Pune, India, Feb. 25, 2021 (GLOBE NEWSWIRE) — 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.
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. They are also nowadays promoting the development of EVs through multiple initiatives, such as providing incentives to manufacturers. However, the lack of charging infrastructure may hinder the usage of EVs in developing nations, further restraining the electric vehicle battery market growth in the coming years.
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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.
The market for electric vehicle batteries houses several renowned manufacturers, such as Panasonic, Samsung, BYD, and LG Chem. Some of them are participating in collaboration strategy to co-develop new products, while the others are aiming to launch innovative electric vehicle batteries for strengthening their positions. Below are two of the most recent industry developments:
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
- GS Yuasa International Ltd. (Kyoto, Japan)
- BYD Company Ltd. (Shenzhen, China)
- LG Chem (Seoul, South Korea)
- Tesla (California, US)
- Panasonic Corporation (Osaka, Japan)
- Samsung SDI CO., LTD (Seoul, South Korea)
- Hitachi Chemical Co., Ltd. (Tokyo, Japan)
- Contemporary Amperex Technology Co., Limited (CATL) (Ningde, China)
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Global Electric Vehicle Battery Market Segmentation:
By Battery Type:
- Lead Acid Battery
- Nickel-Metal Hydride Battery
- Lithium-Ion Battery
By Vehicle Type:
- North America (U.S. and Canada)
- Europe (U.K., Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa)
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