EV Battery Market

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

Report Code: AT 7840 Feb, 2021, by marketsandmarkets.com

[262 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.

EV Battery Market

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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

EV Battery Market  by Region

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)
 A total of 25 major company profiles covered and provided

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.

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TABLE OF CONTENTS

1 INTRODUCTION (Page No. - 29)
    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. - 34)
    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. - 47)
  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. - 52)
    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. - 58)
    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
                            FIGURE 26 DAWN OF EUROPEAN GIGAFACTORIES: ANNOUNCED LITHIUM ION BATTERY CELL PRODUCTION SITES
                    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 27 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 28 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 ANALYSIS
        FIGURE 29 PORTER’S FIVE FORCES: EV BATTERY MARKET
        TABLE 11 EV BATTERY MARKET: PORTER’S FIVE FORCES ANALYSIS
           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 30 PRICE OF EV BATTERY PER KWH
        FIGURE 31 COST PER KWH OF MAJOR RAW MATERIALS USED IN EV BATTERIES
        FIGURE 32 COST BREAKDOWN OF CELL BY MATERIALS/COMPONENTS
        FIGURE 33 TOTAL COST OF LITHIUM-ION BATTERY CELL
    5.6 SUPPLY CHAIN ANALYSIS
        FIGURE 34 EV BATTERY MARKET: SUPPLY CHAIN ANALYSIS
        FIGURE 35 LITHIUM-ION BATTERY MARKET: SUPPLY CHAIN ANALYSIS
        FIGURE 36 EV BATTERY MARKET: VALUE CHAIN ANALYSIS
    5.7 ECOSYSTEM
        TABLE 12 EV BATTERY MARKET: ECOSYSTEM
        TABLE 13 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 37 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 14 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 15 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN CHINA (UNITS)
           5.11.2 JAPAN
                  TABLE 16 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN JAPAN (UNITS)
           5.11.3 SOUTH KOREA
                  TABLE 17 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN SOUTH KOREA (UNITS)
           5.11.4 INDIA
                  TABLE 18 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN INDIA (UNITS)
           5.11.5 US
                  TABLE 19 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN US (UNITS)
           5.11.6 GERMANY
                  TABLE 20 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN GERMANY (UNITS)
           5.11.7 UK
                  TABLE 21 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN UK (UNITS)
           5.11.8 NORWAY
                  TABLE 22 ELECTRIC VEHICLE SALES (BEV AND PHEV) IN NORWAY (UNITS)
    5.12 REGULATORY OVERVIEW
         TABLE 23 REGULATIONS/VOLUNTARY PROCEDURES FOR EV BATTERY PERFORMANCE
         TABLE 24 REGULATIONS/VOLUNTARY PROCEDURES FOR EV BATTERY DURABILITY
         TABLE 25 REGULATIONS/VOLUNTARY PROCEDURES FOR EV BATTERY SAFETY
         TABLE 26 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. - 89)
    6.1 INTRODUCTION
        FIGURE 38 EV BATTERY MARKET, BY BATTERY TYPE, 2021 VS. 2025 (UNITS)
        TABLE 27 EV BATTERY MARKET, BY BATTERY TYPE, 2018–2025 (UNITS)
    6.2 OPERATIONAL DATA
        TABLE 28 ELECTRIC COMMERCIAL VEHICLE DATA, BY COMPANY, MODEL & BATTERY TYPE
        FIGURE 39 US: PLUG-IN SALES, BY MODEL
           6.2.1 RESEARCH METHODOLOGY
           6.2.2 ASSUMPTIONS
           6.2.3 KEY PRIMARY INSIGHTS
                 FIGURE 40 KEY PRIMARY INSIGHTS
    6.3 LITHIUM-ION
           6.3.1 HIGH ENERGY DENSITY AND LONG-LIFE CYCLE DRIVE THIS SEGMENT
                 FIGURE 41 COMPARATIVE EVALUATION OF ELECTRIC VEHICLES USING LITHIUM-ION BATTERY
                 TABLE 29 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 30 US TRANSIT AGENCIES USING BATTERY-POWERED ELECTRIC BUSES
                 TABLE 31 SOLID-STATE MARKET, BY REGION, 2018–2025 (UNITS)
    6.7 OTHERS
        TABLE 32 OTHERS: EV BATTERIES MARKET, BY REGION, 2018–2025 (UNITS)

