Battery Pack Modules Market for EVs Size is Expected to Reach US$ 85.8 Bn by 2031, Rising at a Market Growth of 15.7% CAGR During the Forecast Period | Transparency Market Research, Inc.

Demand for cost-effective and efficient battery solutions due to the increase in switching to electric vehicles is creating opportunities in the battery pack modules market for EVs

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Wilmington, Delaware, United States, May 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc.The Battery Pack Modules Market for EVs stood at US$ 23.1 Bn in 2022 and is estimated to reach US$ 85.8 Bn by 2031.

An increase in ownership of electric vehicles due to their low environmental impact and support from governments is fuelling the battery pack modules market for electric vehicles. The battery pack modules industry manufactures products for various types of electric vehicles, including electric buses, passenger cars, and commercial vehicles. Furthermore, a decline in battery costs, resulting in an increase in the switch to electric vehicles, is anticipated to augment market growth.

Growth Drivers

  • Increase in adoption of electric vehicles due to their low environmental impact and as a sustainable mode of transportation is fueling the battery pack modules market for EVs
  • Consistent decline in battery cost of electric vehicles, leading to increasing demand for these vehicles, is accelerating market growth

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Key Findings of Study

  • Surge in Adoption of EVs Augmenting Market Size – Consumers across the world are increasingly switching to electric vehicles for their eco-friendly and sustainable modes of transportation. According to recorded data, consumers’ world over spent approximately US$ 250 Bn on the purchase of electric vehicles in 2021. The increasing switch to electric vehicles is driving the demand for cost-effective and efficient battery solutions, thereby accelerating market growth.

    Increase in investment in electrification is also fueling market development. According to a recent finding of the International Energy Agency, electrification accounted for more than 65% of overall investment in the transport sector in 2021. The share of electrification investment in the transport sector was expected to exceed 74% in 2022. This investment is not limited to only passenger cars, but also heavy-duty trucks and buses.
  • Reduced Cost of Battery Packs Propelling Battery Pack Modules Market for EVs – Surge in demand for EVs is inducing vendors to offer battery packs at reduced cost, and thus make these vehicles more affordable for consumers. This is because battery packs are the most expensive component of an electric vehicle, and reducing this is anticipated to trigger market development in the near future.

    Conversely, decrease in cost of battery packs is anticipated to boost market demand for EVs. Prices of battery packs have halved in the past five years, with the total cost of a battery pack at US$ 100/kWh. This price is projected to decline further to US$ 70/kWh by 2025 due to the increase in adoption of electric vehicles in emerging economies.
  • Extensive Use of Battery Pack Modules in Battery Electric Vehicles – Based on end-use, the battery electric vehicle (BEV) segment is anticipated to dominate the market in the near future. BEVs draw power entirely from batteries to function. These vehicles utilize electric motors that convert electrical energy stored in the battery pack into mechanical energy.

    Advancements in battery technology are anticipated to expand the range of BEVs. This is expected to attract consumers who are reluctant to switch from traditional fossil fuels-powered vehicles due to concerns about battery charging infrastructure and limited vehicle range. Moreover, with the scale-up in the production of batteries, decrease in manufacturing costs is resulting in BEVs becoming more affordable. Consequently, decline in battery cost has led to increase in adoption of BEVs at par with traditional gasoline-powered vehicles.

    BEVs are emission-free, which is a key factor boosting adoption to reduce carbon emissions and address climate change. Rise in focus on decreasing carbon emissions is anticipated to fuel the demand for BEVs in the next few years.

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Regional Landscape

  • Asia Pacific is anticipated to hold leading market share during the forecast period. Rise in EV sales and presence of some large-scale manufacturing plants are augmenting market expansion in the region. South Korea, Japan, and China are key contributors to the battery pack modules market for electric vehicles in the region.
  • The battery pack modules market for EVs in North America is anticipated to expand at a significant pace during the forecast period due to increase in ownership of EVs. The U.S. and Canada are key contributors to industry growth in North America.
  • Stringent energy regulations in place and rise in focus on sustainable development in the transportation sector are fueling market statistics in Europe. Spain, Germany, France, and Denmark are key contributors to the battery pack modules market for EVs in the region.

Competitive Analysis
The global market is highly consolidated, with a handful of well-established players controlling the majority of the market share. Investment in R&D for new products is the focus of players looking to increase their market share.

Prominent players in the battery pack modules market for EVs include

  • Cyantron Synergies Private Limited,
  • Hyperdrive Innovation,
  • Steatite Ltd.,
  • Turntide Technologies,
  • Contemporary Amperex Technology Co. Limited (CATL),
  • Freyr AS,
  • SixPack Battery Technology Co., Ltd.,
  • Sunwoda Electronic Co. Ltd.,
  • Zhongrui Green Energy Technology Co. Ltd., and SK Innovation Co., Ltd

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The global battery pack modules market for EVs is segmented as follows:

Global Battery Pack Modules Market for EVs, by Battery Type

  • Alkaline Battery
  • Lithium Ceramic Battery
  • Nickel Metal Hydride Battery
  • Lithium-ion Battery
  • Nickel Cadmium Battery
  • Lead Acid Battery
  • Others

Global Battery Pack Modules Market for EVs, by Rechargeability

  • Primary
  • Secondary

Global Battery Pack Modules Market for EVs, by Cell Type

  • Cylindrical
  • Prismatic
  • Pouch

Global Battery Pack Modules Market for EVs, by Battery Capacity

  • >20 kWh
  • 30 – 60 kWh
  • 60-80 kWh
  • More than 80 kWh

Global Battery Pack Modules Market for EVs, by End-use

  • Battery Electric Vehicle (BEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)
  • Others

Global Battery Pack Modules Market for EVs, by Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

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