The Global Battery Cases for Electric Vehicle Market is valued at USD 34.21 billion in 2022 and is projected to reach a value of USD 207.84 billion in 2030 expanding at a CAGR of 25.3% over the forecast period of 2022-2030.
The rising emphasis of leading automakers that includes, Bayerische Motoren Werke AG, General Motors, and Ford Motors on rolling out electric vehicles has driven the market growth over the forecast period.
Also, the continued rollout of Electric Vehicle Supply Equipment (EVSE) and the subsequent increase in the sales of electric vehicles has boosted the market growth.
Additionally, the policies in order to support the installation of charging stations through direct investments as well as through public-private partnerships, specifically in urban areas has equally played a major role in driving the market growth.
The multiple charging stations are crucial for ensuring long-distance commuting capability for electric vehicles. Thus, an integrated electrification system for all kinds of transport vehicles that includes, freight delivery vehicles, public transport vehicles, two wheelers, and cars has been implemented on a large scale.
Key Market Trends
Every market has its growth determinant and challenges. One of the major factor that has fuelled the market growth over the forecast period is the increasing demand of the electric vehicles, improvement in battery technology, supporting government policies and regulations, and launch of new plug-in EV models.
Additionally, the electric vehicle market has been witnessing exponential growth over the forecast period. This is because the companies have been coming up with business models such as, battery swapping and battery-as-a-service (BaaS) that allow users to change or swap EV batteries once discharged. This saves users the time spent on recharging the batteries, thereby improving customer satisfaction and addressing one of the main reasons consumers refrain from opting for EVs.
Also, the e-mobility trend is projected to gain traction in line with the rising sales of electric vehicles over the forecast period. The continued rollout of integrated charging stations and the establishment of green power-generation capability has provided an additional stimulus to the market growth over the forecast period.
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Segmental analysis of the Market:
Based on Battery Type
- Lithium-Ion
- Lead-Acid
- Nickel-Metal Hydride
- Sodium-Ion
- Others
The lithium ion batteries have dominated the market growth over the forecast period. This is because these are used in applications that requires lighter weights and higher energy density. These batteries offer a high energy density per weight and are hence used widely in automotive applications including electric and hybrid automobiles.
Based on Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
The passenger vehicle segment has dominated the market growth over the forecast period. This is because the government initiatives in order to encourage the adoption of electric passenger and commercial vehicles as part of the efforts to reduce air pollution stemming from vehicular emissions is expected to drive the growth of the electric vehicle battery market over the forecast period.
Based on Propulsion
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicle (PHEV)
The battery electric vehicle (BEV) segment has dominated the market growth over the forecast period. This is because of the fuel economy regulations.
Asia Pacific is anticipated to amplify at a considerable CAGR
The Global Battery Cases for Electric Vehicle Market is segmented into 4 main regions namely, North America, Europe, Asia Pacific, and Middle east and Africa. Among these, Asia Pacific has dominated the market growth over the forecast period. This is because of the growing preference for electric vehicles. Battery concentration is highly concentrated in China owing to the low maintenance costs and low labour costs.
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Competitive Landscape
Some of the prominent companies operating in the 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.
- CD Technologies, Inc.
- 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
Frequently Asked Questions
- What is the growth rate of the Global Battery Cases for Electric Vehicle Market?
- What are the primary growth determinants of the market?
- Which are the major regions constituting the geographical landscape of the market?
- Which are the prominent companies operating in the market?
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