7 EV BATTERY MARKET, BY LI-ION BATTERY COMPONENT (Page No. - 97)
    7.1 INTRODUCTION
        FIGURE 42 EV BATTERY MARKET, BY LI-ION BATTERY COMPONENT, 2021 VS. 2025
        TABLE 33 EV BATTERY MARKET, BY LI-ION BATTERY COMPONENT, 2018–2025 (USD MILLION)
    7.2 OPERATIONAL DATA
        TABLE 34 ELECTROLYTE SOLVENTS, BY TEMPERATURE & FLASHPOINT
        TABLE 35 MOST COMMONLY USED LITHIUM-ION BATTERIES AND THEIR SPECIFICATIONS
        FIGURE 43 LITHIUM-ION BATTERY WORKING PRINCIPLE
           7.2.1 RESEARCH METHODOLOGY
           7.2.2 ASSUMPTIONS
           7.2.3 KEY PRIMARY INSIGHTS
                 FIGURE 44 KEY PRIMARY INSIGHTS
    7.3 NEGATIVE ELECTRODE
           7.3.1 HIGH PRESENCE OF NEGATIVE ELECTRODE COMPANIES WILL DRIVE THE MARKET IN ASIA PACIFIC
                 TABLE 36 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 37 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 38 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 39 SEPARATOR IN EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)

8 EV BATTERY MARKET, BY PROPULSION (Page No. - 105)
    8.1 INTRODUCTION
        FIGURE 45 EV BATTERY MARKET, BY PROPULSION, 2021 VS. 2025
        TABLE 40 EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
    8.2 OPERATIONAL DATA
        TABLE 41 REGION-WISE EV SALES DATA, 2016-2019, (THOUSAND UNITS)
        TABLE 42 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 46 KEY PRIMARY INSIGHTS
    8.3 BATTERY ELECTRIC VEHICLES (BEVS)
        TABLE 43 BEV: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
    8.4 HYBRID ELECTRIC VEHICLES (HEVS)
        TABLE 44 HEV: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
    8.5 PLUG-HYBRID ELECTRIC VEHICLES (PHEVS)
        TABLE 45 PHEV: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
    8.6 FUEL CELL ELECTRIC VEHICLES (FCEVS)
        TABLE 46 FCEV: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)

