EV Battery Market by Battery Capacity (<50, 50-110, 111-200, 201-300 and >300), Battery Form (Wire, Laser), Propulsion (BEV, PHEV, PHEV, FCEV), Battery Type, Material Type, Li-ion Battery Component, Method, Vehicle Type & Region - Global Forecast to 2025
[248 Pages Report] The global EV battery market is projected to grow at a CAGR of 25.3% from USD 27.3 billion in 2021 to USD 67.2 billion by 2025. Increasing demand of electric vehicles, improvement in battery technology, supporting government policies and regulations, and launch of new plug-in EV models are factors responsible to drive the EV battery market.
Today, with the increasing concerns raised over the environmental impact of conventional vehicles, governments around the world are encouraging the adoption of vehicles using alternative sources of fuel. EVs are zero-emission vehicles and are gaining preference for clean public transport across countries. Several national governments offer financial incentives, such as tax exemptions and rebates, subsidies, reduced parking/toll fees for EVs, and free charging, to encourage the adoption of EVs. Thus, globally the requirement of EV battery is gaining fast pace.
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COVID-19 Impact On EV battery market:
Although, the overall production and sales of new vehicles came to a halt across the globe due to the outbreak of COVID-19, however the impact on electric vehicles was positive. The number of EVs sold in 2020 was more than the total EVs sold in 2019. However, component manufacturing was affected negatively, and small Tier II & Tier III manufacturers faced liquidity issues.
However, the industry witnessed a slow recovery from the second half of 2020, with global deliveries of BEVs and PHEVs increasing 43% year-on-year, though the global light vehicle market witnessed a decline in growth by 14%. According to EV-Volumes, the global EV market share increased from 2.5% in 2019 to 4.2% in 2020. Almost 1.4 million plug-in EVs were sold in Europe in 2020, 137% more than in 2019. Key factors for the growth in Europe were new models; incentive boosts by green recovery funds; the 95g CO2 emission mandate; and the intense promotion of plug-in EVs. In China, NEV sales recovered in the second half of 2020, with a growth rate of more than 80% year-on-year from July to December. EV sales in the US increased by 4%, despite the Tesla Model-Y launch. A decline in EVs sales was witnessed in countries like Japan, Canada, and Australia.
Due to the pandemic, many countries imposed a complete lockdown of more than two months, which, in turn, impacted the production of electric vehicles and battery components. Manufacturing units around the world were shut down, and electric vehicle sales took a significant hit initially. However, the majority of the automakers resumed vehicle production with limited production and necessary measures.
EV battery makers suffered from a significant reduction in revenue in Q1 of 2020 due to the COVID-19 pandemic, though sales and net profit improved by Q3 of 2020. Sales of Samsung SDI in the li-ion battery segment fell by 18.8% compared to the previous quarter (Q4-2019), with the company’s net profit decreasing by 33.1%. The impact of COVID-19 on Panasonic was significant due to a reduction in demand and investment in China. Panasonic’s overall sales for FY 2019-20 (Ending March 31, 2020) decreased by 6%, while it’s operating profit (non-adjusted) declined by 29%. Although the pandemic impacted the revenues of major players, the sale of electric vehicles increased in many countries, leading to overall growth in the EV battery market in 2020. Additionally, upcoming supply contracts and new product developments are expected to lead to a steady recovery post 2020, further supporting the growth of the EV battery market.
Market Dynamics:
Driver: Launch of new plug-in models by major EV manufacturers
The electric vehicle market is witnessing exponential growth across geographies. Thus, major automobile manufacturers are entering the EV market due to the growing demand for EVs. Several major automakers such as Toyota, Tata Motors, Mercedes-Benz, and Hyundai are working on EV models to expand their position in the automotive industry. With major automakers taking an interest in the EV space, developments in electric vehicles are expected to increase in the near future.
Some of the other factors influencing automobile manufacturers to enter the EV market include:
- a functioning supply chain and dealers’ network capable of handling volumes larger than the current EV market
- existing major players in conventional vehicles having sufficient experience in other aspects of vehicles, like aesthetics and comfort, that might otherwise be overlooked
Major automakers/OEMs entering the EV market are partnering with major EV battery companies to take advantage of the rapidly growing market.
Restraint: Concerns over battery safety
Most EV batteries are considered safe as they undergo various tests before being put into use. However, there have been incidents—such as the recall of 68,000 Chevy EV Bolts after five fire incidents related to batteries—that have raised doubts on the safety of these batteries. EV batteries consist of various inflammable materials such as lithium, manganese, and plastics. Lithium is also highly reactive when exposed to water. Thus, there are concerns over the performance and safety of these batteries in hot or waterlogged environments. According to the National Fire Protection Association (NFPA) of the US, most EV fires in the country from 2013-2017 resulted from battery power systems. The association also stated that major reasons for the EV battery fire were heavy temperature fluctuations, heavy rain, and overcharging.
Opportunity: Introduction of the battery-as-a-service model (BaaS)
Companies are coming up with business models like battery swapping and battery-as-a-service (BaaS) that allow users to change/swap EV batteries once discharged. This saves users the time spent on recharging the batteries, thereby improving customer satisfaction and addressing one of the main reasons consumers refrain from opting for EVs.
Several Chinese EV battery manufacturers, such as NIO, follow the BaaS model that de-couples the battery from the EV. The BaaS model enables EV owners to rent battery services monthly instead of buying a battery with the EV. The model has two major advantages: consumers can save money on battery cost, and they do not have to worry about battery depreciation. Such models benefit both, consumers and manufacturers, as manufacturers can accurately predict the market size and potential by tying up with companies providing battery-as-a-service models.
Challenge: Reduction in subsidies in major markets
Purchase subsidies were reduced in key markets, such as China and France. For example, the Chinese Ministry of Finance announced plans to cut down on subsidies associated with electric cars by about half in 2019, 20% in 2021, and 30% by 2022. However, vehicles for public transport and those costing below USD 42,000 would continue to receive subsidies, with the new ruling only hitting luxury car brands. Since the Chinese Ministry of Finance only provides subsidies for cars with a high battery capacity, EV battery manufacturers have to either provide car manufacturers with high-capacity batteries or reduce battery prices to ensure the overall cost of a vehicle falls under the subsidized range. Though this is done to boost local manufacturing, EV battery manufacturers may struggle as they would need to improve battery capacity to receive more subsidies while keeping the price of the battery low.
The passenger cars segment is expected to be the largest vehicle type market
The passenger cars segment is expected to lead the EV battery market in Asia Pacific due to the high adoption rate of EVs in China. The region alone considered using 61% of all cobalt used globally in EV batteries in 2019, a rise of almost 50% in 2018 (Source: USGS National Minerals Information Center). This growth can be attributed to the shift of Chinese cell suppliers from lithium to cobalt bearing NCM cathodes.
Panasonic, one of the major suppliers of batteries to OEMs like Tesla and Toyota, has deployed more lithium batteries in 2019 than all of its competitors globally. CATL quadrupled its lithium batteries deployment year-over-year to 4,800 tons in 2019. In 2020, CATL also successfully tested its liquid cooling battery energy storage system (BESS) based on lithium iron phosphate (LFP) and cleared all the safety tests.
