An electric vehicle battery (EVB, also known as a traction battery) is a battery used to supply power to an electric motor of an electric vehicle or hybrid electric vehicle. These batteries are often rechargeable (secondary) batteries, usually lithium-ion batteries. These batteries have a high ampere-hour (or kilowatt hour) capacity. EV batteries comprise three parts namely – cells, packs, and modules. Thus, the EV battery cells are the basic unit of lithium-ion battery that exerts electric energy by charging and discharging EV battery cells are made by inserting cathode, anode, separator, and electrolyte into a rectangular aluminum container.
COVID-19 Impact Analysis
- The COVID-19 pandemic hampered the EV battery cells market. Global blockade restrictions have disrupted the production and sales of new vehicles, including the EV battery cells market. Furthermore, due to the disruption in the supply chain, raw materials required to manufacture various electric vehicles like battery cells were unavailable, resulting in production delays. This led to a rapid decline in the industrial economy. The industry anticipates economic recovery following the COVID19 pandemic with the global trend toward cleaner travel.
Top Impacting Factors
Increase in the demand for EVs globally, shift of automotive industry toward EVs, and continuously decline in the price of li-ion battery drive the growth of the global EV battery cells market.
Stringent lead pollution norms in electric vehicle battery, high import taxes on EV batteries, and instability in raw material prices hinder the growth of the global EV battery cells market.
Supportive government policies and investment for the deployment of the public charging infrastructure provide lucrative opportunities for the global EV battery cells market.
Lithium-ion Battery Segment – Fastest Growing Segment During Forecast Period
- The lithium-ion battery is a type of rechargeable battery that uses lithium-ion as the primary electrochemical component. Lithium-ion batteries, as compared to other types of batteries, can hold a very high voltage and charge per unit mass and unit volume. Lithium-ion batteries have low self-discharge, high energy density, fast charging speed, and extended service life. The lithium-ion segment is expected to become the fastest-growing segment of the EV battery cells market throughout the forecast period. Manufacturers are attempting to develop EV battery cells based on improved lithium-ion batteries. The limited life cycle and available capacity may shift the focus from lead-acid batteries to lithium-ion batteries, and promote the electric EV battery cells markets during the forecast period. Another advantage of lithium-ion batteries is their lightweight, which helps maintain the power-to-weight ratio of the vehicle. Lithium and carbon are used to make the electrodes of lithium-ion batteries. They can store more energy per kilogram of weight than lead-acid batteries. The use of lithium-ion batteries in electric vehicles is expected to increase the total EV battery cells market throughout the forecast period.
Key Benefits of the Report:
- This study presents the analytical depiction of the EV battery cells industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of EV battery cells market.
- The current market is quantitatively analyzed to highlight the growth scenario of the EV battery cells market.
- The report provides a detailed EV battery cells market analysis based on competitive intensity and the competition that will take shape in coming years.
Questions Answered in the EV Battery Cells Market Research Report:
- Who are the leading market players active in the EV battery cells market?
- What would be the detailed impact of COVID-19 on the market?
- What are the current trends that would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the EV battery cells market?
- What are the future projections that would help in taking further strategic steps?
EV Battery Cells Market Report Highlights
Key Market Players
CATL, LG Chem, Hitachi, BYD, Samsung, Automotive Energy Supply Corporation (AESC), Guoxuan High-tech, Varta, Panasonic