Electric cars and batteries: What is the worldwide sales and next five year forecast?

Keyword Market

The global electric vehicle battery market size is expected to reach USD 38.6 billion by 2025, registering a CAGR of 16.7% from 2019 to 2025, according to the new report from Grand View Research, Inc. The growing preference for e-mobility and the subsequent rise in the popularity of electric vehicles (EVs) is expected to drive the market growth. Several countries have taken a lead in deploying various EVs, including two wheelers, buses, and other commercial vehicles. 

Increasing efforts to reduce the production cost of electric vehicle batteries is prompting manufacturers to invest in developing countries, including China, India, and Mexico. Having realized the potential for economic development in emerging economies, some large plants for manufacturing batteries have already been planned in Asia Pacific. At the same time, the rising fuel prices coupled with increasing environmental concerns are prompting several governments to encourage the adoption of EVs.

EVs require more battery power because apart from functions, such as GPS navigation system, power windows, air-conditioning systems, and dashboard displays, which are powered by a battery, their entire drivetrain is dependent on battery power. Advances in battery technology have led to the advent of batteries that can cater not only to the conventional battery-driven functions but also to the drivetrain. Such favorable advances in battery technology are expected to drive the market growth.

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In several metropolitan cities across the world, city administrations are drafting policies to support the deployment of electric vehicle supply equipment (EVSE) and rollout of adequate charging stations. For instance, in the Netherlands, the metropolitan area of Amsterdam has adopted a demand-based approach for deploying its EVSE network and making it accessible to owners of EVs. Similarly, a multi-government policy forum named Electric Vehicle Initiative (EVI) was established in 2009 under the Clean Energy Ministerial (CEM) to monitor and encourage the adoption of EVs across the globe. The International Energy Association (IEA) is serving as the EVI coordinator.

At present, EVs account for a relatively smaller share in the overall automobile sales. However, favorable regulatory initiatives are expected to trigger the adoption of EVs and subsequently open growth opportunities for the market for over the forecast period. For instance, the Paris Agreement endorsed by the European Union, the U.S., and Japan to support zero-emission vehicles is conducive to an increase in the sales of EVs.

Key Companies & Market Share Insights

The key players supply their electric vehicle battery products to incumbents of the automotive industry through various distribution channels, including individual vendors, wholesalers, and distributors. They may also opt for forward integration and distribute their products on their own. For instance, Samsung is involved in manufacturing, distributing, and using batteries for some of the products. Automotive companies select batteries for their respective electric vehicles depending on the costs, overcharge tolerance, discharge rates, maintenance required, and self-discharge rates.

Some of the prominent players in the electric vehicle battery market include:

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., C&D Technologies, B.B. Battery Co., Narada Power Source Co., CSB Battery Company Ltd., EnerSys, Coslight Technology International Group Co., Zibo Torch Energy Co. Ltd.

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