9 EV BATTERY MARKET, BY VEHICLE TYPE (Page No. - 111)
    9.1 INTRODUCTION
        FIGURE 47 EV BATTERY MARKET, BY VEHICLE TYPE, 2021 VS. 2025
        TABLE 47 EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
        TABLE 48 EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
    9.2 OPERATIONAL DATA
        TABLE 49 ELECTRIC VEHICLES, BY MODEL, VEHICLE TYPE & PROPULSION
           9.2.1 RESEARCH METHODOLOGY
           9.2.2 ASSUMPTIONS
           9.2.3 KEY PRIMARY INSIGHTS
                 FIGURE 48 KEY PRIMARY INSIGHTS
    9.3 PASSENGER CARS
           9.3.1 GROWING EMISSION NORMS FO PASSENGER CARS WILL BOOST THE DEMAND FOR EV BATTERIES
                 TABLE 50 EV BATTERY MARKET IN PASSENGER CARS, BY REGION, 2018–2025 (UNITS)
                 TABLE 51 EV BATTERY MARKET IN PASSENGER CARS, BY REGION, 2018–2025 (USD MILLION)
                 TABLE 52 EV BATTERY MARKET IN PASSENGER CARS, BY BATTERY CAPACITY, 2018–2025 (UNITS)
                 TABLE 53 <50 KWH: EV BATTERY MARKET IN PASSENGER CARS, BY REGION, 2018–2025 (UNITS)
                 TABLE 54 50-110 KWH: EV BATTERY MARKET IN PASSENGER CARS, BY REGION, 2018–2025 (UNITS)
                 TABLE 55 111-200 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 56 EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (UNITS)
                 TABLE 57 EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (USD MILLION)
                 TABLE 58 EV BATTERY MARKET IN VANS/LIGHT TRUCKS: BY BATTERY CAPACITY, 2018–2025 (UNITS)
                 TABLE 59 <50 KWH: EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (UNITS)
                 TABLE 60 50-110 KWH: EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (UNITS)
                 TABLE 61 111-200 KWH: EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (UNITS)
                 TABLE 62 201-300 KWH: EV BATTERY MARKET IN VANS/LIGHT TRUCKS, BY REGION, 2018–2025 (UNITS)
                 TABLE 63 >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 64 EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY REGION, 2018–2025 (UNITS)
                 TABLE 65 EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY REGION, 2018–2025 (USD MILLION)
                 TABLE 66 EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY BATTERY CAPACITY, 2018–2025 (UNITS)
                 TABLE 67 50-110 KWH: EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY REGION, 2018–2025 (UNITS)
                 TABLE 68 111-200 KWH: EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY REGION, 2018–2025 (UNITS)
                 TABLE 69 201-300 KWH: EV BATTERY MARKET IN MEDIUM & HEAVY TRUCKS, BY REGION, 2018–2025 (UNITS)
                 TABLE 70 >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 71 US TRANSIT AGENCIES PURCHASING BATTERY-POWERED ELECTRIC BUSES
                 TABLE 72 EV BATTERY MARKET IN BUSES, BY REGION, 2018–2025 (UNITS)
                 TABLE 73 EV BATTERY MARKET IN BUSES, BY REGION, 2018–2025 (USD MILLION)
                 TABLE 74 EV BATTERY MARKET IN BUSES, BY BATTERY CAPACITY, 2018–2025 (UNITS)
                 TABLE 75 111-200 KWH: EV BATTERY MARKET IN BUSES, BY REGION, 2018–2025 (UNITS)
                 TABLE 76 201-300 KWH: EV BATTERY MARKET IN BUSES, BY REGION, 2018–2025 (UNITS)
                 TABLE 77 >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 78 EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (UNITS)
                 TABLE 79 EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (USD MILLION)
                 TABLE 80 EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY BATTERY CAPACITY, 2018–2025 (UNITS)
                 TABLE 81 <50 KWH: EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (UNITS)
                 TABLE 82 50-110 KWH: EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (UNITS)
                 TABLE 83 111-200 KWH: EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (UNITS)
                 TABLE 84 201-300 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
                 TABLE 85 >300 KWH: EV BATTERY MARKET IN OFF-HIGHWAY VEHICLES, BY REGION, 2018–2025 (UNITS)

