The global EV battery market is projected to grow at a CAGR of 19.0% from USD 56.4 billion in 2022 to USD 134.6 billion by 2027. The market for EV batteries will expand due to the high demand for electric passenger and commercial cars as well as advances in battery technology.
Governments from several nations are concentrating on implementing electric buses for public transportation due to the increasing emphasis on environmentally friendly transportation. One of the main producers of pollutants and a major consumer of energy is the transportation industry, which comprises medium and heavy commercial vehicles. The use of heavy-duty, zero-emission cars, such medium and heavy battery electric vehicles, can greatly cut down on the emissions and energy used by freight and public transportation. Additionally, logistics organisations, whose earnings have been progressively dropping as a result of the consistently growing fuel prices, would considerably benefit from the adoption of electric commercial trucks. TAs a result, there are now several prospects for companies who make EV batteries for buses and other large, heavy equipment. The development of safe and quick-charging batteries has also started, with empty-to-full charging periods as low as 30 minutes. The development of EVs and the market for EV batteries is being fueled by advances in technology and government incentives in nations including China, the US, India, Japan, as well as those in Southeast Asia and Europe.
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Players in the market like CATL (China), Panasonic Holdings Corporation (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea). manufacture batteries for electric vehicles.
The global EV battery market is dominated by major players CATL (China), Panasonic Holdings Corporation (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea). Key strategies adopted by these companies to sustain their positions are new product launches, deals, among others. These strategies have been analyzed to understand the positions of these companies in the market. Manufacturers focus on maintaining their strategic positions in the market by launching new and advanced products. Besides, they also focus on other organic and in-organic growth strategies that involve technology transfer which help them garner the requisite know-how by collaborating and partnering with various players and through acquisitions which help them in gaining significant share in the market.
CATL is among one of the leaders in the EV battery market. The company has shown significant growth since its establishment in 2011 to become one of the largest companies in the EV battery market. Heavy focus on R&D and product development has enabled CATL to achieve this feat. CATL has built partnerships with global giants like Toyota Motor Corporation and Mercedes-Benz providing them with crucial EV components and batteries. The company has a wide range of product portfolio when it comes to batteries. It offers Lithium-ion batteries, Lithium polymer batteries, Fuel cells, Battery modules for EVs among several others. It has supply contracts with major OEMs such as Tesla (US), Honda (Japan), Hyundai (South Korea), Volvo (Sweden) and others.
Panasonic Holdings Corporation is another major player in the EV battery business. It has been supplying EV battery systems to major EV manufacturers like Tesla. The company has been a major supplier to Tesla Motors, which gives it a strong global presence and the company has increased its production capacity multiple times in the past. It has entered into a partnership for EV battery production with existing automobile giants like Toyota which are focusing to enter the rapidly expanding EV market. The company manufactures EV batteries for certain clients on-site. This gives Panasonic Holdings Corporation a chance to resolve problems immediately. The company also focuses on developing and investing in new technologies and is planning to develop a technology that will increase the energy density of a battery by 20%. Besides, it has developed new battery technology for the “2170” lithium-ion cells which it produces and supplies to Tesla. The technology improves energy density by 5% and reduces costly cobalt content.
Samsung SDI is a global manufacturer of electric battery and battery systems for IT and automobiles. The company has a strong focus on R&D and has achieved progress in product development. For example, Samsung SDI synthesized a new anode-cathode separator that reduces battery space. The company has developed and installed advanced internal processes, such as its Manufacturing Executing System (MES), in order to guarantee the highest quality of batteries. The company has set-up major strategic alliances and partnerships with major OEMs such as Volvo (Sweden), General Motors (US), Volkswagen (Germany), Hyundai (South Korea), Mahindra & Mahindra India and other OEMs across the globe.
EV Battery Market by Battery Capacity (<50, 50-110, 111-200, 201-300 and >300), Method (Wire, Laser), Propulsion (BEV, PHEV, HEV, FCEV), Battery Type, Material Type, Li-ion Battery Component, Battery Form, Vehicle Type & Region - Global Forecast to 2027
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