Pune, India, Dec. 07, 2021 (GLOBE NEWSWIRE) -- The global electric vehicle battery market size was USD 21.95 billion in 2020. The market is projected to grow from USD 27.30 billion in 2021 to USD 154.90 billion in 2028 at a CAGR of 28.1% in the 2021-2028 period.
This information is provided by Fortune Business Insights™, in its report, titled, “Electric Vehicle Battery Market, 2021-2028.” According to our expert analysts, the increasing focus of crucial vehicle manufacturers, involving Ford Motors, General Motors (GM), as well as BMW AG on developing and presenting Electric Vehicles (EVs) is projected to fuel the market growth.
Industry Development
June 2021: Nissan Motor Co. Ltd., declared its strategy to construct the U.K.’s first ever battery gigafactory, in collaboration with Envision AESC, which is a China-based battery technology firm.
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The vital element for declining the price of EVs and elevating the driving range behind every recharge is the progression of EV batteries. In order to make EV batteries compacter and lower its weight, as well as to preserve more energy, novel cell chemistries are under development. This would further empower electric vehicles to contest with the conservative fuel-grounded automobiles.
COVID-19: Supply Chain Susceptibility for Important EV Battery Essentials to Hinder Demand
China is responsible for more than 75% of the total lithium cell producing capability across the globe and Chinese lithium assets are approximately 30 times more than the U.S. levels. The outburst of COVID-19 pandemic has led to a serious supply scarcity of lithium for automakers such as PSA Group, Fiat Chrysler, and Ford among others who control their manufacturing plants based in the Hubei province, which is the core of the virus spread.
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Report Coverage
The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the electric vehicle battery market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.
Segmentation
Based on the battery type, the global market is segregated into nickel-metal hydride (Ni-MH) battery, lithium-ion (Li-ion) battery (Li-Ion), lead-acid battery, and others.
On the basis of vehicle type, this market is classified into the hybrid electric vehicle (HEV), battery electric vehicle (BEV), and plug-in hybrid electric vehicle (PHEV). The BEV segment is expected to display a higher CAGR, in comparison to the PHEV and HEV segments.
Geographically, North America, Europe, Asia Pacific, and the rest of the world.
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Drivers and Restraints
Dropping Cost of Lithium-Ion Batteries to Thrust Market Growth
Currently, the prime foundation of power for electric vehicles is lithium-ion batteries. According to an assessment report presented by the U.S. International Trade Commission (USITC) in 2018, Li-ion batteries are responsible for more than 70% of the rechargeable battery market.
Additionally, the battery costs per kilowatt-hour (kWh) have plummeted to less than USD 200 in 2019 from that of 2010, which was USD 1000. This is projected to bolster the electric vehicle battery market growth during the mentioned timeframe.
Regional Insights
Asia Pacific held the maximum electric vehicle battery market share and controlled the market owing to the fact that Japan, China and South Korea symbolize most of the worldwide production capability for EV batteries, and is valued at USD 12.70 billion in 2020.
North America is estimated to exhibit decent growth in the market. Moreover, the U.S. government applied a federal policy to guarantee a dependable and safe source of indispensable minerals which guides the Department of the Interior to limit the production of 35 grave minerals that involve nickel and cobalt.
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Collaborations and Procurements Initiated by Companies to Hike their Presence
Prominent companies have confidence in in executing tactics that would reinforce their brand value in the market. Several tactics, such as introducing exclusive products and forming mergers with other crucial companies or end-users for better reach of their products are employed by the company. Partnering up with or attaining numerous corporations is another fundamental tactic used to refine one’s existence in the universal market.
List of Key Players Covered in this Market Report
- 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)
- East Penn Manufacturing Company (Pennsylvania, U.S.)
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