Selbyville, Delaware, Oct. 18, 2022 (GLOBE NEWSWIRE) -- According to a new research report by Global Market Insights Inc., the global EV Battery Cell and Pack Materials Market is poised to reach USD 65 billion by 2030.
Increasing utilization of lightweight materials in automobiles as an important factor strengthening the market outlook between 2022 and 2030. Lightweight vehicles tend to have better fuel efficiency and cause significantly low emissions, bolstering their adoption. The rising environmental concerns and the growing emphasis on mitigating the problem of CO2 emissions may propel the demand for lightweight EV battery cells and pack materials in the forthcoming years.
Request for a sample of this research report @ https://www.gminsights.com/request-sample/detail/5367
In a recent turn of events, LGES (LG Energy Solution) developed a new battery-making technique leveraging cell-to-pack (CTP) technology to high nickel pouch-type batteries in September 2022. The pouch cells utilize laminated architecture in a bag, delivering a flexible and simple battery design that is lightweight and cost-effective.
PHEVs to gain traction due to better fuel efficiency
In terms of electric vehicles, EV battery cell and pack materials market from plug-in hybrid vehicles (PHEVs) segment is projected to be worth more than USD 16 billion by forecast period end, witnessing over 14.5% CAGR from 2022 to 2030. PHEVs make use of batteries to power the electric motor and utilize alternative fuels such as gasoline to fuel the internal combustion engine. They offer consumers a way to get a sample EV experience without going fully electric. The increasing demand for vehicles with lower GHG emissions and higher fuel efficiency is expected to drive segmental growth through 2030.
Browse key industry insights spread across 700 pages with 1803 market data tables & 32 figures & charts from the report, “EV Battery Cell and Pack Materials Market Size By Vehicle [Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV)], By Battery [Lithium-ion Battery, Lead-Acid Battery, Nickel-Metal Hydride Battery, Ultracapacitors, Sodium-ion Battery], COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2022–2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/ev-battery-cell-and-pack-materials-market
Cost-effective benefits to propel the demand for lead-acid batteries
With regards to batteries, lead-acid batteries segment is estimated to generate revenues worth over USD 1 billion by 2030, due to the rising demand for more convenient and cost-effective battery alternatives in automobiles. Lead acid batteries utilize mature technology and are relatively cheaper to buy and manufacture, offering the lowest cost-per-watt for rechargeable cells. The availability of these batteries in a broad spectrum of sizes and specifications, in addition to their large current capability and tolerance to overcharging and abuse, may impel the segment share in the coming years.
Strict emission mandates to push product adoption across Europe
Europe EV battery cell and pack materials market is projected to cross USD 21 billion by 2030, depicting an over 13% growth rate between 2022 and 2030. The increasing number of consumers turning away from fuel-based vehicles due to toughened emission regulations and the rapid inclination toward electric mobility may drive regional expansion over the next 8 years. Estimations suggest that EV sales in Europe exceeded 1.4 million units in 2020. Besides, the ongoing advancements in lithium-ion technology may further propel the Europe market expansion.
Request for customization of this research report @ https://www.gminsights.com/roc/5367
Collaborative approach to stimulate the competitive outlook
Prominent players in the EV battery cell and pack materials market are Panasonic Industry Co. Ltd., BYD, CATL, LG Chem, SK Innovation Co. Ltd., CALB, Grepow, Samsung SDI, and others.
These giants have been implementing several growth measures such as investments, strategic alliances, new product development, etc., to redefine their product lines and set the stage for future growth prospects. For instance, in June 2020, Grepow, one of the world's leading battery manufacturers, entered into a partnership with Energous Corporation, an RF-based wireless charging technology firm. The collaboration aims to develop batteries that can be charged wirelessly with a radio frequency-based charging technology, Watt Up, for use in electronic devices across the industrial, commercial, and medical industries.
Browse Our Reports Store - GMIPulse @ https://www.gminsights.com/gmipulse
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
