Pune, India, Nov. 09, 2021 (GLOBE NEWSWIRE) -- Electric Vehicle Battery Market Forecast 2026:
According to the report, Electric Vehicle Battery Market size is projected to reach USD 82.20 Billion value by 2026, exhibiting a CAGR of 6.6%. The Electric Vehicle Battery Industry was valued at USD 71.83 billion in 2018.
The global electric vehicle battery market is set to gain impetus from the increasing development of new battery chemistries for electric vehicles (EVs) worldwide. Nowadays, people are inclined towards lithium-nickel-manganese-cobalt-aluminum oxide (NMCA) composition as they provide higher energy density and longer life cycle.
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| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021-2028 CAGR | 28.1% |
| 2028 Value Projection | USD 154.90 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 27.30 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | Battery Type, Vehicle Type |
| Growth Drivers | Falling Price of Lithium-Ion Batteries to Boost Market Growth |
| Stringent Emission Regulations to Fuel Adoption of EVs |
Rising Awareness Programs about Climate Change to Spur Demand
EVs have multiple emission advantages over the traditional internal combustion engine vehicles. The former is capable of utilizing and developing renewable energy resources. They also don’t emit harmful gases in the atmosphere. Apart from that, the rising number of awareness programs about rapid climate change is compelling the regulatory bodies to deploy strict norms and regulations on fuel economy.
Based on vehicle type, the battery electric vehicle (BEV) segment is set to hold the largest electric vehicle battery market share in 2019. This growth is attributable to the rising fuel economy regulations and quota systems implemented by the government agencies in the emerging economies.
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Increasing Availability of EV Batteries to Position Asia Pacific at the Forefront
In 2019, Asia Pacific earned USD 35.39 billion in terms of revenue. The region is anticipated to dominate the market throughout the forthcoming years because of the major contributions of South Korea, Japan, and China. These countries are considered to be the significant manufacturing hubs for electric vehicle batteries. In North America, the original equipment manufacturers (OEMs) are mainly focusing on removing the concerns regarding battery sourcing from a single region. This factor would help the region to grow in the near future.
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March 2020: BYD officially launched its latest blade-shaped battery for eliminating the rising concerns about battery safety in electric vehicles. The company unveiled the new product at an online event called the ‘Blade Battery – Unsheathed to Safeguard the World.’
February 2020: Lucid Motors joined hands with LG Chem, a renowned electric vehicle battery supplier for its Lucid Air pure-electric sedan. The full production of this latest sedan is set to begin in late 2020 at the company’s modernized factory in Casa Grande
- Panasonic Corporation (Osaka, Japan)
- LG Chem (Seoul, South Korea)
- BYD Company Ltd. (Shenzhen, China)
- GS Yuasa International Ltd. (Kyoto, Japan)
- Samsung SDI CO., LTD (Seoul, South Korea)
- Hitachi Chemical Co., Ltd. (Tokyo, Japan)
- Contemporary Amperex Technology Co., Limited (CATL) (Ningde, China)
- EXIDE INDUSTRIES LIMITED (Kolkata, India)
- SK INNOVATION CO. LTD. (Seoul, South Korea)
Part 2: EV Charging Stations Market Forecast 2028:
The global “EV Charging Stations Market” size is expected to gain momentum by reaching USD 111.90 billion by 2028 from USD 17.59 billion in 2021 while exhibiting a stellar CAGR of 30.26% between 2021 and 2028. In its report titled, “EV Charging Stations Market, 2021-2028,” Fortune Business Insights mentions that the market stood at USD 24.16 billion in 2020.
In recent times, demand for Electric Vehicles is rising rapidly worldwide. However, China and the United States are holding the major market share for the same. Since the demand for EVs is increasing, thus electronic charging industry is also propelling. Governments worldwide are contributing towards setting up the charging stations. For instance, the Chinese government has approved the development of fast-charging stations by the national policies. Similarly, in the United States, the government is offering all its support and funds to develop EV charging stations. Such active support by government agencies is likely to fuel the market for level 3 charging stations during the forecast period.
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COVID-19 Impact
The COVID-19 pandemic has impacted the economy worldwide, and the EV charging stations market was also impacted. Due to the spread of the virus, governments worldwide announced lockdowns. This impacted most of the industries and forced people to stay at home and which, in turn, has reduced the frequent traveling and meeting with others.
Moreover, many companies offered work from home for their employees to ensure company continuity in business during the COVID-19 pandemic, which is projected to hinder the market for EV charging stations over the forecast period. It has been reported that remote working practices are predicted to impede the growth of the automotive industry.
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Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 30.26% |
| 2028 Value Projection | USD 1119.90 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 24.16 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | Charger Type, By Application |
| Growth Drivers | Electrification of Automotive is a Prominent Trend |
| Government Funding for Developing Charging Stations to Propel Demand | |
| Increasing Purchase of Electric Vehicles to Propel Market Growth |
Market Segmentation:
By charger type, the market for electric vehicle charging stations is divided into fast and slow/moderate. By application, it is bifurcated into commercial and residential. Lastly, in terms of geography, the market is divided into North America, Europe, Asia Pacific, and the rest of the world.
Competitive Landscape
Key Players to Focus on New Launches & Acquisitions to Strengthen Market Growth
This market is consolidated by major companies striving to maintain their position by focusing on new launches, collaborations & partnerships, and acquisitions. Such strategies taken up by key players are expected to strengthen its market prospects. Below is the industry development.
- July 2021: DC fast-charging stations, which is a network of The Tesla Supercharger, are extending their charging functions for other types of electric vehicles.
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List of Key Players Profiled in the Report
- Charge Point Inc. (U.S.)
- Schneider Electric (Rueil-Malmaison, France)
- Tesla Inc. (Palo Alto, California, U.S.)
- BP Chargemaster (Luton. U.K.)
- Shell International BV (The Hague, The Netherlands)
- Webasto Group (Stockdorf, Germany)
- Siemens AG (Munich, Germany)
- EVBox (Amsterdam)
- Eaton (Dublin, Ireland)
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