The lithium-ion segment in battery type will be leading the EV battery market during the forecast period
Lithium-ion batteries are the most common battery type used in modern electric vehicles. These batteries have higher energy density compared to lead-acid or nickel-metal hydride batteries. Their compact size makes them preferable in the automotive industry. For example, Nissan's lithium-ion battery technology allows a higher density of lithium ions to be stored, increasing travel distance. Alternatives such as advanced batteries and supercapacitors cannot easily replace lithium-ion batteries due to their performance, cost, weight, and size.
The European EV battery market is projected to be the fastest by 2025
Europe is estimated to account for a share of 31.0% of the global EV battery market, by volume, in 2021 and is projected to grow at a CAGR of 35.3% during the forecast period. The growth of the EV battery market in the region is largely dependent on government incentives and funds as electric vehicles are currently very expensive.
Countries such as Germany, France, Spain, UK, Italy, Norway, Sweden, and Denmark are considered under Europe for market analysis. The presence of OEMs such as VDL Groep (Netherlands) and AB Volvo (Sweden) offers opportunities for the growth of the EV battery market in the region. The increasingly stringent regulations related to environmental issues are propelling market players to test and develop advanced vehicles, which will further boost the market for advanced battery technologies. For example, Brexit deal creates an opportunity for Nissan to expand the business operations at its Sunderland plant. In return, the Japanese OEMs is even investing in the UK and other European countries. Nissan is interested to build additional battery production capacity in Sunderland. In September 2020, Mercedes-Benz, a subsidiary of Daimler AG, introduced its new all-electric eCitaro G, optionally equipped with innovative solid-state batteries. In December 2019, Volvo Trucks, a subsidiary of AB Volvo, developed heavy-duty electric concept trucks for construction operations and regional distribution.
France is expected to be the fastest-growing market for EV batteries in the region. The initiatives undertaken by the French government to promote electric commercial vehicles and electrification of public transport fleets are driving the country’s EV battery market. The government in Germany is also focusing on increasing the use of electric vehicles.
Major battery manufactures have been expanding their networks in the European region that has allowed significant growth of EVs and batteries. For instance, in 2017, Samsung SDI has invested about USD 1.3 billion to expand its factory in Hungary. This allowed Samsung to start production in 2018 on the Hungary plant, which produced batteries for 50,000 EVs
Key Market Players
The global EV battery market is dominated by major players CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).The key strategies adopted by these companies to sustain their market position are new product developments,merges & acquistions, supply contracts, partnerships, expanisons, collaborations, acquisitions, and contracts & agreements.
Scope of the report
|
Report Metric |
Details |
|
Market size available for years |
2018–2025 |
|
Base year considered |
2020 |
|
Forecast period |
2021-2025 |
|
Forecast units |
Value (USD Million) and Volume (Units) |
|
Segments covered |
Battery Type, Li-Ion Battery Component, Propulsion, Vehicle Type, Method, Battery Capacity, Material Type, Battery Form, And Region |
|
Geographies covered |
Asia Pacific, Europe, and North America |
|
Companies Covered |
CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea) |
This research report categorizes the EV battery market based on battery type, li-ion battery component, propulsion, vehicle type, method, battery capacity, material type, battery form, and region.
Based on the battery type:
- Lead-acid
- Lithium-ion
- Nickel-metal Hydride
- Solid-state
Based on the Li-ion battery component:
- Positive Electrode
- Negative Electrode
- Electrolyte
- Separator
Based on the propulsion :
- BEV
- HEV
- PHEV
- FCEV
Based on the vehicle type:
- Passenger Cars
- Vans/Light Trucks
- Medium & Heavy Trucks
- Buses
- Off-highway Vehicles
Based on the method:
- Wire Bonding
- Laser Bonding
Based on the battery capacity:
- <50 kWh
- 50-110 kWh
- 111-200 kWh
- 201-300 kWh
- >300 kWh
Based on the battery form:
- Prismatic
- Cyindrical
- Pouch
Based on the material type:
- Lithium
- Cobalt
- Manganese
- Natural Graphite
Based on the region:
- Asia Pacific
- China
- India
- Japan
- South Korea
- Thailand
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- United Kingdom
- Sweden
- Denmark
- Norway
Recent Developments
- In August 2020, CATL announced to develop a new EV battery with no nickel or cobalt in it. The company focuses to save a major portion of the cost with this development as cobalt is one of the most expensive components in an EV battery.
- In November 2020, Samsung SDI announced that it will be commercializing a li-ion battery product that would replace liquid electrolyte in a battery cell with a solid electrolyte, which improves battery performance.
- In March 2020, BYD announced the launch of a blade battery system, which consists of thin individual batteries. The thickness of a single battery is around 1.35 cm and occupies 50% less space than earlier products.
- In July 2020, Panasonic Corporation announced the development of a technique to visualize lithium-ion dynamics in all-solid-state batteries on a nanometer scale in real-time, in collaboration with Japan Fine Ceramics Center (JFCC) and Institute of Materials and Systems for Sustainability, Nagoya University. The technique, which makes use of scanning transmission electron microscopy (STEM) and machine learning, was applied to both bulk-type and thin-film-type all-solid-state lithium-ion batteries.
- In December 2019, Samsung SDI acquired an additional 15% stake in Samsung SDI-ARN (Xi'an) Power Battery Co., Ltd (SAPB) making it the majority stakeholder in the company with 65% of ownership. SAPB was initially found in 2014 by Samsung SDI Anqing Ring New Group and Xi’an Gaoke Group.
- In July 2020, LG Chem declared that it would reuse and recycle its used batteries proactively. LG Chem would research and develop technologies to predict the remaining life by collecting the batteries supplied to customers.
- In October 2020, CATL and RCS Global Group announced a partnership that would identify CATL’s cobalt, lithium, and graphite suppliers. The partnership would expand to cover aluminum, copper manganese, and nickel suppliers in the future. RCS Global would assess the suppliers for conformance with environmental and human rights requirements and work with CATL and the suppliers to develop a responsible supply chain.
Frequently Asked Questions (FAQ):
What is the current size of the global EV battery market?
The global EV battery market is projected to grow at a CAGR of 25.3% from USD 27.3 billion in 2021 to USD 67.2 billion in 2025 by value and from 3,071 thousand units in 2021 to 9,431 thousand units in 2025 at a CAGR of 32.4% by volume
Who are the winners in the global EV battery market?
CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea) are the leadrers of EV battery market. The key strategies adopted by these companies to sustain their market position are new product developments, mergers & acuisitions, partnerships, expanisons, collaborations, acquisitions, and contracts & agreement.
What is the Covid-19 impact on EV battery manufacturers?
The impact of COVID-19 was significant as more than half of the battery manufacturing units are in China. Though the shortage of batteries was compensated for outside of Chinese markets from the manufacturing units in rest of the East Asia. Major EV battery manufacturers like LG Chem and Panasonic which have battery manufacturing plants in China were heavily affected in the first half of 2020.
The overall market shortage was compensated as the major production of EV cars and EV batteries take place in China. Since China increased the production of lithium and refining of cobalt, it was not heavily affected. However, other markets were affected due to a temporary shortage.
What are the different types of battery types for electric vehicles ?
Battery types are usually segmented into lithium-ion, lead-acid, solid-state, and nickel-metal hydride.
What are the different battery forms considered in the EV battery market?
