|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The Battery Systems for Electric Vehicles Market is valued at USD 20.1 Billion in 2020 and it is expected to reach USD 38.3 Billion by 2026 registering a CAGR of over 13.5% during the forecast period 2021-2026.
Battery systems in the electronic vehicle are set to grow globally with automobile manufactures set to introduce these cars in full stream in the year 2020 with Asiatic countries being the front-runners.
Battery electric vehicles are powered by the electricity stored in the onboard battery. The onboard battery used in electric vehicles can be classified under one of the following three types: nickel metal hydride, lead-acid, and lithium-ion. The chemical energy stored in rechargeable battery packs installed in battery electric vehicles propels the electric motors and motor controllers.
Scope of the Report
The Battery Systems for Electric Vehicles Market report covers the growing demand for Battery Systems for Electric Vehicles across the globe, the latest battery technologies, the latest product developments, the impact of emission regulations and fuel standards on battery manufacturers, and market shares of players operating across the market.
The Battery Systems for Electric Vehicles Market is segmented by Type, Vehicle Type, and Geography.
By Type, the market is segmented as Lithium-Ion, Nickel-Metal Hydride Batteries, Lead-Acid Batteries, Ultra-capacitors, and Others.
By Vehicle Type, the market is segmented as Passenger Cars and Commercial Vehicles.
and By Geography, the market is segmented as North America, Europe, Asia-Pacific, South America, and Middle-East, and Africa.
|Nickel-Metal Hydride Batteries|
Key Market Trends
High Cost of Battery and Limited Driving Range Hindering the Market Growth
The global battery electric vehicles market is driven by several factors, such as government subsidies and incentives. Governments in many countries have extended benefits in the form of financial incentives to the buyers of battery electric vehicles. The amount of these incentives usually depends on the size of the battery. For instance, the Sustainable Energy Authority of Ireland (SEAI) provides buyers of battery electric vehicles with grants of up to USD 5,400 and exempts them from vehicle registration tax.
Despite the growth of the battery in electric vehicles market, it is curtailed by some serious challenges too. The range and performance of the battery in the electric vehicles are the significant restraints for the market. The batteries are typically less powerful and have limited range (60-100 miles per charge) and are considered suitable only for short distance travel. The limited travel range of batteries of electric vehicles raises concerns among the consumers that their vehicles may run out of charge/power before reaching the destination.
Longer charging duration is another major challenge for the market. Lack of availability of supercharging stations adds to the woes associated with the use of batteries in an electric vehicle. The high cost of the battery in the electric vehicle also poses a threat to the growth of the battery market in particular and battery electric vehicles in general. For instance, the price per usable kilowatt-hour of a lithium-ion battery ranges from USD 500 to USD 650, and thus, makes up a large proportion of the vehicle’s cost.
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Asia-Pacific Market Growing at a Faster Pace
As a result of the changes in the climatic conditions worldwide and the impact of globalization, most of the countries have been notified to control their emissions it mostly includes Asia-Pacific countries. This is expected to increase the demand for battery electric vehicles during the forecast period. By the end of 2023, Asia-Pacific will account for the majority of the market share, driven by the Environmental Protection Agency (EPA) regulations governing emission and fuel standards in the region, followed by North America. The demand for pure electric vehicles is on the rise and is expected to become a major propellant for the market. Lithium-ion batteries accounted for the highest share in the market.
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The key vendors include Samsung SDI Co Ltd, Toshiba Corporation, BYD, and Panasonic Corporation, as they will be responsible for providing the automobile makers with the battery kit shortly. Currently, the battery manufacturers of electric vehicles are investing in R&D to improve the chemistry of the batteries to give a longer discharge time. Advances in technology in Li-ion batteries have made them comparatively lightweight with a long lifespan compared to conventional lead-acid and valve-regulated lead-acid battery (VRLA) batteries. With battery electric vehicles becoming the most viable alternative to ICE-powered automobiles and a solution to the problem of emissions, the demand for this type of vehicle is expected to increase considerably during the forecasted period, which calls for an excellent opportunity for electric battery manufacturers.
- In November 2021, Hitachi, Ltd., announced that it has concluded a strategic partnership agreement with First Bus, a UK bus operator, to drive their zero-emission agenda forward. Hitachi Europe will provide a bus battery service and a solution to the charging infrastructure. Hitachi Europe and First Bus will jointly promote their decarbonization program.
- In October 2021, LG Group announced plans to invest a total of KRW 15.1 trillion (about JPY 1.4345 trillion) in its battery business in South Korea by 2030. This investment focuses on cultivating its domestic battery business bases as core R&D and production technology hubs and accelerate the domestic production of battery materials.
- In October 2021, Stellantis and Samsung SDI announced that their companies have entered into a memorandum of understanding to form a joint venture to produce battery cells and modules for North America.
- In October 2021, Panasonic unveiled a more advanced prototype battery that has five times the storage capacity of current ones, which is expected to deepen business ties with U.S. EV-maker Tesla.
- In September 2021, Toshiba Corporation (Toshiba), Sojitz Corporation (Sojitz), and Companhia Brasileira de Metalurgia e Mineração (CBMM, Brazil) announced that they will strengthen their collaboration for the commercialization of next-generation lithium-ion batteries (LIBs) that use niobium-titanium oxide (NTO). The three companies have completed the development of prototype cells and decided to enhance collaboration to accelerate the development of mass production processes and the release of products in the market.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Industry Attractiveness - Porter's Five Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1.1 Lithium-Ion Batteries
5.1.2 Nickel-Metal Hydride Batteries
5.1.3 Lead-Acid Batteries
5.1.4 Ultra capacitors
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
5.3.1 North America
220.127.116.11 United States
18.104.22.168 Rest of North America
22.214.171.124 United Kingdom
126.96.36.199 Rest of Europe
188.8.131.52 Rest of Asia-Pacific
5.3.4 South America
184.108.40.206 Rest of South America
5.3.5 Middle-East and Africa
220.127.116.11 United Arab Emirates
18.104.22.168 Saudi Arabia
22.214.171.124 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 A123 Systems LLC
6.2.3 Boston-Power, Inc.
6.2.4 Hitachi, Ltd.
6.2.5 Johnson Controls International PLC
6.2.6 LG Chem
6.2.7 NEC Corporation
6.2.8 Panasonic Corporation
6.2.9 Toshiba Corporation
6.2.10 Samsung SDI Co Ltd
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Battery Systems For Electric Vehicle Market market is studied from 2018 - 2027.
What is the growth rate of Battery Systems For Electric Vehicle Market?
The Battery Systems For Electric Vehicle Market is growing at a CAGR of >13.5% over the next 5 years.
What is Battery Systems For Electric Vehicle Market size in 2018?
The Battery Systems For Electric Vehicle Market is valued at 20 Billion USD in 2018.
What is Battery Systems For Electric Vehicle Market size in 2027?
The Battery Systems For Electric Vehicle Market is valued at 38 Billion USD in 2027.
Which region has highest growth rate in Battery Systems For Electric Vehicle Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Battery Systems For Electric Vehicle Market?
North America holds highest share in 2021.
Who are the key players in Battery Systems For Electric Vehicle Market?
Altairnano, Toshiba Corporation, Hitachi, Ltd., Panasonic Corporation, Samsung SDI Co Ltd are the major companies operating in Battery Systems For Electric Vehicle Market.