LONDON--(BUSINESS WIRE)--The global electric vehicle battery market is expected to grow by USD 44.24 billion as per Technavio. This marks a significant market slowdown compared to the 2019 growth estimates due to the impact of the COVID-19 pandemic in the first half of 2020. However, healthy growth is expected to continue throughout the forecast period, and the market is expected to grow at a CAGR of almost 22%. Request free sample pages
Read the 120-page report with TOC on "Electric Vehicle Battery Market Analysis Report by Type (lithium-ion battery, lead-acid battery, and others) and Geography (APAC, Europe, MEA, North America, and South America), and the Segment Forecasts, 2020-2024".
The market is driven by the advances in EV battery and associated technologies. In addition, the EV charging with V2G technology is anticipated to boost the growth of the electric vehicle battery market.
The advances in EV battery and associated technologies will be one of the major drivers in the global electric vehicle battery market. Several automotive companies are focusing on developing batteries with improved specifications by engaging in collaborative partnerships with other manufacturers. Next-generation batteries are safer compared to lithium-ion batteries, have high charging rates, and low battery leakage risks. Furthermore, several initiatives are being implemented for improving battery quality. For instance, in April 2018, the Indian Space Research Organization (ISRO) announced that it was open to sharing the technology used in its space-grade lithium-ion battery with private players in the automotive industry. As a response to this, ISRO received interest from over 100 companies, of which 14 were selected in December 2018. Such rising initiatives to improve the efficiency of electric vehicles will boost the EV battery market growth during the forecast period.
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Major Five Electric Vehicle Battery Companies:
A123 Systems LLC
A123 Systems LLC has its business operations under various segments, such as systems, modules, and cells. The company offers lithium-ion batteries, which offer powerful acceptance for regenerative braking and high discharge capability across an extended range of temperatures to support high current comfort features.
Ballard Power Systems Inc.
Ballard Power Systems Inc. is engaged in the sale and service of PEM fuel cell products for power product markets of Heavy-Duty Motive, Portable Power / UAV, Material Handling and Backup Power. The company's key offerings include FCmove, which offer various power outputs to suit a broad range of commercial vehicles, including trucks, coaches and trains.
BYD Company Ltd.
BYD Company Ltd. has its business operations under various segments, such as automobiles and related products, mobile handset components and assembly service, and rechargeable batteries and photo-voltaic business. The company offers a complete supply chain layout from mineral battery cells to battery packs for EVs. The offerings include NiMH batteries, lithium-ion batteries, and NCM batteries.
Cummins Inc. operates its business through various segments, such as engine, distribution, components, power systems, and new power. Hydrogenics, a Cummins Inc. company, offers HyPX Power Pack that fits within the existing battery compartment of an electric lift truck and contains all the components necessary to power the truck.
EnerSys has its business operations under two segments, such as motive power, and reserve power. The company offers NexSys 12V batteries, which provide high performance and flexibility for small traction applications.
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Electric Vehicle Battery Type Outlook (Revenue, USD billion, 2020-2024)
- Lithium-ion battery
- Lead-acid battery
Electric Vehicle Battery Regional Outlook (Revenue, USD billion, 2020-2024)
- North America
- South America
- Key leading countries
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