10 EV BATTERY MARKET, BY BATTERY CAPACITY (Page No. - 130)
     10.1 INTRODUCTION
          FIGURE 49 EV BATTERY MARKET, BY BATTERY CAPACITY, 2021 VS. 2025
          TABLE 86 EV BATTERY MARKET, BY BATTERY CAPACITY, 2018–2025 (UNITS)
          TABLE 87 EV BATTERY MARKET, BY BATTERY CAPACITY, 2018–2025 (USD MILLION)
     10.2 OPERATIONAL DATA
          TABLE 88 ELECTRIC COMMERCIAL VEHICLE DATA, BY MODEL & BATTERY CAPACITY
          FIGURE 50 TESLA’S NEW TABLESS BATTERY CELL '4680'
             10.2.1 RESEARCH METHODOLOGY
             10.2.2 ASSUMPTIONS
             10.2.3 KEY PRIMARY INSIGHTS
                    FIGURE 51 KEY PRIMARY INSIGHTS
     10.3 <50 KWH
             10.3.1 COST FACTOR WILL DRIVE THE MARKET FOR BATTERY WITH <50 KWH CAPACITY
                    TABLE 89 <50 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
                    TABLE 90 <50 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
                    TABLE 91 <50 KWH: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
     10.4 50-110 KWH
             10.4.1 INCREASED DEMAND FOR ELECTRIC VANS/LIGHT TRUCKS WILL FUEL THE MARKET FOR BATTERIES WITH CAPACITY RANGING FROM 50-110 KWH
                    TABLE 92 50-110 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
                    TABLE 93 50-110 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
                    TABLE 94 50-110 KWH: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
     10.5 111-200 KWH
             10.5.1 DEMAND FOR ELECTRIC COMMERCIAL TRUCKS & BUSES EXPECTED TO DRIVE THIS SEGMENT
                    TABLE 95 111-200 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
                    TABLE 96 111-200 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
                    TABLE 97 111-200 KWH: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
     10.6 201-300 KWH
             10.6.1 BUSES AND TRUCKS WITH 201-300 KWH BATTERY CAPACITY DOMINATE CHINESE PUBLIC TRANSPORT FLEET
                    TABLE 98 201-300 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
                    TABLE 99 201-300 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
                    TABLE 100 201-300 KWH: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
     10.7 >300 KWH
             10.7.1 INCREASED DEMAND FOR HEAVY COMMERCIAL AND OFF-HIGHWAY VEHICLES DRIVE THE MARKET FOR BATTERIES WITH >300 CAPACITY
                    TABLE 101 >300 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
                    TABLE 102 >300 KWH: EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
                    TABLE 103 >300 KWH: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)

11 EV BATTERY MARKET, BY MATERIAL TYPE (Page No. - 141)
     11.1 INTRODUCTION
          FIGURE 52 EV BATTERY MARKET, BY MATERIAL TYPE, 2021 VS. 2025
          TABLE 104 EV BATTERY MARKET, BY MATERIAL TYPE, 2018–2025 (USD MILLION)
     11.2 OPERATIONAL DATA
          TABLE 105 TYPES OF LITHIUM-ION BATTERY CHEMISTRIES
          FIGURE 53 ELECTRIC VEHICLE PACTS – JOINT VENTURES BETWEEN AUTOMAKERS AND LI-ION BATTERY MAKERS
             11.2.1 RESEARCH METHODOLOGY
             11.2.2 ASSUMPTIONS
             11.2.3 KEY PRIMARY INSIGHTS
                    FIGURE 54 KEY PRIMARY INSIGHTS
     11.3 COBALT
             11.3.1 RESISTANCE TOWARDS HIGH TEMPERATURE WILL DRIVE THE DEMAND FOR COBALT
                    FIGURE 55 COBALT DEPLOYMENT IN ELECTRIC VEHICLES, BY REGION
                    TABLE 106 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 56 LITHIUM DEPLOYMENT IN EVS, BY REGION
                    TABLE 107 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 57 NATURAL GRAPHITE RESERVES
                    TABLE 108 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 58 MANGANESE RESERVES
                    TABLE 109 MANGANESE IN EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)

12 EV BATTERY MARKET, BY METHOD (Page No. - 150)
     12.1 INTRODUCTION
          FIGURE 59 EV BATTERY MARKET, BY METHOD, 2021 VS. 2025
          TABLE 110 EV BATTERY MARKET, BY METHOD, 2018–2025 (UNITS)
     12.2 OPERATIONAL DATA
          TABLE 111 DIFFERENT BATTERY ASSEMBLY METHODS
             12.2.1 ASSUMPTIONS
             12.2.2 RESEARCH METHODOLOGY
             12.2.3 KEY PRIMARY INSIGHTS
                    FIGURE 60 KEY PRIMARY INSIGHTS
     12.3 WIRE BONDING
          TABLE 112 WIRE BONDING: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
     12.4 LASER BONDING
          TABLE 113 LASER BONDING: EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)