The EV battery market has been segmented by battery forms into cylindrical, prismatic, amd pouch. The prismatic cell form is the most commonly used cell form in the EV battery. The segment is estimated to account for a share of 44.3% of the EV battery market in 2021. Although cylindrical and pouch cells are among the oldest types of battery forms, prismatic cells account for a large market share in the current scenario. Prismatic cells result from a slight modification of both forms with internal layer structure like that of the cylindrical cell and space utilization as much as the pouch cells. Recently, Tesla Motors announced a new ‘Tab-less’ battery, which is a modification of the cylindrical battery structure on the Tesla Battery Day. .
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TABLE OF CONTENTS
1 INTRODUCTION (Page No. - 28)
1.1 OBJECTIVES OF THE STUDY
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS & EXCLUSIONS
TABLE 1 INCLUSIONS & EXCLUSIONS FOR EV BATTERY MARKET
1.3 MARKET SCOPE
FIGURE 1 MARKET SEGMENTATION: EV BATTERY MARKET
1.3.1 YEARS CONSIDERED FOR THE STUDY
1.4 STAKEHOLDERS
2 RESEARCH METHODOLOGY (Page No. - 33)
2.1 RESEARCH DATA
FIGURE 2 RESEARCH DESIGN
FIGURE 3 RESEARCH METHODOLOGY MODEL
2.1.1 SECONDARY DATA
2.1.1.1 List of key secondary sources
2.1.1.2 Key data from secondary sources
2.1.2 PRIMARY DATA
FIGURE 4 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, & REGION
2.1.2.1 List of primary participants
2.2 MARKET ESTIMATION METHODOLOGY
FIGURE 5 RESEARCH METHODOLOGY: HYPOTHESIS BUILDING
2.3 MARKET SIZE ESTIMATION
2.3.1 BOTTOM-UP APPROACH
FIGURE 6 GLOBAL EV BATTERY MARKET SIZE: BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
FIGURE 7 MARKET SIZE ESTIMATION METHODOLOGY FOR EV BATTERY MARKET: TOP-DOWN APPROACH
FIGURE 8 EV BATTERY MARKET: RESEARCH DESIGN & METHODOLOGY
FIGURE 9 EV BATTERY MARKET: RESEARCH METHODOLOGY ILLUSTRATION OF SAMSUNG SDI REVENUE ESTIMATION
2.3.3 FACTOR ANALYSIS FOR MARKET SIZING: DEMAND AND SUPPLY SIDE
2.4 DATA TRIANGULATION
FIGURE 10 DATA TRIANGULATION
2.5 FACTOR ANALYSIS
2.6 RESEARCH ASSUMPTIONS
2.7 RESEARCH LIMITATIONS
3 EXECUTIVE SUMMARY (Page No. - 46)
FIGURE 11 EV BATTERY MARKET: MARKET DYNAMICS
FIGURE 12 EV BATTERY MARKET, BY REGION, 2021–2025
FIGURE 13 PASSENGER CARS SEGMENT ESTIMATED TO LEAD EV BATTERY MARKET FROM 2021 TO 2025
3.1 COVID-19 IMPACT ON EV BATTERY MARKET, 2018–2025
4 PREMIUM INSIGHTS (Page No. - 51)
4.1 ATTRACTIVE OPPORTUNITIES IN THE EV BATTERY MARKET
FIGURE 14 INCREASING ADOPTION OF ELECTRIC VEHICLES AND GROWING GOVERNMENT INCENTIVES WILL DRIVE THE MARKET IN THE NEXT 5 YEARS
4.2 EV BATTERY MARKET, BY REGION
FIGURE 15 ASIA PACIFIC IS ESTIMATED TO ACCOUNT FOR THE LARGEST SHARE OF THE EV BATTERY MARKET IN 2021
4.3 ASIA PACIFIC EV BATTERY MARKET, BY COUNTRY & VEHICLE TYPE
FIGURE 16 CHINA ESTIMATED TO BE THE LARGEST EV BATTERY MARKET IN ASIA PACIFIC IN 2021
4.4 EV BATTERY MARKET, BY VEHICLE TYPE
FIGURE 17 PASSENGER CARS SEGMENT EXPECTED TO BE THE LARGEST SEGMENT FROM 2021 TO 2025
4.5 EV BATTERY MARKET, BY PROPULSION
FIGURE 18 FCEV SEGMENT PROJECTED TO GROW AT THE HIGHEST CAGR DURING THE FORECAST PERIOD (BY VOLUME)
4.6 EV BATTERY MARKET, BY BATTERY FORM
FIGURE 19 PRISMATIC SEGMENT EXPECTED TO BE THE LARGEST SEGMENT FROM 2021 TO 2025
4.7 EV BATTERY MARKET, BY METHOD
FIGURE 20 LASER BONDING SEGMENT IS PROJECTED TO GROW AT A HIGHER CAGR DURING THE FORECAST PERIOD (BY VOLUME)
4.8 EV BATTERY MARKET, BY MATERIAL
FIGURE 21 LITHIUM IS ESTIMATED TO BE THE LARGEST SEGMENT IN 2021
4.9 EV BATTERY MARKET, BY LI-ION BATTERY COMPONENT
FIGURE 22 ELECTROLYTE IS ESTIMATED TO BE THE LARGEST SEGMENT IN 2021 (BY VALUE)
4.10 EV BATTERY MARKET, BY BATTERY CAPACITY
FIGURE 23 50-110 KWH IS ESTIMATED TO BE THE LARGEST SEGMENT IN 2021
4.11 EV BATTERY MARKET, BY BATTERY TYPE
FIGURE 24 LITHIUM-ION BATTERY TYPE IS ESTIMATED TO BE THE LARGEST SEGMENT IN 2021
5 MARKET OVERVIEW (Page No. - 57)
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 25 EV BATTERY MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Increasing demand for electric vehicles
TABLE 2 GOVERNMENT INCENTIVES, BY COUNTRY
5.2.1.2 Improvement in battery technology
TABLE 3 EV BATTERY IMPROVEMENTS/INNOVATION
5.2.1.3 Government policies & regulations
TABLE 4 GOVERNMENT REGULATIONS
5.2.1.4 Launch of new plug-in models by major EV manufacturers
TABLE 5 PARTNERSHIPS BY OEMS
5.2.2 RESTRAINTS
5.2.2.1 Procurement concerns related to raw materials
5.2.2.2 Concerns over battery safety
5.2.3 OPPORTUNITIES
5.2.3.1 Rising electric micromobility
FIGURE 26 GLOBAL EV SALES, 2017-2019
5.2.3.2 Introduction of the battery-as-a-service model (BaaS)
5.2.4 CHALLENGES
5.2.4.1 Reduction in subsidies in major markets
TABLE 6 SUBSIDIES OFFERED FOR ELECTRIC VEHICLES IN CHINA
5.2.4.2 Charging-related issues
5.2.5 IMPACT OF MARKET DYNAMICS
TABLE 7 IMPACT OF MARKET DYNAMICS
5.3 EV BATTERY MARKET, MARKET SCENARIOS (2021–2025)
FIGURE 27 EV BATTERY MARKET: FUTURE TRENDS & SCENARIOS, 2020–2025
5.3.1 MOST LIKELY SCENARIO
TABLE 8 EV BATTERY MARKET: MOST LIKELY SCENARIO, BY REGION, 2018–2025 (USD MILLION)
5.3.2 OPTIMISTIC SCENARIO
TABLE 9 EV BATTERY MARKET: OPTIMISTIC SCENARIO, BY REGION, 2020–2025 (USD MILLION)
5.3.3 PESSIMISTIC SCENARIO
TABLE 10 EV BATTERY MARKET: PESSIMISTIC SCENARIO, BY REGION, 2020–2025 (USD MILLION)
5.4 PORTER’S FIVE FORCES
FIGURE 28 PORTER’S FIVE FORCES: EV BATTERY MARKET
5.4.1 THREAT OF NEW ENTRANTS
5.4.1.1 Major automobile giants entering the EV market
5.4.1.2 Emergence of new companies
5.4.1.3 Incentives by governments throughout the world for EV battery manufacturing
5.4.1.4 Strict safety regulations
5.4.2 THREAT OF SUBSTITUTES
5.4.2.1 Types of automobile batteries
5.4.2.2 Threat of substitution of lithium-ion battery
5.4.2.3 Development of new types of batteries
