The global future of EV batteries market is projected to grow from 16 million units in 2024 to 62 million units by 2035, at a CAGR of 12.7%.
Higher standard batteries have been introduced due to recent developments in the EV market. Even though new batteries should increase EV performance and range, consumers are still hesitant to pick EVs over internal combustion engine (ICE) vehicles due to a number of issues, including EVs’ short range, lengthy charging times, high cost, and scarcity of charging stations. Consequently, EV battery manufacturers are focusing on creating new batteries with innovative, quick, and rapid charging technologies to overcome these challenges. In addition, advances in manufacturing processes such as automation and creative assembly methods are being made to lower expenses and improve battery production’s scalability. This includes advancements in pack integration, cell assembly, and electrode fabrication. These developments are anticipated to have a lucarative impact on market expansion.
Lithium-ion battery holds the largest share.
Lithium-ion batteries offer good energy density, longer cycles, and a relatively low self-discharge rate compared to other battery technologies. These characteristics make Li-ion batteries properly desirable for the needs of electric vehicles, where power storage, range, and performance are critical. Over the years, various variants of Li-ion chemistries have been developed, like Lithium Iron Phosphate (LFP) and Nickel Manganese Cobalt (NMC). The outcome was that each of these chemistries had a set of advantages; in general, LFP batteries exhibit a longer cycle life than NMC batteries, making them suitable for extensive and prolonged applications. While NMC batteries offer a higher energy density, allowing them to store more energy. Further, OEMs are developing batteries with advanced technology; for instance, in June 2023, Toyota announced that it aims to launch next-generation lithium-ion batteries in 2026, offering longer ranges and quicker charging. In May 2024, SAIC Motor announced that its all-solid-state battery will be mass-produced in 2026, with an energy density of more than 400Wh/kg.
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The passenger car segment will continue dominating the future of EV batteries market during the forecast period.
The global shift towards electric-powered mobility, pushed by environmental concerns and stringent emissions guidelines, has substantially boosted the demand for electric cars, driving the growth of the EV batteries market. Additionally, improvements in battery technology, consisting of developing high-power-density lithium-ion batteries, have made EVs extra realistic and less costly for the common purchaser. In addition, the availability of incentives and subsidies for EV purchases encourages the adoption of electric passenger vehicles. In addition, the significant charging infrastructure being advanced globally mainly helps passenger cars, making them more convenient for daily use. As a result, the passenger segment dominates the future of EV batteries marketplace, with their growing popularity expected to continue driving demand in the forecast period.
“North America to be the prominent growing market for EV batteries during the forecast period.”
The automotive sector in North America is one of the most developed worldwide. Major commercial automakers like Tesla, Proterra, MAN, and NFI Group are based in the region, which makes it well-known for its cutting-edge EV R&D, inventions, and technological advancements. These businesses are investing in constructing and expanding battery production plants in North America. To meet the growing demand for electric vehicles, these facilities produce sophisticated battery technology, including lithium-ion batteries. The US has historically led the way in technology in North America. Leading EV battery suppliers and startups have partnered with OEMs in the North American EV market. For example, GM and LG Chem have partnered.
Key Players
The major players in Future of EV Batteries market include CATL (China), BYD Company Ltd. (China), LG Energy Solution Ltd. (South Korea), Panasonic Holdings Corporation (Japan), and SK Innovation Co., Ltd. (South Korea).
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