Electric vehicle (EV) battery market size to grow by USD 53.62 billion from 2022 to 2027, A123 Systems LLC, Ballard Power Systems Inc., BYD Co. Ltd. and more among the key companies in the market - Technavio
NEW YORK, Nov. 20, 2023 /PRNewswire/ -- Technavio has been monitoring the electric vehicle (EV) battery market, and it is expected to grow by USD 53.62 billion during the five-year forecast period. As per the latest report, the market will progress at a CAGR of 19.57% during 2022-2027. This report aids business leaders with an up-to-date analysis that includes the study of the current market scenario, the latest trends and drivers that are likely to influence the market growth, and the overall market environment. The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. A123 Systems LLC, Ballard Power Systems Inc., BYD Co. Ltd., Clarios, Crown Battery Manufacturing Co., Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Enertech International Inc., Envision Group, Exide Industries Ltd., GS Yuasa Corp., Hitachi Ltd., LG Chem Ltd., OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., SK Innovation Co. Ltd., Solid Power Inc., Tianneng Battery, and Zhejiang Narada Power Source Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. Download the latest sample report within minutes!
The increasing demand for EVs and their expanded applications are driving market growth. Advances in EV technology improve charging infrastructure, which is expected to boost the demand for battery electric vehicles (BEVs) during the forecast period. The rising demand for BEVs and PHEVs increases revenue generation. EV powertrains are being used for regular internal combustion engine vehicles, such as 48V systems, start-stop/micro-hybrid systems, and regenerative braking systems. This increases the workload on the battery, thereby driving demand for battery thermal management systems (BTMS) solutions. These solutions enable wider operating temperature ranges, extend battery life, and expand the range of EVs. These factors are anticipated to fuel market growth during the forecast period.
The increasing use of software and sensors for intelligent battery management systems (BMS) is a key trend in the market. EVs and plug-in hybrid electric vehicles (PHEVs) have innovative features such as global positioning systems (GPS), modern power train systems, AC systems, power windows, and displays. All of these features consume a large amount of power. Therefore, there is a need for rechargeable batteries. The increased use of powertrain systems in EVs and PHEVs has increased the use of high-power-density lithium-ion batteries. This has influenced battery manufacturers to increase their focus on developing advanced high-end BMS solutions through R&D. Such factors are expected to increase the use of EV batteries, which, in turn, will support market growth during the forecast period.
Electric Vehicle (EV) Battery Market 2023-2027: Segmentation
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The growing global power crisis is challenging market growth. The global demand for electricity to power EVs is increasing, with the expansion of the markets for hybrid electric vehicles (HEVs) and EVs. Some countries, such as India and Japan, are facing a power crisis. Currently, Japan imports more than 85% of its primary energy. This has increased the country's dependence on oil imports, thereby driving electricity prices. The energy crisis and the rising cost of power generation have a major impact on EV sales. These factors are expected to hinder the growth of the EV battery market during the forecast period.
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Electric Vehicle (EV) Battery Market 2023-2027: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the EV battery market. Backed with competitive intelligence and benchmarking, our research reports on the EV battery market are designed to provide entry support, customer profile, and M&As, as well as go-to-market strategy support.
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Electric Vehicle (EV) Battery Market 2023-2027: Key Highlights
The light vehicle batteries market size is expected to increase by USD 34.06 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 12.72%.
The size of the energy storage market for unmanned aerial vehicles (UAVs) is predicted to surge by USD 2.26 billion from 2021 to 2026 at a CAGR of 17.97%.
Table of Contents:
1 Executive Summary
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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