5.4.2.4 Development of alternative clean-fuel vehicles
5.4.3 BARGAINING POWER OF BUYERS
5.4.3.1 Declining prices of EV batteries
5.4.3.2 Increased demand for EV batteries
5.4.3.3 Major buyers of EV batteries
5.4.3.4 Increasing demand for micro-mobility
5.4.3.5 Demand for EVs for public transportation
5.4.4 BARGAINING POWER OF SUPPLIERS
5.4.4.1 Change in demand of major raw materials
5.4.4.2 Prices of major raw materials
5.4.4.3 Emphasis on eliminating the requirement of certain raw materials
5.4.4.4 Limited sources and non-uniform distribution of raw materials
5.4.5 INTENSITY OF COMPETITIVE RIVALRY
5.4.5.1 Currently limited number of major players
5.4.5.2 Exceptional growth of certain companies
5.4.5.3 Heavy R&D in battery technology
5.4.5.4 Requirement of technical know-how
5.4.5.5 Entry of large automakers in EV market
5.5 PRICING ANALYSIS
FIGURE 29 PRICE OF EV BATTERY PER KWH
FIGURE 30 COST PER KWH OF MAJOR RAW MATERIALS USED IN EV BATTERIES
FIGURE 31 COST BREAKDOWN OF CELL BY MATERIALS/COMPONENTS
FIGURE 32 TOTAL COST OF LITHIUM-ION BATTERY CELL
5.6 SUPPLY CHAIN ANALYSIS
FIGURE 33 EV BATTERY MARKET: SUPPLY CHAIN ANALYSIS
FIGURE 34 EV BATTERY MARKET: VALUE CHAIN ANALYSIS
5.7 ECOSYSTEM
TABLE 11 TOP EV WITH BATTERY SPECIFICATION
5.8 TECHNOLOGY ANALYSIS
5.8.1 INTRODUCTION
5.8.2 IMPROVEMENT IN BATTERY COMPOSITION
5.8.3 IMPROVEMENT IN BATTERY CHARGING RATE
FIGURE 35 CHARGING TIME FOR CARS, BY MODEL (IN HOURS)
5.8.4 BATTERY DESIGN AND LOCATION IN EV
5.8.5 BATTERY RELATED SERVICES
5.8.6 BATTERY OPTIMIZATION
5.9 PATENT ANALYSIS
TABLE 12 IMPORTANT PATENT REGISTRATIONS RELATED TO EV BATTERY MARKET
5.10 CASE STUDY
5.10.1 TESLA CLAIMS TO REDUCE BATTERY COSTS BY INNOVATION
5.10.2 INDIAN OIL CORPORATION LIMITED (IOCL) LAUNCHES BATTERY SWAPPING SERVICE
5.10.3 CATL DEVELOPING NO NICKEL, NO COBALT EV BATTERY
5.10.4 PANASONIC ANNOUNCES DEVELOPMENT OF SOLID-STATE BATTERY
5.11 TRADE/SALES DATA
5.11.1 CHINA
TABLE 13 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN CHINA (UNITS)
5.11.2 JAPAN
TABLE 14 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN JAPAN (UNITS)
5.11.3 SOUTH KOREA
TABLE 15 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN SOUTH KOREA (UNITS)
5.11.4 INDIA
TABLE 16 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN INDIA (UNITS)
5.11.5 US
TABLE 17 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN US (UNITS)
5.11.6 GERMANY
TABLE 18 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN GERMANY (UNITS)
5.11.7 UK
TABLE 19 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN UK (UNITS)
5.11.8 NORWAY
TABLE 20 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN NORWAY (UNITS)
5.12 REGULATORY OVERVIEW
TABLE 21 REGULATIONS/VOLUNTARY PROCEDURES FOR EV BATTERY PERFORMANCE
TABLE 22 REGULATIONS/VOLUNTARY PROCEDURES FOR EV BATTERY DURABILITY
TABLE 23 REGULATIONS/VOLUNTARY PROCEDURES FOR EV BATTERY SAFETY
TABLE 24 REGULATIONS/VOLUNTARY PROCEDURES FOR EV BATTERY RECYCLING
5.13 EV BATTERY MARKET: COVID-19 IMPACT
5.13.1 IMPACT ON RAW MATERIAL SUPPLY
5.13.2 IMPACT ON BATTERY PRODUCTION
5.13.3 IMPACT DUE TO SLOWDOWN OF EV DEMAND
6 EV BATTERY MARKET, BY BATTERY TYPE (Page No. - 86)
6.1 INTRODUCTION
FIGURE 36 EV BATTERY MARKET, BY BATTERY TYPE, 2021 VS. 2025 (UNITS)
TABLE 25 EV BATTERY MARKET, BY BATTERY TYPE, 2018–2025 (UNITS)
6.2 OPERATIONAL DATA
TABLE 26 ELECTRIC COMMERCIAL VEHICLE DATA, BY COMPANY, MODEL & BATTERY TYPE
FIGURE 37 US: PLUG-IN SALES, BY MODEL
6.2.1 RESEARCH METHODOLOGY
6.2.2 ASSUMPTIONS
6.2.3 KEY PRIMARY INSIGHTS
FIGURE 38 KEY PRIMARY INSIGHTS
6.3 LITHIUM-ION
6.3.1 HIGH ENERGY DENSITY AND LONG-LIFE CYCLE DRIVE THIS SEGMENT
FIGURE 39 COMPARATIVE EVALUATION OF ELECTRIC VEHICLES USING LITHIUM-ION BATTERY
TABLE 27 LITHIUM-ION BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
6.4 LEAD-ACID
6.4.1 DEVELOPMENT OF ADVANCED LEAD-ACID BATTERY WILL DRIVE THE MARKET IN FUTURE
6.5 NICKEL-METAL HYDRIDE
6.5.1 LONG LIFE CYCLE AND HIGH TOLERANCE OF NICKEL METAL HYDRIDE BATTERIES WILL DRIVE THEIR DEMAND
6.6 SOLID-STATE
6.6.1 HIGH ENERGY STORAGE CAPABILITY OF SOLID-STATE BATTERIES FUEL THEIR DRIVE DEMAND
TABLE 28 US TRANSIT AGENCIES USING BATTERY-POWERED ELECTRIC BUSES
TABLE 29 SOLID-STATE MARKET, BY REGION, 2018–2025 (UNITS)
6.7 OTHERS
TABLE 30 OTHERS: EV BATTERIES MARKET, BY REGION, 2018–2025 (UNITS)
7 EV BATTERY MARKET, BY LI-ION BATTERY COMPONENT (Page No. - 94)
7.1 INTRODUCTION
FIGURE 40 EV BATTERY MARKET, BY LI-ION BATTERY COMPONENT, 2021 VS. 2025
TABLE 31 EV BATTERY MARKET, BY LI-ION BATTERY COMPONENT, 2018–2025 (USD MILLION)
7.2 OPERATIONAL DATA
TABLE 32 ELECTROLYTE SOLVENTS, BY TEMPERATURE & FLASHPOINT
TABLE 33 MOST COMMONLY USED LITHIUM-ION BATTERIES AND THEIR SPECIFICATIONS
7.2.1 RESEARCH METHODOLOGY
7.2.2 ASSUMPTIONS
7.2.3 KEY PRIMARY INSIGHTS
FIGURE 41 KEY PRIMARY INSIGHTS
7.3 NEGATIVE ELECTRODE
7.3.1 HIGH PRESENCE OF NEGATIVE ELECTRODE COMPANIES WILL DRIVE THE MARKET IN ASIA PACIFIC
TABLE 34 NEGATIVE ELECTRODE IN EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
7.4 POSITIVE ELECTRODE
7.4.1 DEMAND FOR HIGH PERFORMANCE AND LONG-LIFE CYCLE CELLS WILL DRIVE THE MARKET
TABLE 35 POSITIVE ELECTRODE IN EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
7.5 ELECTROLYTE
7.5.1 SAFETY AND HIGH PERFORMANCE OF BATTERIES DRIVE THE MARKET FOR ELECTROLYTE
TABLE 36 ELECTROLYTE IN EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
7.6 SEPARATOR
7.6.1 NEED FOR SEPARATORS IN BATTERIES TO ATTAIN TEMPERATURE STABILITY WILL DRIVE THE MARKET
TABLE 37 SEPARATOR IN EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
8 EV BATTERY MARKET, BY PROPULSION (Page No. - 101)
8.1 INTRODUCTION
FIGURE 42 EV BATTERY MARKET, BY PROPULSION, 2021 VS. 2025
TABLE 38 EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
8.2 OPERATIONAL DATA
TABLE 39 REGION-WISE EV SALES DATA, 2016-2019, (THOUSAND UNITS)