13 EV BATTERY MARKET, BY BATTERY FORM (Page No. - 155)
     13.1 INTRODUCTION
          FIGURE 61 EV BATTERY MARKET, BY BATTERY FORM, 2021 VS. 2025
          TABLE 114 EV BATTERY MARKET, BY BATTERY FORM, 2018–2025 (UNITS)
     13.2 OPERATIONAL DATA
          TABLE 115 EV BATTERY CELL CHARACTERISTICS
          FIGURE 62 BATTERY FORMS
             13.2.1 ASSUMPTIONS
             13.2.2 RESEARCH METHODOLOGY
             13.2.3 KEY PRIMARY INSIGHTS
                    FIGURE 63 KEY PRIMARY INSIGHTS
     13.3 PRISMATIC
          TABLE 116 PRISMATIC EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
     13.4 POUCH
          TABLE 117 POUCH EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
     13.5 CYLINDRICAL
          FIGURE 64 CROSS SECTION OF A LITHIUM-ION CYLINDRICAL CELL
          TABLE 118 CYLINDRICAL EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)

14 EV BATTERY MARKET, BY REGION (Page No. - 162)
     14.1 INTRODUCTION
          FIGURE 65 EV BATTERY MARKET, BY REGION, 2021 VS. 2025
          TABLE 119 EV BATTERY MARKET, BY REGION, 2018–2025 (UNITS)
          TABLE 120 EV BATTERY MARKET, BY REGION, 2018–2025 (USD MILLION)
     14.2 ASIA PACIFIC
          FIGURE 66 ASIA PACIFIC: EV BATTERY MARKET SNAPSHOT
          TABLE 121 ASIA PACIFIC: EV BATTERY MARKET, BY COUNTRY, 2018–2025 (UNITS)
          TABLE 122 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 123 CHINA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 124 CHINA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 125 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 126 JAPAN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 127 JAPAN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 128 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 129 INDIA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 130 INDIA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 131 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 132 SOUTH KOREA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 133 SOUTH KOREA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 134 SOUTH KOREA: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
             14.2.5 THAILAND
                    TABLE 135 THAILAND: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                    TABLE 136 THAILAND: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                    TABLE 137 THAILAND: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
     14.3 EUROPE
          FIGURE 67 EUROPE: EV BATTERY MARKET SNAPSHOT
          TABLE 138 EUROPE: EV BATTERY MARKET, BY COUNTRY, 2018–2025 (UNITS)
          TABLE 139 EUROPE: EV BATTERY MARKET, BY COUNTRY, 2018–2025 (USD MILLION)
          FIGURE 68 NEW, EXISTING AND EXPANSION PLANS FOR BATTERY PLANTS IN EUROPE
             14.3.1 FRANCE
                        14.3.1.1 Rise in e-logistics transport to drive the market
                                 TABLE 140 FRANCE: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 141 FRANCE: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 142 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 143 GERMANY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 144 GERMANY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 145 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 146 SPAIN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 147 SPAIN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 148 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 149 ITALY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 150 ITALY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 151 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 152 UK: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 153 UK: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 154 UK: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
             14.3.6 DENMARK
                        14.3.6.1 Favorable regulations will drive the market
                                 TABLE 155 DENMARK: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 156 DENMARK: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 157 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 158 NORWAY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 159 NORWAY: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 160 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 161 SWEDEN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 162 SWEDEN: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 163 SWEDEN: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)
     14.4 NORTH AMERICA
          TABLE 164 NORTH AMERICA: EV BATTERY MARKET, BY COUNTRY, 2018–2025 (UNITS)
          TABLE 165 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 166 US: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 167 US: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 168 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 169 CANADA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 170 CANADA: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 171 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 172 MEXICO: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (UNITS)
                                 TABLE 173 MEXICO: EV BATTERY MARKET, BY VEHICLE TYPE, 2018–2025 (USD MILLION)
                                 TABLE 174 MEXICO: EV BATTERY MARKET, BY PROPULSION, 2018–2025 (UNITS)

