Electric Vehicle Battery Pack Market By Product Type (Lithium-Ion Battery, NI-MH Battery) By application (PHEVs, BEVs) and By Region - Global Forecast To 2026
27 November 2017
find_in_page Our Research Methodology is based on the following main points:
- Data Collections and Interpretation
- Data Validation
- Final Projections and Conclusion
The global electric vehicle battery pack market was valued at US$ 61,720.2 million in 2017, and is expected to register a CAGR of over 13%. The report offers in-depth insights, revenue details, and other vital information regarding the global electric vehicle battery pack market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global electric vehicle battery pack market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global electric vehicle battery pack market is segmented on the basis of type, application, and region.
Electric vehicle battery pack is used in electric vehicles to generate and provide energy in the form of electric current to power the motor and run the vehicle. There are various types of battery pack used in electric vehicles such as lithium-ion battery, Ni-MH battery and lead-acid, nickel-cadmium (NiCd), zinc–air and molten-salt batteries.
Global Electric Vehicle Battery Pack Market Dynamics:
Limited natural assets source such as oil and gas and increasing level of environmental pollution across the globe are major factors driving growth of the global electric vehicle battery pack market. In addition, increasing government support for use of electric vehicle and technological developments and advancements in features of the electric vehicles are supporting growth of the global electric vehicle battery pack market.
Report Coverage and Deliverables
However, issues related with battery power and efficiency are primary factors expected to hamper growth of the global electric vehicle battery pack market. In addition, lack of infrastructure such as charging stations and service stations, is another factor expected to hamper growth of the global electric vehicle battery pack market up to a certain extent.
Market penetration in emerging economies and development of battery packs with longer lifespan and high efficiency is expected to create high potential revenue opportunities for existing as well as new entrants in the target market.
Market analysis by type:
On the basis of type segmentation, lithium ion battery segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Also, lithium ion battery segment expected to witness highest CAGR of over 16%, owing to factors such as ability to handle hundreds of charge/discharge cycles, ability to output high energy and power per unit of battery mass, and also due to being lighter and smaller than other rechargeable batteries.
Market analysis by application:
Among the application segments, plug-in hybrid electric vehicle (PHEVs) segment contributed highest market share in terms of value and is expected to register highest CAGR of over 17% owing to its capability to function on two or more sources of power, which allows electric vehicle to run on alternative fuel engine such as petrol or diesel engine.
Recent development in PHEVs such as development of plug in hybrids with capacity of over 100 miles per gallon and better batter life, and ability of PHEVs to reduce fuel consumption by up to 45%, relative to that of a comparable combustion engine vehicle are other factors supporting growth of PHEVs segment.
Market analysis by region:
Asia Pacific market is expected to dominate the global electric vehicle battery pack market, and it accounts for largest market revenue over US$ 28,000 million in 2017 as compared to that of markets in other regions. Dominance by Asia Pacific market is expected to continue over the forecast period with comparatively moderate CAGR than that of other regions, owing to higher demand among consumers and high market penetration activity in countries in the region. Other factors include, government initiative and supportive policies such as road–tax exemption, and economic subsidies in countries in this region.
Furthermore, increasing research and development for product advancement and availability of labors, technology and required infrastructure in the leading countries such as China, Japan, and South Korea are other factors fueling growth to the Asia Pacific electric vehicle battery pack market and this trend is expected to continue in the forecast period.
In 2017, Europe accounted for the second largest revenue share contribution to the global electric vehicle battery pack market, owing to increasing awareness about the environmental pollution and limited availability of natural resources. Furthermore, increasing government support for electric vehicles penetration is expected to boost growth of the Europe electric vehicle battery pack market.
Furthermore, rising demand for electric vehicles from prominent countries in Europe is a major factor contributing towards growth of the Europe electric vehicle battery pack market. According to a study published by the European Federation for Transport and Environment on 13 October 2016, over 500,000 electric vehicles were estimated to be running on roads in countries in Europe by the end of that year (145,000 electric vehicles were sold in Europe in 2015 alone).