TABLE 40 ELECTRIC COMMERCIAL VEHICLE DATA, BY COMPANY, MODEL & PROPULSION TYPE
8.2.1 RESEARCH METHODOLOGY
8.2.2 ASSUMPTIONS
8.2.3 KEY PRIMARY INSIGHTS
FIGURE 43 KEY PRIMARY INSIGHTS
8.3 BATTERY ELECTRIC VEHICLES (BEVS)
TABLE 41 BEV: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
8.4 HYBRID ELECTRIC VEHICLES (HEVS)
TABLE 42 HEV: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
8.5 PLUG-HYBRID ELECTRIC VEHICLES (PHEVS)
TABLE 43 PHEV: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
8.6 FUEL CELL ELECTRIC VEHICLES (FCEVS)
TABLE 44 FCEV: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
9 EV BATTERY MARKET, BY VEHICLE TYPE (Page No. - 107)
9.1 INTRODUCTION
FIGURE 44 EV BATTERY MARKET, BY VEHICLE TYPE, 2021 VS. 2025
TABLE 45 EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 46 EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
9.2 OPERATIONAL DATA
TABLE 47 ELECTRIC VEHICLES, BY MODEL, VEHICLE TYPE & PROPULSION
9.2.1 RESEARCH METHODOLOGY
9.2.2 ASSUMPTIONS
9.2.3 KEY PRIMARY INSIGHTS
FIGURE 45 KEY PRIMARY INSIGHTS
9.3 PASSENGER CARS
9.3.1 GROWING EMISSION NORMS FO PASSENGER CARS WILL BOOST THE DEMAND FOR EV BATTERIES
TABLE 48 EV BATTERY MARKET IN PASSENGER CARS, BY REGION, 2018–2025 (UNITS)
TABLE 49 EV BATTERY MARKET IN PASSENGER CARS, BY REGION, 2018–2025 (USD MILLION)
TABLE 50 EV BATTERY MARKET IN PASSENGER CARS, BY BATTERY CAPACITY, 2018–2025 (UNITS)
TABLE 51 <50 KWH: EV BATTERY MARKET IN PASSENGER CARS, BY REGION, 2018–2025 (UNITS)
TABLE 52 50-110 KWH: EV BATTERY MARKET IN PASSENGER CARS, BY REGION, 2018–2025 (UNITS)
TABLE 53 111-200 KWH: EV BATTERY MARKET IN PASSENGER CARS, BY REGION, 2018–2025 (UNITS)
9.4 VANS/LIGHT TRUCKS
9.4.1 INCREASING DEMAND FROM LOGISTICS SECTOR EXPECTED TO DRIVE THIS SEGMENT
TABLE 54 EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (UNITS)
TABLE 55 EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (USD MILLION)
TABLE 56 EV BATTERY MARKET IN VANS/LIGHT TRUCKS: BY BATTERY CAPACITY, 2018–2025 (UNITS)
TABLE 57 <50 KWH: EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2021 (BY VALUE)
TABLE 58 50-110 KWH: EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (UNITS)
TABLE 59 111-200 KWH: EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (UNITS)
TABLE 60 201-300 KWH: EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (UNITS)
TABLE 61 >300 KWH: EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (UNITS)
9.5 MEDIUM & HEAVY TRUCKS
9.5.1 ADOPTION OF ELECTRIC MEDIUM AND HEAVY TRUCKS FOR SHORT AND LONG RANGES TO BOOST MARKET
TABLE 62 EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY REGION, 2018–2025 (UNITS)
TABLE 63 EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY REGION, 2018–2025 (USD MILLION)
TABLE 64 EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY BATTERY CAPACITY, 2018–2025 (UNITS)
TABLE 65 50-110 KWH: EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY REGION, 2018–2025 (UNITS)
TABLE 66 111-200 KWH: EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY REGION, 2018–2025 (UNITS)
TABLE 67 201-300 KWH: EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY REGION, 2018–2025 (UNITS)
TABLE 68 >300 KWH: EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY REGION, 2018–2025 (UNITS)
9.6 BUSES
9.6.1 HIGH DEMAND FROM MAJOR OEMS IN ASIA PACIFIC WILL DRIVE THE MARKET SIGNIFICANTLY
TABLE 69 US TRANSIT AGENCIES PURCHASING BATTERY-POWERED ELECTRIC BUSES
TABLE 70 EV BATTERY MARKET IN BUSES, BY REGION, 2018–2025 (UNITS)
TABLE 71 EV BATTERY MARKET IN BUSES, BY REGION, 2018–2025 (USD MILLION)
TABLE 72 EV BATTERY MARKET IN BUSES, BY BATTERY CAPACITY, 2018–2025 (UNITS)
TABLE 73 111-200 KWH: EV BATTERY MARKET IN BUSES, BY REGION, 2018–2025 (UNITS)
TABLE 74 201-300 KWH: EV BATTERY MARKET IN BUSES, BY REGION, 2018–2025 (UNITS)
TABLE 75 >300 KWH: EV BATTERY MARKET IN BUSES, BY REGION, 2018–2025 (UNITS)
9.7 OFF-HIGHWAY VEHICLES
9.7.1 DEMAND OF HIGH POWER HEAVY-DUTY ELECTRIC TRUCKS IN AGRICULTURE AND CONSTRUCTION INDUSTRIES DRIVE THE MARKET
TABLE 76 EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (UNITS)
TABLE 77 EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (USD MILLION)
TABLE 78 EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY BATTERY CAPACITY, 2018–2025 (UNITS)
TABLE 79 <50 KWH: EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (UNITS)
TABLE 80 50-110 KWH: EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (UNITS)
TABLE 81 111-200 KWH: EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (UNITS)
TABLE 82 201-300 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 83 >300 KWH: EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (UNITS)
10 EV BATTERY MARKET, BY BATTERY CAPACITY (Page No. - 126)
10.1 INTRODUCTION
FIGURE 46 EV BATTERY MARKET, BY BATTERY CAPACITY, 2021 VS. 2025
TABLE 84 EV BATTERY MARKET, BY BATTERY CAPACITY, 2018–2025 (UNITS)
TABLE 85 EV BATTERY MARKET, BY BATTERY CAPACITY, 2018–2025 (USD MILLION)
TABLE 86 ELECTRIC COMMERCIAL VEHICLE DATA, BY MODEL & BATTERY CAPACITY
10.1.1 RESEARCH METHODOLOGY
10.1.2 ASSUMPTIONS
10.1.3 KEY PRIMARY INSIGHTS
FIGURE 47 KEY PRIMARY INSIGHTS
10.2 <50 KWH
10.2.1 COST FACTOR WILL DRIVE THE MARKET FOR BATTERY WITH <50 KWH CAPACITY
TABLE 87 <50 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 88 <50 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 89 <50 KWH: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
10.3 50-110 KWH
10.3.1 INCREASED DEMAND FOR ELECTRIC VANS/LIGHT TRUCKS WILL FUEL THE MARKET FOR BATTERIES WITH CAPACITY RANGING FROM 50-110 KWH
TABLE 90 50-110 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 91 50-110 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 92 50-110 KWH: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
10.4 111-200 KWH
