According to a new market research report published by Credence Research “Electric Vehicles Battery Market (Vehicle Type – Battery Electric Vehicle, Hybrid Electric Vehicle and Plug-in Hybrid Electric Vehicle; Battery Type – Lead Acid Battery, Nickel Metal Hydride Battery and Lithium ion Battery ; Sales Channel – Original Equipment Manufacturers (OEMs) and Aftermarket; Application – Passenger Car, Commercial vehicle and Two Wheeler) Market – Growth, Future Prospects and Competitive Analysis, 2018 – 2026”, the global electric vehicle battery market was valued at US$ 2.24 Bn in 2017 and will be growing at a CAGR of 20.2% during the forecast period from 2018 to 2026.
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The electric vehicle battery market was valued at US$ 2.24 Bn in 2017 and expected to grow at a compounded annual growth rate (CAGR) of 20.2% during the forecast period from 2018 to 2026. Electric vehicles have witnessed a very high adoption in recent years on account of various factors such as government support through taxes and incentives coupled with regulations on emissions. This growth can be understood from the fact that in 2017, for the first time, global sales of new electric vehicles passed a million units.
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Moreover, if the same growth trajectory continues, the electric vehicle manufacturers could quadruple this figure and reach 4.5 million units by 2020. This would also mean electric vehicle to hold a market share of approximately 5% of the overall global light-vehicle market. This growth in the sales of electric vehicles would also mean a higher demand for related components including electric vehicle battery. The battery type used in an electric vehicle can vary depending on the type of the vehicle. Current battery technology is designed for extended life (typically about 8 years or 100,000 miles). Lithium-ion battery is currently the most commonly used battery type in electric cars.
Advantages such as good high-temperature performance, high energy efficiency and high power-to-weight ratio contributes to the increasing adoption of lithium-ion battery in electric vehicles. However, record sales of electric cars have created supply risks of cobalt, an element used in the batteries. Cobalt supplies being largely concentrated in the Democratic Republic of Congo while refining capacity concentrated across China further creates hindrances for the growth of the electric vehicles market.
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Asia Pacific expected to remain an important market for investment throughout the forecast period. China in particular expected to play a crucial role in the growth of the electric vehicle battery market growth in the region. The sales for electric vehicles in China grew by 72% in 2017, thereby solidifying the country’s position in the global market.
Tight regulations coupled with generous subsidies are the most prominent factors driving the demand for electric vehicles in China. India, Japan and South Asia countries expected to be other important market for electric vehicle batteries in the coming years. A rapidly growing middle class population in the region has influenced the demand for electric vehicles positively, thereby aiding the electric vehicle battery market growth.
Some of the major players operating in the electric vehicle battery market include AESC, Panasonic, Mitsubishi, BYD, LG Chem, Wanxiang, Samsung, Tianneng, Beijing Pride Power and Boston-Power, Inc. among others. As a part of their research and development activity, these manufacturers of electric vehicle battery are focusing on increasing the production scale and improving the battery sizes thereby facilitating battery performance improvements and cost reductions.
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