In its latest study, “Electric Vehicle Battery Industry: Worldwide Industry Analysis and Opportunity Assessment 2017-2027,” FMI provides vital insights into the global electric vehicle battery market. The global electric vehicle battery market has a strong long-term prognosis, with the market value predicted to grow at an annual rate of 8.5 percent throughout the forecast period (2017-2027). The lithium-ion battery category in the electric vehicle battery market is estimated to grow at a value CAGR of more than 9% over the forecast period. By 2027, the global electric vehicle battery market for passenger cars is expected to be worth $31.7 billion.
In the present automotive industry climate, there has been an increase in demand for vehicles that use some type of electric power, such as HEV, PHEV, and BEV, and have a longer range. End-user demand has prompted traction battery producers to concentrate more on boosting energy density, which can enable a long range of travel. Furthermore, the demand for electric vehicles has prompted battery manufacturers to expand their manufacturing capacity, allowing them to preserve economies of scale and lower their operating costs, lowering the cost of electric batteries.
Market Forecasts for Electric Vehicle Batteries by Region
Between 2017 and 2027, the electric vehicle battery market in the Asia Pacific Excluding Japan (APEJ) is predicted to represent a considerable incremental opportunity. Between 2017 and 2027, the APEJ electric vehicle battery market is estimated to generate a total incremental opportunity of US$ 6.9 billion.
Automotive Energy Supply Corporation; Panasonic Corporation; BYD Company Limited; GS Yuasa Corporation; LG Chem Ltd.; Samsung SDI Co., Ltd.; Tesla Motors, Inc.; Hitachi Chemical Company, Ltd.; Narada Power Source Co. Ltd.; Johnson Controls International Plc.; Tianneng Power International Co., Ltd.; Crown Battery Corporation; Furukawa Electric Co., Ltd.; EnerSys, Wanxiang Group Corporation; East Penn Manufacturing Co.; Toshiba Corporation and Leoch International Technology Ltd., among others.