Research Nester assesses the growth and market size of global electric vehicle (EV) battery market which is anticipated to be on account of the rising sales of electric vehicle and growing need to reduce emission of green house gases.
New York – October 10, 2022 - Research Nester’s recent market research analysis on “Electric Vehicle (EV) Battery Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitors analysis and a detailed overview of the global electric vehicle (EV) battery market in terms of market segmentation by vehicle type, propulsion type, battery type, and by region.
Rising Demand for Electric Vehicle to Promote Global Market Share of Electric Vehicle (EV) Battery
The global electric vehicle (EV) battery market is estimated to grow majorly on account of the increased demand for electric vehicle and launch of new models of electric vehicle. The International Energy Agency estimates that after ten years of exponential growth, 10 million electric cars were sold globally in 2020, an increase of 43% over 2019. Also, two-thirds of the stock and all new electric car registrations in 2020 were battery electric vehicles (BEVs). Moreover, around 6.6 million electric automobiles were sold in 2021, making up roughly 10% of all vehicle sales globally. Furthermore, the demand of electric cars is likely to be increased as consumers are getting attracted by new innovative models. Currently, there are almost 450 different EV models available. The International Energy Agency estimates that there will be five times as many new EVs on the road in 2021 as there were in 2015, making them more appealing to consumers.
Besides this, the market growth is also attributed to higher depletion of oil and gas, electric vehicle are dependent on electricity and significantly saves the consumption of both oil and gas. Without any investment, the production of oil and gas from existing fields drops at a rate that is larger than any possible decline in world demand, or around 8% yearly, according to the International Energy Agency. On the other hand, the use of EVs decreased oil consumption by around 0.3 Mb/d in 2021. EVs would have to replace more than 7 Mb/d of oil in order to meet the Net Zero Scenario in 2030.
Some of the major growth factors and challenges that are associated with the growth of the global electric vehicle (EV) battery market are:
Growth Drivers:
Surge in Electric Vehicle Production and SalesRising Advancement in the Efficiency of the BatteriesChallenges:
The expansion of electric vehicle sales is comparatively slower in under developed countries and formation of batteries requires mining of rare earth metals that harms the environment are some of the major factors anticipated to hamper the global market size of electric vehicle (EV) battery. The poisonous gases emitted during the mining operation and the water-intensive nature of the process have an adverse effect on the environment. Moreover, extracting raw material has a large environmental cost as a result, manufacturing an EV requires more energy than an internal combustion engines (ICE) vehicle does.
On the other hand, there are various issues associated with batteries, such as the 2.5 to 3.65/4.1/4.2 or 4.35V voltage levels that are regarded as safe, over this level the lithium-ion batteries become sensitive. Overriding this voltage range puts the user at risk of early ageing and safety risks due to the reactive components within the cells. When retained for extended periods of time, the protection circuitry's moderate current demand may lead the battery to deplete below the shutdown voltage.
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By vehicle type, the global electric vehicle (EV) battery market is segmented into passenger car, commercial vehicle, and two-wheeler. The passenger car segment is to garner a highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period. The necessity to limit air pollution and greenhouse gas emission by passenger vehicle is anticipated to promote segment expansion. The replacement of gas-powered passenger cars with electric vehicles is likely to be a superior alternative and is also anticipated to spur market expansion because passenger cars significantly contribute to air pollution. In 2020, the global production of carbon dioxide emissions from passenger cars was about three billion metric tons. Moreover, the increased interest in electric cars for personal use is another factor contributing to the segment's expansion. The International Energy Agency stated, China sold 35 million electric passenger cars in 2020, followed by Europe with 1.8 million sales.
By region, the Asia Pacific electric vehicle (EV) battery market is to generate the highest revenue by the end of 2035. The market's expansion can be largely attributed to the rising demand for electric vehicles. Sales of electric and plug-in hybrid vehicles nearly doubled in China last year. China sold about 6 million EVs and plug-ins in 2022. More than four million all-electric vehicles were sold in China last year, five times more than were produced in the US. Also, it is anticipated that the rising demand for electric batteries is likely to accelerate market expansion in the region. Over 3 GWh of lithium-ion (Li-ion) batteries are currently in demand in India, but by 2026 and 2030, those numbers are expected to rise to approximately 20 GWh and around 70 GWh, respectively.
This report also provides the existing competitive scenario of some of the key players of the global electric vehicle (EV) battery market which includes company profiling of Panasonic Corporation, LG Energy Solution Ltd, Contemporary Amperex Technology Co. Limited, Samsung SDI Co. Ltd, and BYD Company Ltd., SK Innovations Co. Ltd., SVOLT Energy Technology Co., Ltd., Primearth EV Energy Co., Ltd., Vehicle Energy Japan Inc., and Honda Motors Co., Ltd.
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