10.4.1 DEMAND FOR ELECTRIC COMMERCIAL TRUCKS & BUSES EXPECTED TO DRIVE THIS SEGMENT
TABLE 93 111-200 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 94 111-200 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 95 111-200 KWH: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
10.5 201-300 KWH
10.5.1 BUSES AND TRUCKS WITH 201-300 KWH BATTERY CAPACITY DOMINATE CHINESE PUBLIC TRANSPORT FLEET
TABLE 96 201-300 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 97 201-300 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 98 201-300 KWH: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
10.6 >300 KWH
10.6.1 INCREASED DEMAND FOR HEAVY COMMERCIAL AND OFF-HIGHWAY VEHICLES DRIVE THE MARKET FOR BATTERIES WITH >300 CAPACITY
TABLE 99 >300 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 100 >300 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
TABLE 101 >300 KWH: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
11 EV BATTERY MARKET, BY MATERIAL TYPE (Page No. - 136)
11.1 INTRODUCTION
FIGURE 48 EV BATTERY MARKET, BY MATERIAL TYPE, 2021 VS. 2025
TABLE 102 EV BATTERY MARKET, BY MATERIAL TYPE, 2018–2025 (USD MILLION)
11.2 OPERATIONAL DATA
TABLE 103 TYPES OF LITHIUM-ION BATTERY CHEMISTRIES
11.2.1 RESEARCH METHODOLOGY
11.2.2 ASSUMPTIONS
11.2.3 KEY PRIMARY INSIGHTS
FIGURE 49 KEY PRIMARY INSIGHTS
11.3 COBALT
11.3.1 RESISTANCE TOWARDS HIGH TEMPERATURE WILL DRIVE THE DEMAND FOR COBALT
FIGURE 50 COBALT DEPLOYMENT IN ELECTRIC VEHICLES, BY REGION
TABLE 104 COBALT IN EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
11.4 LITHIUM
11.4.1 HIGHER ENERGY DENSITY OF LITHIUM IS EXPECTED TO FUEL ITS DEMAND
FIGURE 51 LITHIUM DEPLOYMENT IN EVS, BY REGION
TABLE 105 LITHIUM IN EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
11.5 NATURAL GRAPHITE
11.5.1 DEMAND FOR NATURAL GRAPHITE IN HEVS AND PHEVS IS EXPECTED TO BOOST ITS MARKET
FIGURE 52 NATURAL GRAPHITE RESERVES
TABLE 106 NATURAL GRAPHITE IN EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
11.6 MANGANESE
11.6.1 ADVANCEMENT IN BATTERY TECHNOLOGY WILL DRIVE THE MARKET
FIGURE 53 MANGANESE RESERVES
TABLE 107 MANGANESE IN EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
12 EV BATTERY MARKET, BY METHOD (Page No. - 145)
12.1 INTRODUCTION
FIGURE 54 EV BATTERY MARKET, BY METHOD, 2021 VS. 2025
TABLE 108 EV BATTERY MARKET, BY METHOD, 2018–2025 (UNITS)
12.2 OPERATIONAL DATA
FIGURE 55 DIFFERENT BATTERY ASSEMBLY METHODS
12.2.1 ASSUMPTIONS
12.2.2 RESEARCH METHODOLOGY
12.2.3 KEY PRIMARY INSIGHTS
FIGURE 56 KEY PRIMARY INSIGHTS
12.3 WIRE BONDING
TABLE 109 WIRE BONDING: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
12.4 LASER BONDING
TABLE 110 LASER BONDING: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
13 EV BATTERY MARKET, BY BATTERY FORM (Page No. - 150)
13.1 INTRODUCTION
FIGURE 57 EV BATTERY MARKET, BY BATTERY FORM, 2021 VS. 2025
TABLE 111 EV BATTERY MARKET, BY BATTERY FORM, 2018–2025 (UNITS)
13.2 OPERATIONAL DATA
TABLE 112 EV BATTERY CELL CHARACTERISTICS
13.2.1 ASSUMPTIONS
13.2.2 RESEARCH METHODOLOGY
13.2.3 KEY PRIMARY INSIGHTS
FIGURE 58 KEY PRIMARY INSIGHTS
13.3 PRISMATIC
TABLE 113 PRISMATIC EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
13.4 POUCH
TABLE 114 POUCH EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
13.5 CYLINDRICAL
TABLE 115 CYLINDRICAL EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
14 EV BATTERY MARKET, BY REGION (Page No. - 156)
14.1 INTRODUCTION
FIGURE 59 EV BATTERY MARKET, BY REGION, 2021 VS. 2025
TABLE 116 EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
TABLE 117 EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
14.2 ASIA PACIFIC
FIGURE 60 ASIA PACIFIC: EV BATTERY MARKET SNAPSHOT
TABLE 118 ASIA PACIFIC: EV BATTERY MARKET, BY COUNTRY, 2018–2025 (UNITS)
TABLE 119 ASIA PACIFIC: EV BATTERY MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
14.2.1 CHINA
14.2.1.1 Presence of global leaders drive the market in China
TABLE 120 CHINA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 121 CHINA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 122 CHINA: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.2.2 JAPAN
14.2.2.1 Electrification of commercial vehicles expected to drive the market
TABLE 123 JAPAN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 124 JAPAN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 125 JAPAN: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.2.3 INDIA
14.2.3.1 Government subsidies to electric commercial vehicles will drive the market
TABLE 126 INDIA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 127 INDIA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 128 INDIA: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.2.4 SOUTH KOREA
14.2.4.1 Increasing focus on electrifying public transport will boost the market
TABLE 129 SOUTH KOREA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 130 SOUTH KOREA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 131 SOUTH KOREA: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.2.5 THAILAND
TABLE 132 THAILAND: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 133 THAILAND: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 134 THAILAND: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.3 EUROPE
FIGURE 61 EUROPE: EV BATTERY MARKET SNAPSHOT
TABLE 135 EUROPE: EV BATTERY MARKET, BY COUNTRY, 2018–2025 (UNITS)
TABLE 136 EUROPE: EV BATTERY MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
14.3.1 FRANCE
14.3.1.1 Rise in e-logistics transport to drive the market
TABLE 137 FRANCE: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 138 FRANCE: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 139 FRANCE: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.3.2 GERMANY
14.3.2.1 Presence of leading companies expected to drive the market
