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Global Electric Vehicle Battery Market Outlook to 2023

Global Electric Vehicle Battery Market Outlook to 2023

The increased emphasis on climate-friendly technologies has had a lasting impact on various industries, especially the automobile sector. The automobile sector’s contribution toward a greener future is through the manufacturing and deployment of electric vehicles (EVs). In order to increase the deployment of the EVs and to realize a combined goal of reducing carbon emissions from the automobile sector, reducing the cost of an electric vehicles’ battery becomes critical. In the past half-decade, the cost of an EV battery has fallen by over 70% per kWh and the battery is now on the verge of a path-breaking revolution, i.e., the moment it reaches USD 100 per kWh. During the forecast period, the EV battery cost is expected to decline further, thus, enabling a small difference in the cost of an EV and an internal combustion engine driven car. Hence, in this scenario, the global electric vehicle battery market is expected to record a CAGR of 21.73% during 2017-2022 (henceforth, referred to as the forecast period).

On a global scale, the Paris Declaration on Electro-Mobility and Climate Change and Call to Action, demand for using at least 100 million electric cars and 400 million electric two-wheelers by 2030. Canada, China, France, Germany, Japan, the Netherlands, Norway, Sweden, United Kingdom, and United States, have come together to form an Electric Vehicle Initiative (EVI) and launched the EV30@30 campaign in 2017. This campaign aims to increase the share of electric vehicles (all passenger cars, light commercial vehicles, buses, and trucks) to 30% by 2030. India, South Korea, and South Africa, have expressed interest in deploying EVs on a large scale.

Increase in energy density (energy stored in a battery per kg weight) through R&D by various companies has led to the reduction in weight and increase in the efficiency of electric batteries. Companies are also opting for vertical integration in the supply chain, which includes combination of multiple stages of production. Assessments of country targets, original equipment manufacturer (OEM) announcements, and scenarios on electric car deployment, indicate a good chance that the electric car stock is expected to range between 9 million and 20 million by 2020, and between 40 million and 70 million by 2025. But policy support is expected to remain indispensable, at least in the mid-term for lowering barriers to electric car adoption.

In 2016, China was the largest electric vehicle battery market, with 336 thousand new, registered electric cars. Electric car sales in China were more than double the number in the United States. In 2016, electric car registrations in the United States rebounded to 160 thousand units after a slight drop in the previous year. European countries accounted for 215 thousand electric car sales. Both globally and in the European Union, the electric car market is still concentrated in a limited number of countries.

The electric vehicle battery is segmented, by technology, into Battery Electric Vehicles (BEVs) and Plug-in Hybrid Vehicles (PHEVs). While the BEVs operate wholly on battery, PHEVs consist of both battery and internal combustion engine. China and France have BEV-oriented markets, and roughly three-quarters of their 2016 electric car sales were BEVs, and the other quarter were PHEVs. In contrast, in the Netherlands, Sweden, and the United Kingdom, the most of the electric cars registered in 2016 were PHEVs. In Japan, Norway, and the rest of the world, on an average, electric car sales were equally split between BEVs and PHEVs.

The global battery-powered electric bus stock grew to about 345,000 vehicles in 2016, double the number as that in 2015. China emerged as the global leader in the electrification of buses. According to the International Energy Agency, the stock of electric buses in China reached 343,500 units in 2016, which included about 300 000 BEVs.

Notable Developments

Toyota is working on a new type of battery that is expected to provide a future EV—scheduled for 2022—faster charging times and farther range. The batteries being developed are solid-state batteries, which have a solid electrolyte instead of a liquid electrolyte.  

Automotive Energy Supply Corporation (AESC) was set up in 2007 by Nissan and NEC Corporation to produce lithium-ion batteries for the automaker. Nissan and NEC Corporation have agreed to sell their rechargeable electric battery joint venture to a Chinese private equity firm GSR.

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1. Executive Summary

2. Research Approach and Methodology

3. Market Overview

                3.1 Introduction

                3.2 Market Demand Forecast till 2022

                3.3 Recent Trends and Developments

4. Market Dynamics

                4.1 Drivers

                4.2 Constraints

                4.3 Opportunities

5. Value Chain of Electric Vehicle Battery Industry

6. Porter's Five Forces Framework

                6.1 Bargaining Power of Suppliers

                6.2 Bargaining Power of Consumers

                6.3 Threat of New Entrants

                6.4 Threat of Substitute Products & Services

                6.5 Competitive Rivalry

7. Global Electric Vehicle Battery Market Analysis, by Geography

                7.1 North America

                                7.1.1 Market Overview

                                7.1.2 Market Demand Forecast till 2022

                7.2 Europe

                                7.2.1 Market Overview

                                7.2.2 Market Demand Forecast till 2022

                7.3 Asia-Pacific

                                7.3.1 Market Overview

                                7.3.2 Market Demand Forecast till 2022

                7.4 Middle East & Africa

                                7.4.1 Market Overview

                                7.4.2 Market Demand Forecast till 2022

                7.5 South America

                                7.5.1 Market Overview

                                7.5.2 Market Demand Forecast till 2022

8. Global Electric Vehicle Battery Market Analysis, by Type

                8.1 Plug-in Hybrid Electric Vehicles (PHEVs)

                                8.1.1 Market Overview

                                8.1.2 Market Demand Forecast till 2022

                8.2 Battery Electric Vehicles (BEVs)

                                8.2.1 Market Overview

                                8.2.2 Market Demand Forecast till 2022

                8.3 Hybrid Electric Vehicles (HEVs)

                                8.3.1 Market Overview

                                8.3.2 Market Demand Forecast till 2022

9. Key Company Profiles

                9.1 Battery Cell Manufacturers

                                9.1.1 Panasonic

                                9.1.2 LG Chem

                                9.1.3 BYD

                                9.1.4 Samsung SDI

                                9.1.5 Johnson Controls International PLC

                                9.1.6 GS Yuasa

                                9.1.7 Hitachi Group

                9.2 Battery Pack System Integrators

                                9.2.1 Automotive Energy Supply Corporation

                                9.2.2 Blue Energy Co. Ltd

                                9.2.3 Lithium Energy Japan

                                9.2.4 Robert Bosch GmbH

                9.3 Automotive Manufacturers

                                9.3.1 Ford

                                9.3.2 General Motors

                                9.3.3 Mitsubishi

                                9.3.4 Nissan

                                9.3.5 PSA Peugeot-Citroen

                                9.3.6 Renault

                                9.3.7 Tesla Motors

                                9.3.8 Toyota

10. Competitive Landscape

                10.1 Mergers and Acquisitions

                10.2 Joint Ventures, Collaborations, and Agreements

11. Appendix

                11.1 Disclaimer

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