Global EV Storage Battery Market Overview:
A basic component of an electric vehicle (EV) is the battery. A battery is a device that converts chemical energy into electrical energy through an electrochemical reaction. Batteries are often designed to meet all the requirements of motors and charging systems required for electric vehicles. The expansion of government support such as tax credits, subsidies, and incentives for the development and purchase of electric vehicles is one of the main factors driving the demand for electric vehicles.
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Forecast Period | 2023-2028 |
Historical Period | 2018-2022 |
Unit | Value (USD Million) |
Customization Scope | Avail customization with purchase of this report. Add or modify country, region & or narrow down segments in the final scope subject to feasibility |
Influencing Trend:
Government Providing Subsidies for the Development and Purchase of Electric Vehicles
Market Growth Drivers:
Growth in Demand for Zero Emission Vehicles and Increasing production of Electric Vehicle Batteries
Challenges:
Fluctuation in Prices of the Raw Material and High Costs of New Batteries
Restraints:
Increasing Incidence of Battery Explosion and High Manufacturing Cost of EV Batteries Manufacturing
Opportunities:
Increasing Adoption of Electric Mobility in Emerging Economies, Growing Investments in Developing Lithium-Ion Battery Capacity and Increasing Investments in R&D of EV Storage Battery
Competitive Landscape:
The EV storage battery market is a fragmented market due to the presence of a large number of established competitors. Key players focus on innovating and developing new strategies to maintain their market position and customer base. The company is also planning strategic activities such as partnerships, collaborations, mergers, and acquisitions that help it maintain its position in the market and maintain its competitive edge.
Some of the key players profiled in the report are ViscoTec Pumpen- u. Dosiertechnik GmbH (Germany), Contemporary Amperex Technology Co. (China), LG Energy Solution (South Korea), Panasonic (Japan), Samsung SDI (South Korea), BYD Co. (China), SK Innovation (South Korea), China Aviation Lithium Battery (China), Gotion High-Tech (China), Automotive Energy Supply Corp. (Japan) and Ruipu Energy Co. (United States). Considering Market by Battery Capacity, the sub-segment i.e. Less Than 50 kWh will boost the EV Storage Battery market. Considering Market by Vehicle Type, the sub-segment i.e. Micro Mobility Vehicles will boost the EV Storage Battery market.
Latest Market Insights:
In February 2023, Gotion High-Tech, an innovative battery and energy storage solutions manufacturer in China, signed a Memorandum of Understanding (MoU) with InoBat, Europe's leading premium battery supplier for electric vehicles, to explore joint venture opportunities for EV battery and energy innovation. Storage technology including co-development of Gigafactory with 40GWh cell and pack production capacity.
In January 2023, Honda Motor established a joint venture with GS Yuasa to develop electric vehicle batteries and established an existing hybrid cell partnership to address the growing EV market. In addition to product development, the new company will be established by the end of 2023 and will be responsible for a wide range of EV battery-related operations, including planning the necessary sales channels.
What Can be Explored with the EV Storage Battery Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global EV Storage Battery Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in EV Storage Battery
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global EV Storage Battery market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in EV Storage Battery market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.