Moreover, new product launches in electric vehicles and increasing demand for technologically advanced electric vehicles are another factors anticipated to aid the growth of the electric vehicle battery pack market in developed countries over the forecast period. For example, Tesla Inc. has received over 400,000 preorders for its Model 3 electric vehicle as of August 2017.
Market players are focusing on development and expansion of manufacturing facilities in various region in order to cater the demand for electric vehicle battery pack. For instance, gigafactory set-up by Tesla Inc. in Nevada, which is a joint venture with Panasonic, opened in January 2017, and is entirely dedicated to producing lithium-ion batteries for electric vehicles manufactured by Tesla. The gigafactory is expected to be the largest producer of electric vehicle battery packs in the US, which is another major factor expected to fuel growth of the electric vehicle battery pack market over the forecast period. Also, in August 2017, LG Chem – a prominent electric vehicle battery pack manufacturer – expanded its manufacturing facility in Michigan in terms of size and production capacity.
Global Electric Vehicle Battery Pack Market Segmentation:
Global electric vehicle battery pack segmentation, by type:
- Lithium-Ion Battery
- NI-MH Battery
Global electric vehicle battery pack segmentation, by application:
Global electric vehicle battery pack segmentation, by region:
- North America
- Asia Pacific
- South America
- Middle East & Africa
Particular Scope Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
Estimated Year 2020 Actual Year 2021 Forecast Period 2021–2030 Revenue in US$
- BYD Company Limited
- Panasonic Corp.
- Contemporary Amperex Technology Co., Ltd.
- OptimumNano Energy Co., Ltd.
- LG Chem Ltd.
- Guoxuan High-Tech Co., Ltd.
- Tianjin Li Shen Battery Co., Ltd.
- Automotive Energy Supply Corporation
- SAMSUNG SDI CO., LTD.
- Lithium Energy Japan
- Primearth EV Energy Co., Ltd.
- BAK Group
- Wanxiang Group
- Hitachi Vehicle Energy, Ltd.
- Deutsche Accumotive GmbH & Co. KG.
- Daimler AG
1.0 Chapter 1
- 1.1 Preface
- 1.2 Assumptions
- 1.3 Abbreviations
- 2.1 Report Description
- 2.1.1 Market Definition and Scope
- 2.2 Executive Summary
- 2.2.1 Market Snapshot, By Type
- 2.2.2 Market Snapshot, By Application
- 2.2.3 Market Snapshot, By Region
- 3.1 Global Electric Vehicle Battery Pack Market Dynamics
- 3.1.1 Drivers
- 3.1.2 Restraints
- 3.1.3 Opportunities
- 3.1.4 Trends
- 3.1.5 PEST Analysis
- 3.1.6 PORTER’S Five Forces Analysis
- 4.0.1 Global Electric Vehicle Battery Pack Market Analysis, by Type
- 4.0.2 Overview
- 4.0.3 Segment Trends
- 4.0.4 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 4.1 Lithium-Ion Battery
- 4.1.1 Overview
- 4.1.2 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 4.2 NI-MH Battery
- 4.2.1 Overview
- 4.2.2 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 4.3 Other
- 4.3.1 Overview
- 4.3.2 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 5.0.1 Global Electric Vehicle Battery Pack Market Analysis, by Application
- 5.0.1 Overview
- 5.0.2 Segment Trends
- 5.0.3 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 5.1 PHEVs
- 5.1.1 Overview
- 5.1.2 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 5.2 BEVs
- 5.2.1 Overview
- 5.2.2 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 6.0.1 Global Electric Vehicle Battery Pack Market Analysis, by Region
- 6.0.2 Overview
- 6.0.3 Regional Trends
- 6.0.4 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 6.1 North America
- 6.1.1 Overview
- 6.1.2 Country Trends
- 6.1.3 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 6.1.4 US
- 6.1.5 Canada
- 6.1.6 Mexico
- 6.2 South America
- 6.2.1 Overview
- 6.2.2 Country Trends