TABLE 140 GERMANY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 141 GERMANY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 142 GERMANY: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.3.3 SPAIN
14.3.3.1 Growing commercial vehicle production projected to drive the market
TABLE 143 SPAIN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 144 SPAIN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 145 SPAIN: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.3.4 ITALY
14.3.4.1 Growing advancement in EVs to drive the market
TABLE 146 ITALY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 147 ITALY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 148 ITALY: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.3.5 UK
14.3.5.1 Increased demand for electric public fleets expected to drive the market
TABLE 149 UK: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 150 UK: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 151 UK: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.3.6 DENMARK
14.3.6.1 Favorable regulations will drive the market
TABLE 152 DENMARK: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 153 DENMARK: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 154 DENMARK: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.3.7 NORWAY
14.3.7.1 Replacement of conventional vehicles with advanced EVs is expected to drive the market
TABLE 155 NORWAY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 156 NORWAY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025(USD MILLION)
TABLE 157 NORWAY: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.3.8 SWEDEN
14.3.8.1 The presence of OEMs in the country will boost demand for EV battery
TABLE 158 SWEDEN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 159 SWEDEN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 160 SWEDEN: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.4 NORTH AMERICA
TABLE 161 NORTH AMERICA: EV BATTERY MARKET, BY COUNTRY, 2018–2025 (UNITS)
TABLE 162 NORTH AMERICA: EV BATTERY MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
14.4.1 US
14.4.1.1 Growing demand for electric trucks in the country will drive the market
TABLE 163 US: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 164 US: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 165 US: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.4.2 CANADA
14.4.2.1 Government support to promote EVs will drive the market
TABLE 166 CANADA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 167 CANADA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 168 CANADA: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
14.4.3 MEXICO
14.4.3.1 Presence of OEMs will drive the market
TABLE 169 MEXICO: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
TABLE 170 MEXICO: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
TABLE 171 MEXICO: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
15 COMPETITIVE LANDSCAPE (Page No. - 186)
15.1 MARKET EVALUATION FRAMEWORK
FIGURE 62 MARKET EVALUATION FRAMEWORK
15.2 OVERVIEW
FIGURE 63 KEY DEVELOPMENTS BY LEADING PLAYERS IN THE EV BATTERY MARKET
15.3 MARKET SHARE ANALYSIS FOR EV BATTERY MARKET
FIGURE 64 MARKET SHARE ANALYSIS, 2020
15.4 MARKET RANKING ANALYSIS FOR EV BATTERY MARKET
FIGURE 65 MARKET RANKING ANALYSIS, 2020
15.5 COVID-19 IMPACT ON EV BATTERY COMPANIES
15.5.1 IMPACT ON RAW MATERIAL SUPPLY
15.5.2 IMPACT ON BATTERY PRODUCTION
15.5.3 IMPACT DUE TO EV DEMAND SLOWDOWN
15.6 COMPETITIVE SCENARIO
15.6.1 NEW PRODUCT DEVELOPMENTS
TABLE 172 NEW PRODUCT DEVELOPMENTS, 2018–2020
15.6.2 JOINT VENTURES/PARTNERSHIPS/AGREEMENTS/COLLABORATIONS, 2018–2020
TABLE 173 JOINT VENTURES/PARTNERSHIPS/AGREEMENTS/COLLABORATIONS, 2018–2020
15.6.3 MERGERS & ACQUISITIONS, 2018–2020
TABLE 174 MERGERS & ACQUISITIONS, 2018–2020
15.6.4 EXPANSIONS, 2018–2020
TABLE 175 EXPANSIONS, 2018–2020
15.7 COMPETITIVE LEADERSHIP MAPPING FOR EV BATTERY MARKET
15.7.1 STARS
15.7.2 EMERGING LEADERS
15.7.3 PERVASIVE
15.7.4 EMERGING COMPANIES
FIGURE 66 EV BATTERY MARKET: COMPETITIVE LEADERSHIP MAPPING, 2020
15.8 STRENGTH OF PRODUCT PORTFOLIO
FIGURE 67 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN EV BATTERY MARKET
FIGURE 68 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN EV BATTERY MARKET
15.9 STARTUP/SME EVALUATION MATRIX, 2020
FIGURE 69 EV BATTERY MARKET: STARTUP MATRIX, 2020
15.10 WINNERS VS. TAIL-ENDERS
TABLE 176 WINNERS VS. TAIL-ENDERS
16 COMPANY PROFILES (Page No. - 202)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
16.1 CATL
FIGURE 70 CATL: COMPANY SNAPSHOT
16.2 SAMSUNG SDI
FIGURE 71 SAMSUNG SDI: COMPANY SNAPSHOT
16.3 PANASONIC
FIGURE 72 PANASONIC: COMPANY SNAPSHOT
16.4 LG CHEM
FIGURE 73 LG CHEM: COMPANY SNAPSHOT
16.5 BYD COMPANY LIMITED
FIGURE 74 BYD COMPANY LIMITED: COMPANY SNAPSHOT
16.6 VEHICLE ENERGY JAPAN CO. LTD. (UNDER HITACHI AUTOMOTIVE SYSTEMS, LTD.)
FIGURE 75 HITACHI: COMPANY SNAPSHOT
16.7 TOSHIBA CORPORATION
FIGURE 76 TOSHIBA CORPORATION: COMPANY SNAPSHOT
16.8 MITSUBISHI CORPORATION
FIGURE 77 MITSUBISHI CORPORATION: COMPANY SNAPSHOT
16.9 ENVISION AESC
16.10 ENERSYS
FIGURE 78 ENERSYS: COMPANY SNAPSHOT
16.11 A123 SYSTEMS (SUBSIDIARY OF WANXIANG GROUP)
16.12 SK INNOVATION CO. LTD.
FIGURE 79 SK INNOVATION CO. LTD.: COMPANY SNAPSHOT
16.13 GS YUASA
FIGURE 80 GS YUASA CORPORATION: COMPANY SNAPSHOT
16.14 OTHER KEY REGIONAL PLAYERS
16.14.1 ASIA PACIFIC
16.14.1.1 Exide industries limited
16.14.1.2 Primearth EV Energy Co., Ltd.
16.14.1.3 Lithium Energy Japan
16.14.1.4 E-One Moli Energy Corp.
16.14.2 NORTH AMERICA
16.14.2.1 Targray Technology International Inc.
16.14.2.2 Altair Nanotechnologies Inc.
16.14.2.3 Clarios
16.14.3 EUROPE
16.14.3.1 Northvolt AB
16.14.3.2 Leclanché SA
16.14.3.3 APTIV PLC
*Details on Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View might not be captured in case of unlisted companies.
