, EnerSys are some of the prominent players operating in the electric vehicle battery market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with more models & innovative vehicles.

Insights Presented in the Report

“Amongst Propulsion Type, Battery Electric Vehicles (BEV) segment holds the major share.”

Based on the vehicle type, the Electric Vehicle Battery market is bifurcated into Battery Electric Vehicles (BEV) andPlug-in Hybrid Electric Vehicles (PHEV).  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.

“Amongst Battery Type, Lithium-ion held lucrative market share in 2020.”

Based on battery type, market is categorized into lead acid, lithium-ion, nickel-metal hybrid, and solid-state. Lithium-ion battery held the significant share in the market in 2020. 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. As per the International Energy Agency, passenger EV sales are set to increase sharply in the next few years, rising from 3.1 million in 2017 to 125 million in 2030.

“Asia Pacific represents as the largest market in the Electric Vehicle Battery market.”

For better understanding of the market penetration of Electric Vehicle Battery, the report provides a detailed analysis of major regions including North America, Europe, Asia Pacific, and the rest of the world. Asia Pacific constitutes the prominent market share of EV batteries in 2020 owing to the presence of major battery manufacturers. Further, in 2018, 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 labor coupled with the number of schemes and incentives provided by governments to promote the growth of EV vehicles in different countries.

Reasons to buy this report:

  • The study includes market sizing and forecasting analysis validated by authenticated key industry experts
  • The report presents a quick review of overall industry performance at one glance
  • The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
  • Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
  • The study comprehensively covers the market across different segments
  • Deep dive country-level analysis of the industry

Customization Options:

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1.1.    Market Definitions
1.2.    Limitation
1.3.    Stake Holders
1.4.    Currency Used in Report

2.1.    Research Process of the Electric Vehicle Battery Market
2.2.    Research Methodology of the Electric Vehicle Battery Market
2.3.    Forecasting Method
2.4.    Respondent Profile
2.5.    Main Objective of the Electric Vehicle Battery Market Study

3MARKET SYNOPSIS
4.       EXECUTIVE SUMMARY

 

5.       GLOBAL ELECTRIC VEHICLE BATTERY MARKET AMID COVID-19

6.       GLOBAL ELECTRIC VEHICLE BATTERY MARKET REVENUE (USD BN), 2019-2027F

7.1.    Battery Electric Vehicles (BEV)
7.1.1.Passenger Vehicles
7.1.2.Commercial Vehicles
7.2.    Hybrid Electric Vehicles (HEV)
7.2.1.Passenger Vehicles
7.2.2.Commercial Vehicles

8.1.    Lead acid
8.2.    Lithium-ion
8.3.    Nickel-metal Hybrid
8.4.    Solid State

9.1.    <50kWh
9.2.    >50-110kWh
9.3.    >110-200kWh
9.4.    >200-300kWh
9.5.    >300kWh

10.1.                     North America Electric Vehicle Battery Market
10.1.1.    United States
10.1.2.    Canada
10.1.3.    Rest of North America
10.2.                     Europe Electric Vehicle Battery Market
10.2.1.    Germany
10.2.2.    United Kingdom
10.2.3.    France
10.2.4.    Spain
10.2.5.    Rest of Europe
10.3.                     Asia-Pacific Electric Vehicle Battery Market
10.3.1.    China
10.3.2.    Japan
10.3.3.    India
10.3.4.    South Korea
10.3.5.    Rest of Asia-Pacific
10.4.                     Rest of World Electric Vehicle Battery Market

11.1.                     Market Drivers
11.2.                     Market Challenges
11.3.                     Impact Analysis


12.   ELECTRIC VEHICLE BATTERY MARKET OPPORTUNITIES

13.   ELECTRIC VEHICLE BATTERY MARKET TRENDS

14.   LEGAL & REGULATORY FRAMEWORK

15.1.                     Demand Side Analysis
15.2.                     Supply Side Analysis
15.2.1.    Top Product Launches
15.2.2.    Top Business Partnerships
15.2.3.    Top Business Expansions, Investments and Divestitures
15.2.4.    Top Merger and Acquisitions

16.   VALUE CHAIN ANALYSIS

17.1.                     Porter’s Five Forces Analysis
17.1.1.    Bargaining power of Supplier
17.1.2.    Bargaining power of Buyer
17.1.3.    Industry Rivalry
17.1.4.    Availability of Substitute
17.1.5.    Threat of new Entrants
17.2.                     Competitive Landscape
17.2.1.    Company Shares, By Revenue

18.1.                     Panasonic Corporation
18.2.                     Mitsubishi Electric Corporation
18.3.                     LG Chem Ltd.
18.4.                     Samsung SDI Co., Ltd.
18.5.                     Exide Industries Ltd.
18.6.                     BYD Company Limited
18.7.                     Wanxiang Group Corporation
18.8.                     Contemporary Amperex Technology Co. Limited
18.9.                     Tianneng Power International Limited
18.10.                  EnerSys

19 DISCLAIMER

Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future of the global electric vehicle battery adoption were the three major steps undertaken to create and analyze the adoption of EV across various segments in North America, Europe, Asia Pacific, and Rest of the world. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the electric vehicle battery sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the electric vehicle battery through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric vehicle battery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as propulsion type, battery type, and battery capacity. Further regional & country-level analyses were conducted to evaluate the overall adoption of the electric vehicle battery in the global context.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of electric vehicle battery. Further, we conducted factor analysis using dependent and independent variables such as growing need for EV’s and government focus on clean energy targets which includes less emission vehicles expansion & promotion. A thorough analysis was conducted for demand and supply-side scenario considering top partnerships, merger and acquisition, business expansion, and product launches in the Electric Vehicle Battery industry.

 

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global electric vehicle battery market, and market shares of the segments. All the required percentage split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., bottom-up approach was applied to arrive at the market forecast to 2027 for different segments and subsegments across the major regions globally. The research methodology adopted to estimate the market size encompasses:

  • The industry’s market size, in terms of value (US$) and the adoption rate of electric vehicle battery across the major markets
  • All percentage shares, splits, and breakdowns of market segments and sub-segments
  • Key players in the Electric Vehicle Battery market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major countries. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global electric vehicle battery market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of propulsion type, battery type, and battery capacity.

The main objective of the Electric Vehicle Battery Market Study

The current & future market trends of electric vehicle battery were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends determine the overall attractiveness of the market at a global & country level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

  • Analyze the current and forecast market size of electric vehicle battery in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
  • Segments in the study include areas of propulsion type, battery type, and battery capacity Defined analysis of the regulatory framework for the electric vehicle battery industry
  • Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
  • Analyze the current and forecast market size of the electric vehicle battery for the major regions & countries
  • Major regions studied in the report include North America, Europe, Asia Pacific, and Rest of World
  • Company profiles of the electric vehicle battery market players and the growth strategies adopted by them to sustain in the fast-growing market
  • Deep dive regional & country level analysis of the industry