- 6.2.3 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 6.2.4 Brazil
- 6.2.5 Argentina
- 6.2.6 Colombia
- 6.3 Europe
- 6.3.1 Overview
- 6.3.2 Country Trends
- 6.3.3 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 6.3.4 Germany
- 6.3.5 France
- 6.3.6 UK
- 6.3.7 Russia
- 6.3.8 Italy
- 6.4 Asia Pacific
- 6.4.1 Overview
- 6.4.2 Country Trends
- 6.4.3 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 6.4.4 China
- 6.4.5 Japan
- 6.4.6 South Korea
- 6.4.7 India
- 6.4.8 Southeast Asia
- 6.5 Middle East & Africa
- 6.5.1 Overview
- 6.5.2 Country Trends
- 6.5.3 Market Share and Forecast, and Y-o-Y Growth, 2016–2026, (US$ Million)
- 6.5.4 Saudi Arabia
- 6.5.5 UAE
- 6.5.6 Egypt
- 6.5.7 Nigeria
- 6.5.8 South Africa
- 7.0.1 Company Profiles
- 7.1 BYD Company Limited*
- 7.1.1 Company Overview
- 7.1.2 Product Portfolio
- 7.1.3 Financial Overview
- 7.1.4 Key Developments
- 7.2 Panasonic Corp
- 7.3 Contemporary Amperex Technology Co., Ltd.
- 7.4 OptimumNano Energy Co., Ltd.
- 7.5 LG Chem Ltd.
- 7.6 Guoxuan High-Tech Co., Ltd.
- 7.7 Tianjin Li Shen Battery Co., Ltd.
- 7.8 Automotive Energy Supply Corporation
- 7.9 SAMSUNG SDI CO., LTD.
- 7.10 Lithium Energy Japan
- 7.11 Primearth EV Energy Co., Ltd.
- 7.12 BAK Group
- 7.13 Wanxiang Group
- 7.14 Hitachi Vehicle Energy, Ltd.
- 7.15 Deutsche Accumotive GmbH & Co. KG.
- 7.16 Daimler AG
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Secondary Research: An exhaustive secondary research is carried through both paid and free sources. It involves understanding critical data related to the market. Sources for secondary research include: Government websites Industry Associations Trade & Research Journals Company websites (annual reports, press releases, product brochures, etc. Import-Export Data Factiva, Morningstar, etc. Primary Research: Extensive interviews are held with key market participants through email interactions, online surveys, paid telephonic interviews, face-to-face interviews, etc., to gain a perspective on the market conditions, trends, developments, challenges, etc. Sources for primary research include: CXOs, Global Heads, VPs, Sales/ Purchase/ Product Managers of Key Market Players Distributors, Wholesalers, Retailers, Vendors of Products and Services End-Users belonging to each application industry
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Triangulation and Analysis: Post collection of the data from all sources and validation from industry experts, we triangulate the market with both a top-down and bottom-up approaches to eliminate any margin for errors. These methods aid us in estimating the market size, market share of manufacturers, regions segments, product segments and applications (end users). In-house Data Modeling Tool: our proprietary data modeling tool is designed to apply a combination of methods to provide accurate market size with the historical and forecasted data and growth rates. The percentage splits, Market Share (%), and breakdowns of the product segments are derived based on weightage assigned to each of the segments based on their utilization rate and average sale price. The regional splits of the overall target market and its sub-segments are based on the given product's percentage adoption or penetration rate in the respective region or country.
Final Presentation: After the triangulation and analysis, we derive the market engineering data with the breakdown for all product segments, applications, and regions. The final report, along with the market dynamics, key USPs of the market are presented in a graphical and tabular format to provide a clear understanding to the client and provide a quick snapshot regarding the market, with the additional data to support the market estimations. .
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