Newark, Oct. 16, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the EV battery market size USD 60.1 billion in 2022 and is anticipated to grow at a CAGR of 19.8% from 2022-2032. Most governments are looking for alternative energy sources to reduce import costs and fiscal deficits as a result of rising fuel prices. Governments are working to keep their worldwide pledges to cut emissions to protect the environment for future generations. The health of the general public is impacted by the automotive industry, a substantial source of pollutants and a major contributor to pollution. Given the current situation, encouraging the use of electric vehicles by making them affordable, accessible, and effective to produce and acquire seems to be a suitable way to help people with their financial situation and environmental goals. Therefore, the increasing demand for electric vehicles will bode well for the global EV battery market’s growth during the forecast period.
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Key Insight of the Global EV Battery Market
Asia Pacific will dominate the market during the forecast period.
Leading manufacturers' presence in the area has aided in the mass production of EV batteries and EVs. Large multinational corporations (MNCs) invest significantly in nations like China and India because they offer cheap labour and other production factors and have pro-industrial government policies. The main factors driving the Asia Pacific EV battery market are the presence of a sizable consumer base, rising demand for electric passenger and commercial vehicles, increasing investments in the development of charging infrastructure, and expanding government initiatives to promote the adoption of electric vehicles.
In 2022, the lithium-ion battery segment dominated the market with the largest market share of 42% and market revenue of 20.58 billion.
The battery type segment is divided into lead-acid batteries, lithium-ion batteries, and others. In 2022, the lithium-ion battery segment dominated the market with the largest market share of 42% and market revenue of 20.58 billion.
In 2022, the commercial vehicles segment dominated the market with the largest market share of 58% and market revenue of 28.42 billion.
The vehicle type segment is divided into passenger vehicles and commercial vehicles. In 2022, the commercial vehicles segment dominated the market with the largest market share of 58% and market revenue of 28.42 billion.
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Advancement in market
The Japanese automaker Honda Motor and the trading firm Mitsubishi Corp signed a deal to investigate new business opportunities utilising electric vehicle (EV) batteries. The decision was made as automakers worldwide embraced battery-powered electric cars but struggled to address issues, including what would happen to the environment if the batteries ran out. Honda will use EV batteries as a source of energy in addition to selling EVs and taking a proactive approach to energy management. According to their memorandum of agreement, the businesses hope to establish a business that will monitor how Honda's mini-EV model battery is used and move the car battery to stationary energy storage. In 2024, Honda will start selling its EV vehicle in Japan.
Market Dynamics
Driver: Rising Demand for Electric Vehicles.
As fossil fuels are rapidly depleted and there is an increasing need to reduce dependence on imported oil, there is rising demand for electric vehicles. Oil production costs are increasing, increasing the cost of imported oil. As a result, nations whose economies are heavily dependent on oil imports are forced to make substantial investments, severely damaging their economy. There is less reliance on foreign oil because EVs (Electric Vehicles) are powered by fuel cells, electricity, and batteries. In the upcoming years, this factor is anticipated to accelerate EV adoption. Their reduced emissions fuel the popularity of EVs, and this development is anticipated to spur market revenue growth throughout the forecast period.
Restraints: The high cost of raw materials.
Raw materials must be mined, transported, and processed to produce batteries before the final product is ready for assembly. Costly raw materials drive up the price of EV batteries at retail. Additionally, the market for EV batteries and the technology are still in their infancy, making it difficult for them to achieve economies of scale. All of which resulted in price increases. As a result, the market's expansion will be hampered by the high cost of raw materials.
Opportunities: Increasing Battery Swapping Uses.
Two business models are being explored to enable customers to replace EV batteries after they are exhausted: battery swapping and battery-as-a-service (Baas). A battery-as-a-service (BaaS) concept enables consumers to quickly swap out batteries, unlike a fixed charging station where charging batteries requires time and expensive infrastructure. BaaS is a fast-to-market, low-cost, and asset-light strategy. The BaaS concept has the potential to drastically lower EV startup costs; for example, expenses for two-wheelers could be cut by up to 20%. As a result, users spend less time charging their batteries, which improves customer happiness and eliminates one of the biggest obstacles to EV adoption.
Challenges: the lack of infrastructure.
Long commutes are problematic since e-vehicles need electric charging stations, but the infrastructure is still underdeveloped. The length of time needed to charge E-vehicles compared to normal fueling is another hurdle to the market.
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Some of the major players operating in the global EV battery market are:
• ATLASBX Co.
• Sony
• Hitachi
• NEC Corporation
• Panasonic Corporation
• TCL Corporation
• Huanyu New Energy Technology
• Duracell
• NorthStar
• Crown Battery Manufacturing
• GS Yuasa Corp
• East Penn Manufacturing Co.
• C&D Technologies, Inc.
• B.B. Battery Co., Ltd.
• Narada Power Source Co., Ltd.
• CSB Battery Company Ltd.
• EnerSys, Inc.
• Coslight Technology International Group Co., Ltd.
• Zibo Torch Energy Co., Ltd.
Key Segments covered in the market:
By Battery Type
• Lead-acid Battery
• Lithium-ion Battery
• Others
By Vehicle Type
• Passenger Vehicles
• Commercial Vehicles
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter's five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client's objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client's requirements whether they are looking to expand or planning to launch a new product in the global market.
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