17 RECOMMENDATIONS BY MARKETSANDMARKETS (Page No. - 240)
17.1 EV BATTERY MAKERS NEED TO KEEP UP WITH CONTINUOUS ADVANCEMENTS IN ELECTRIC VEHICLES, BATTERY TECHNOLOGIES, AND CHARGING SOLUTIONS
17.2 JAPAN, KOREA, AND INDIA EMERGING AS PROMISING ALTERNATIVES TO CHINA FOR SUPPLY OF COMPONENTS
17.3 CONCLUSION
18 APPENDIX (Page No. - 241)
18.1 KEY INSIGHTS OF INDUSTRY EXPERTS
18.2 DISCUSSION GUIDE
18.3 KNOWLEDGE STORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
18.4 AVAILABLE CUSTOMIZATIONS
18.5 RELATED REPORTS
18.6 AUTHOR DETAILS
Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizing with the industry experts across value chains through primary research. The top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter, market breakdown and data triangulation processes were used to estimate the market size of segments and subsegments.
Secondary Research
Secondary sources referred to for this research study include publications from government sources [such as country level automotive associations and organizations, Organisation for Economic Co-operation and Development (OECD), World Bank, CDC, and Eurostat]; corporate and regulatory filings (such as annual reports, SEC filings, investor presentations, and financial statements); business magazines and research journals; press releases; free and paid automotive databases The International Energy Agency, EV-volumes, Alternative Fuels Data Center (AFDC), the European Alternative Fuels Observatory (EAFO), and other associations/organizations. Secondary data was collected and analyzed to arrive at the overall size of the global market, which was validated by primary research.
Primary Research
Extensive primary research was conducted after acquiring an understanding of the global EV battery market scenarios through secondary research. Several primary interviews were conducted with market experts from both the demand (country-level government associations, and trade associations, institutes, R&D centers, OEMs/vehicle manufacturers) and supply (EV battery manufacturers, EV component manufacturers, and raw material suppliers) side across three major regions, namely, North America, Europe, and Asia Pacific. 23% of the experts involved in primary interviews were from the demand side, and 77% were from the supply side of the industry. Primary data was collected through questionnaires, emails, and telephonic interviews. Several primary interviews were conducted from various departments within organizations, such as sales, operations, administration, and so on, to provide a holistic viewpoint in the report.
After interacting with industry participants, some brief sessions were conducted with experienced independent consultants to reinforce the findings from the primaries. This, along with the in-house subject matter experts’ opinions, has led to the findings delineated in the rest of this report.
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Market Size Estimation
The bottom-up and top-down approaches were used to estimate and validate the size of the global EV battery market. In these approaches, the electric vehicle sales statistics for each vehicle type (passenger cars, vans/light trucks, medium & heavy trucks, buses, and off-highway vehicles) at a country level were considered.
In the bottom-up approach, the number of electric vehicle sales of each vehicle type at the country level was considered. The number of batteries per vehicle was identified through model mapping and secondary research. The sale of electric vehicles at the country-level was then multiplied with the number of batteries in each vehicle type to determine the market size of the EV battery market in terms of volume. An average battery capacity was identified for each vehicle type through secondary and primary research. The country-level market size, in terms of volume, by vehicle type, was then multiplied with the country-level average battery price per kWh (ABP) of each vehicle type and average battery capacity to determine the market size in terms of value for each vehicle type. The summation of the country-level market size for each vehicle type, by volume and value, would give the regional level market size. The summation of the regional markets provides the global EV battery market size. The market size for vehicle type was derived from the global market.
The top-down approach was used to estimate and validate the size of the EV battery market, by battery type, battery form, method, material type, and li-ion battery component. To derive the market size by type, the global market size in terms of volume and value was divided into lead-acid, nickel-metal hydride, solid-state, and li-ion using the penetration and percentage split respectively. The global market was further segmented at the regional level. A similar approach was used to derive the market size of battery type, battery form, method, material type, and li-ion battery component segments in terms of volume and value.
Data Triangulation
After arriving at the overall market size of the global market through the abovementioned methodology, this market was split into several segments and subsegments. The data triangulation and market breakdown procedure were employed, wherever applicable, to complete the overall market engineering process and arrive at the exact market value data for the key segments and subsegments. The extrapolated market data was triangulated by studying various macro indicators and regional trends from both the demand- and supply-side participants.
Report Objectives
- To define, describe, and project the EV battery market, by volume (units) and value (USD million)
- To define, describe, and forecast the market based on battery type, li-ion battery component, propulsion, vehicle type, method, battery capacity, material type, battery form, and region.
- To provide detailed information regarding major factors, such as drivers, restraints, opportunities, and challenges influencing the growth of the market
- To analyze and forecast market size, in terms of volume, based on battery type (lead-acid, lithium-ion, nickel-metal hydride, solid-state, and others)
- To analyze and forecast the market size, in terms of value, based on lithium-ion battery component (positive electrode, negative electrode, electrolyte, and separator)
- To analyze and forecast the market size, in terms of volume, based on propulsion {battery electric vehicles (BEV), hybrid electric vehicles (HEV), plug-hybrid electric vehicles (PHEV), and fuel cell electric vehicles (FCEV)}
- To analyze and forecast the market size, in terms of volume and value, based on vehicle type (passenger cars, vans/light trucks, medium & heavy trucks, buses, and off-highway vehicles)
- To analyze and forecast the market size, by volume and value, based on battery capacity (<50 kWh, 50-110 kWh, 111-200 kWh, 201-300 kWh, and >300 kWh)
- To analyze and forecast the market size, in terms of value, based on material type (cobalt, lithium, natural graphite, and manganese)
- To analyze and forecast the market size, in terms of volume, based on battery form (prismatic, pouch, and cylindrical)
- To analyze and forecast the market size, in terms of volume, based on method (wire bonding and laser bonding)
- To forecast the size of various segments of the EV battery market based on three regions—North America, Europe, and Asia Pacific, along with major countries in each region
- To analyze the opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To analyze the impact of COVID-19 on the market and its stakeholders
- To track and analyze competitive developments, such as joint ventures, mergers & acquisitions, new product developments, partnerships, collaborations, agreements, and expansions in the EV battery market
Available Customizations
Along with the market data, MarketsandMarkets offers customizations in line with the company’s specific needs.
- EV Battery Market, by vehicle type at country-level (for countries covered in the report)
- EV Battery Market, by battery type at country-level (for countries covered in the report)
Company Information
- Profiling of Additional Market Players (Up to 5)
Get in-depth analysis of the COVID-19 impact on the EV Battery Market
Benchmarking the rapid strategy shifts of the Top 100 companies in the EV Battery Market
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- What are the Known and Unknown Adjacencies Impacting the EV Battery Market
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Growth opportunities and latent adjacency in EV Battery Market