DUBLIN, May 20, 2022--(BUSINESS WIRE)--The "Electric Vehicle (EV) Batteries Global Market Report 2022, By Battery Type, By Vehicle Type, By Propulsion" report has been added to ResearchAndMarkets.com's offering.
The global EV batteries market is expected to grow from $23.74 billion in 2021 to $25.43 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The market is expected to reach $33.26 billion in 2026 at a CAGR of 6.9%.
Major players in the electric vehicles batteries market are Panasonic Corporation, Mitsubishi Motors Corporation, Beijing Pride New Energy Battery Technology Co. Ltd, Automotive Energy Supply Corporation, BYD Company Ltd, Daimler AG, Robert Bosch GmbH, SAMSUNG SDI CO, Tianneng Power International Co. Ltd, and Johnson Controls.
The electric vehicles batteries market consists of sales of electric vehicles batteries. Electric vehicles batteries are used to power the electronic vehicles and are rechargeable in nature. These batteries support the clean energy initiative as they don't emit any harmful gases which causes damage to the environment.
The main types of battery used in electric vehicles are lithium-ion, lead-acid, nickel-metal hydride, sodium-ion and others. The lithium-ion are used in electric vehicles for safer and more stable movement than liquid li-ion batteries. The electric vehicles batteries are used two types of vehicles such as passenger and commercial vehicles and available in two types of propulsion such as battery electric vehicle and plug-in hybrid electric vehicle.
Asia Pacific was the largest region in the electric vehicles batteries market in 2021. Western Europe was the second-largest region in the electric vehicles batteries market. The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Advances in electric vehicles (EV) batteries and their associated technologies are attracting the interests of individuals to purchase EVs, contributing to the growth of the EV batteries. Recent advancements such as lithium-ion batteries, fast charging, and better mileage have helped the electric cars become more passenger-friendly. According to the United States Department of Energy, the range of average electric car have increased from 73 miles in 2011 to 400 miles in 2021.
Moreover, the technological developments are contributing to reduced prices of the electronic batteries. According to the Bloomberg report, battery prices that were above USD 1,100 in 2010 have fallen by 87% to $156 per kilowatt-hour in 2019 and is likely to decline to $100 per kilowatt-hour by the end of 2023. Therefore, the advances in electronic battery and its associated technologies increase the vehicles mileage and draws more customers driving the electronic battery market.
The extraction of raw materials like lithium cobalt used in the electric vehicle battery has a harmful effect on the environment and governments impose restriction on mining the raw materials, hindering the growth of the market. The extraction process of one ton of lithium requires 50,000 gallons of water. Lithium mining has resulted in consumption of 65% water of the Salar de Atacama region, Chile, which has led to water shortages in Chile, South America along with severe toxic spills.
As the demand upsurges, the mining activity also rises with increasing damage to the environment and will force the governments to enforce stringent regulation to curb the negative effects which would increase the production cost. Therefore, the harmful effect of electric vehicle batteries on the environment is expected to be a hindrance to the electric vehicle battery market over the coming years.
The charging of Electric vehicle batteries using Vehicle to grid technology is expected to gain traction in EV batteries Market. Vehicle to grid technology is a Bi-directional charging system technology in which plug-in electric vehicles like battery electric vehicles (BEV), plug-in hybrids (PHEV) or hydrogen fuel cell electric vehicles (FCEV) batteries' can communicate with the power grid for either returning electricity to the grid, to homes during the peak times or increase their charging rate to discharge and charge the battery accordingly. Thus, Vehicle to grid technology is anticipated to be a major trend in the electric battery market.
In May 2019, Tesla, the American based clean energy and electric vehicle company have acquired San-Diego based batteries and ultra-capacitor maker Maxwell technologies for $235.0 million. This Deal gives Tesla access to the patented technology of Maxwell - the dry cathode technology, which would allow Tesla to develop its own set of battery cells with high density and durability.
Maxwell technologies are considered to be the pioneers in the area of super capacitors, their dry battery electrode technology is projected to improve the battery energy capacity by 50.0%, which in effect will double the battery life.
Key Topics Covered:
1. Executive Summary
2. Electric Vehicle Batteries Market Characteristics
3. Electric Vehicle Batteries Market Trends And Strategies
4. Impact Of COVID-19 On Electric Vehicle Batteries
5. Electric Vehicle Batteries Market Size And Growth
5.1. Global Electric Vehicle Batteries Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Electric Vehicle Batteries Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Electric Vehicle Batteries Market Segmentation
6.1. Global Electric Vehicle Batteries Market, Segmentation By Battery Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Electric Vehicle Batteries Market, Segmentation By Vehicle Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global Electric Vehicle Batteries Market, Segmentation By Propulsion, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
7. Electric Vehicle Batteries Market Regional And Country Analysis
7.1. Global Electric Vehicle Batteries Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Electric Vehicle Batteries Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
Mitsubishi Motors Corporation
Beijing Pride New Energy Battery Technology Co. Ltd.
Automotive Energy Supply Corporation
BYD Company Ltd.
Robert Bosch GmbH
SAMSUNG SDI CO.
Tianneng Power International Co. Ltd.
GS Yuasa International Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/wzjjw
View source version on businesswire.com: https://www.businesswire.com/news/home/20220520005263/en/
Laura Wood, Senior Press Manager
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