The global electric vehicle battery market size is poised to grow by USD 44.24 billion during 2020-2024, progressing at a CAGR of almost 22% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of the Market Impact of COVID-19.
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Technavio has announced its latest market research report titled Global Electric Vehicle (EV) Battery Market 2020-2024 (Graphic: Business Wire)
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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The major electric vehicle battery market growth came from the lithium-ion battery segment in 2019, and it is expected to witness the fastest growth during the next five years. This is primarily because of the high demand for lithium-ion batteries from the EV industry as well as the declining prices of the battery technology.
APAC was the largest electric vehicle battery market in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. This is attributed to factors such as the presence of numerous established vendors, rising disposable income, and improving living standards.
The global electric vehicle battery market is fragmented. A123 Systems LLC, Ballard Power Systems Inc., BYD Company Ltd., Cummins Inc., EnerSys, Exide Technologies, GS Yuasa International Ltd., LG Chem Ltd., Panasonic Corp., and Samsung SDI Co. Ltd. are some of the major market participants. To help clients improve their market position, this electric vehicle battery market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global electric vehicle battery market 2020-2024 is expected to have Negative & Inferior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: www.technavio.com/report/electric-vehicle-battery-market-industry-analysis?
Decline in EV Lithium-ion Battery cost will be a Key Market Trend
Lithium-ion batteries account for a major portion of the overall cost of EVs and are comparatively costlier than lead-acid batteries or NiMH batteries. However, the manufacturing cost of lithium-ion batteries has been declining significantly. The cost of battery packs has decreased substantially in the past few years as the production scale and manufacturing efficiency have improved. The cost of lithium-ion batteries fell by 78.65% during 2010-2017. This decline is the result of the increased adoption of battery technology by the automotive industry as well as the development of cost-effective production methods by vendors. Since lithium-ion batteries form a major part of the manufacturing cost of EVs, the declining prices are lowering the total cost of ownership of EVs. Moreover, the prices of lithium-ion batteries are expected to decrease further in the coming years as the production capacity continues to rise owing to the strong demand for EVs.
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Electric Vehicle Battery Market 2020-2024 : Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist electric vehicle battery market growth during the next five years
Estimation of the electric vehicle battery market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the electric vehicle battery market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of electric vehicle battery market vendors
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Value chain analysis
Market segment analysis
Market size 2019
Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
Bargaining power of buyers
Bargaining power of suppliers
Threat of new entrants
Threat of substitutes
Threat of rivalry
Market Segmentation by Battery Type
Comparison by Battery Type
Lithium-ion battery - Market size and forecast 2019-2024
Lead-acid battery - Market size and forecast 2019-2024
Others - Market size and forecast 2019-2024
Market opportunity by Battery Type
APAC - Market size and forecast 2019-2024
North America - Market size and forecast 2019-2024
Europe - Market size and forecast 2019-2024
MEA - Market size and forecast 2019-2024
South America - Market size and forecast 2019-2024
Key leading countries
Market opportunity by geography
Drivers, Challenges, and Trends
Volume driver - Demand led growth
Volume driver - Supply led growth
Volume driver - External factors
Volume driver - Demand shift in adjacent markets
Price driver - Inflation
Price driver - Shift from lower to higher priced units
Market positioning of vendors
A123 Systems LLC
Ballard Power Systems Inc.
BYD Company Ltd.
GS Yuasa International Ltd.
LG Chem Ltd.
Samsung SDI Co. Ltd.
Scope of the report
Currency conversion rates for US$
List of abbreviations
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