15 COMPETITIVE LANDSCAPE (Page No. - 195)
     15.1 OVERVIEW
     15.2 MARKET EVALUATION FRAMEWORK
          FIGURE 69 MARKET EVALUATION FRAMEWORK
          FIGURE 70 KEY DEVELOPMENTS BY LEADING PLAYERS IN THE EV BATTERY MARKET
     15.3 MARKET SHARE ANALYSIS
          FIGURE 71 MARKET SHARE ANALYSIS, 2020
     15.4 MARKET RANKING ANALYSIS
          FIGURE 72 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 EV BATTERY MARKET: PRODUCT LAUNCHES
                    TABLE 175 EV BATTERY MARKET: PRODUCT LAUNCHES, 2017–2020
             15.6.2 EV BATTERY MARKET: DEALS, 2018–2020
                    TABLE 176 EV BATTERY MARKET: DEALS, 2018–2020
             15.6.3 EV BATTERY MARKET: OTHERS, 2019–2020
                    TABLE 177 EV BATTERY MARKET: OTHERS, 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 73 EV BATTERY MARKET: COMPETITIVE LEADERSHIP MAPPING, 2020
     15.8 STRENGTH OF PRODUCT PORTFOLIO
          FIGURE 74 PRODUCT PORTFOLIO ANALYSIS OF TOP PLAYERS IN EV BATTERY MARKET
          FIGURE 75 BUSINESS STRATEGY EXCELLENCE OF TOP PLAYERS IN EV BATTERY MARKET
     15.9 STARTUP/SME EVALUATION MATRIX, 2020
          FIGURE 76 EV BATTERY MARKET: STARTUP MATRIX, 2020
     15.10 WINNERS VS. TAIL-ENDERS
           TABLE 178 WINNERS VS. TAIL-ENDERS

16 COMPANY PROFILES (Page No. - 213)
(Business Overview, Products Offered, Recent Developments, SWOT Analysis, MnM View)*
     16.1 KEY PLAYERS
             16.1.1 CATL
                    FIGURE 77 CATL: COMPANY SNAPSHOT
             16.1.2 SAMSUNG SDI
                    FIGURE 78 SAMSUNG SDI: COMPANY SNAPSHOT
             16.1.3 PANASONIC
                    FIGURE 79 PANASONIC: COMPANY SNAPSHOT
             16.1.4 LG CHEM
                    FIGURE 80 LG CHEM: COMPANY SNAPSHOT
             16.1.5 BYD COMPANY LIMITED
                    FIGURE 81 BYD COMPANY LIMITED: COMPANY SNAPSHOT
             16.1.6 SK INNOVATION CO. LTD.
                    FIGURE 82 SK INNOVATION CO. LTD.: COMPANY SNAPSHOT
             16.1.7 VEHICLE ENERGY JAPAN CO. LTD. (UNDER HITACHI AUTOMOTIVE SYSTEMS, LTD.)
                    FIGURE 83 HITACHI: COMPANY SNAPSHOT
             16.1.8 TOSHIBA CORPORATION
                    FIGURE 84 TOSHIBA CORPORATION: COMPANY SNAPSHOT
             16.1.9 MITSUBISHI CORPORATION
                    FIGURE 85 MITSUBISHI CORPORATION: COMPANY SNAPSHOT
             16.1.10 ENVISION AESC
             16.1.11 ENERSYS
                     FIGURE 86 ENERSYS: COMPANY SNAPSHOT
             16.1.12 A123 SYSTEMS (SUBSIDIARY OF WANXIANG GROUP)
             16.1.13 GS YUASA
                     FIGURE 87 GS YUASA CORPORATION: COMPANY SNAPSHOT
     16.2 OTHER PLAYERS
             16.2.1 EXIDE INDUSTRIES LIMITED
             16.2.2 PRIMEARTH EV ENERGY CO., LTD.
             16.2.3 LITHIUM ENERGY JAPAN
             16.2.4 E-ONE MOLI ENERGY CORP.
             16.2.5 TARGRAY TECHNOLOGY INTERNATIONAL INC.
             16.2.6 ALTAIR NANOTECHNOLOGIES INC.
             16.2.7 CLARIOS
             16.2.8 NORTHVOLT AB
             16.2.9 LECLANCHΙ SA
             16.2.10 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. - 254)
     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. - 255)
     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.

EV Battery Market  Size, and Share

To know about the assumptions considered for the study, download the pdf brochure

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)
COVID-19

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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Report Code
AT 7840
Published ON
Feb, 2021
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