The Global Electric Vehicle Battery Market Size was valued at USD 17.4 billion in 2017 and will register a CAGR of 11.4% between 2017 and 2028.
The electric vehicle battery market has registered impressive growth between 2011 and 2016 and will continue to witness upward traction to create higher incremental opportunity for industry players. In the last few years, many new entrants has emerged in the industry leading to higher competition. Though there has been an increase in number of players across value chain, the industry holds wide potential for players to capitalize the market and generate higher ROI in next seven to ten years.
The industry is consolidated with Panasonic and BYD accounting for over 50% of global electric vehicle battery market share. The success of EVB will be driven by consistent innovation in the battery technology. The growth is substantially higher than the electric vehicles demand. As such companies will be able to gain high ROI by end of forecast period.
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Bekryl’s market research report, Global Electric Vehicle Battery Market Size Analysis and Industry Opportunity, finds Asia Pacific to account for 35% of global sales in 2018. Much of the regional share is dominated by China followed closely by Japan. China has increased its electric vehicle battery production to meet the global and regional demand and is likely to have world’s first fully electric vehicle ecosystem. Government has initiated various schemes to create favorable business environment for players across industry verticals. As such, demand for batteries will register double digit growth in the country. OEM will be the most benefited out of this development.
Some key trends from the global Electric Vehicle Battery market:
Trend#1: Lithium Ion Battery to Dominate the Global Share
Lithium ion battery will dominate the global share and will register 3.6X increase in revenue to reach US$ 49.5 billion by 2028. The industry has seen new entrants with leading players focusing on product innovation to capitalize the market. The demand for long range electric vehicles has led to companies invest on R&D. Currently, there are around 26 giant factories engaged in production or planned plant expansion in near future. These number will further increase with conventional companies capitalizing the market.
Trend#2: Strategic Focus on Industry Partnership
Battery electric vehicles manufacturers are focusing on mergers and acquisitions along with growth partnership to strengthen their business presence globally. Recently, in 2017, Panasonic Corp. entered in partnership with Toyota Motor Corp. to supply lithium ion batteries to Toyota’s plug-in hybrid vehicles. Another major company – BMW partnered with Solid Power to develop Solid State cells for electric vehicles. Several such developments were witnessed in the past and are expected to continue in near future.
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Some key global Electric Vehicle Battery Market Players are Johnson Controls International PLC, GS Yuasa, Panasonic, BYD, CATL, Hitachi Group, LG Chem, Quallion, SK Innovation, SAMSUNG SDI CO. LTD., BMW, Daimler AG, Nano One, Boston-Power, Inc.
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