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In Brief:
- Electric vehicle battery market registered a value CAGR of 12.2% during the period, 2012-2016. Growing consumer inclination towards electric vehicles (EVs) that run without fossil fuels, amid increasing concerns regarding alarming pollution levels and negative impact of climate change, has underpinned the market growth.
- Worldwide sales of electric vehicle batteries closed in on revenues worth US$ 90,700 million in 2018, and are estimated to record a Y-o-Y growth of nearly 14% in 2019.
- Asia Pacific Excluding Japan (APEJ) continues to retain its leading position in the electric vehicle battery market, with revenues exceeding US$ 35,000 million in 2018. Sales of electric vehicle batteries in the region remain driven by strong automotive industry and improving economy conditions.
- North America is likely to be a high growth market for electric vehicle batteries, accounting for nearly one-third share in 2018.
What are the Key Growth Drivers of Electric Vehicle Battery Market?
- A notable rise in the demand for zero-emission vehicles, on the account of increasing fuel prices, depletion of fossil fuel reserves, and tightening emission regulations, has been influencing the sales of batteries for electric vehicles. Prospects of the electric vehicle battery market will be promising, as cell manufacturers shift their focus towards adopting cutting-edge technologies and entering into strategic partnerships with automotive OEMs.
- Several government initiatives to push the adoption of electric vehicles to reduce emission and ease pollution along with expanding lists of countries announcing plans to ban the future production and sales of fossil fuel cars will continue to augur well with the growth electric vehicle battery market.
- Apart from its innovative technology, EVs are gaining increasing popularity among consumers for wide range of benefits including quieter ride, lower running cost, unique exterior styling, and increased interior space, which in turn will impact the sales of electric vehicle batteries.
- With significant increase in the demand of electric vehicles, key manufacturers are directing their investments towards R&D activities for the development of high-density lithium ion batteries, solid state battery technology, and others that can achieve longer range as well as reduce the time to charge. This, coupled with advances in battery management systems and improved pack design will continue to remain the key growth influencer of electric vehicle battery market.
What are the Key Challenges Faced by Electric Vehicle Battery Market Players?
- While electric vehicles are growing in popularity, there are still number of barriers before majority of consumers are comfortable with the switch; customer concerns regarding driving range, cost premium, lack of charging infrastructure, and time required to charge have limited the adoption of these vehicles. This may continue to challenge the sales growth of electric vehicle batteries.
- High cost of battery packs and various challenges associated with lithium-ion batteries including decrease in cell storage capacity over time, volatility of electrolytes, and suitable porous membrane to keep the electrolytes intact, may impede the adoption of electric vehicle batteries.
Electric Vehicle Battery Market - Competitive Landscape
- In May 2019, Panasonic Corporation, a leading player in electric vehicle battery market, announced the launch of ‘Nymbus’ – the first of its kind smart EV charging service in India. The new service, designed and developed to cater the growing Indian mobility market, combines various physical components such as charging stations, telematics systems, and others with virtual components including AI, cloud service, and analytics to deliver one stop solution.
- In April 2019, Robert Bosch GmbH announced that it has formed an alliance with the Swedish manufacturer of fuel-cell stacks - Powercell Sweden AB. Under the agreement, the two companies will work together to make the polymer-electrolyte membrane (PEM) fuel cells ready for production and use in commercial trucks and cars.
Toshiba Corporation
Founded in 1939, Toshiba Corporation is headquartered in Tokyo, Japan and has operations worldwide. The company is organized into for main groupings including the Digital Products Group, the Electronics Devices Group, the Social Infrastructure Group, and the Home Appliances Group. Toshiba’s line of SCiB™
rechargeable batteries offer the benefits of high energy density and rapid recharging, making important contributions to promoting the spread of electric vehicles.
Delphi Automotive PLC (Aptiv)
Founded in 1994, Delphi Automotive PLC is headquartered in Dublin, Ireland, and has renamed itself Aptiv in December 2017. Aptiv offers an extensive EV/HEV product portfolio with a complete range of E/E architecture systems and components for every high power and high voltage application.
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