Major Trends in Global EV Battery Market
The global EV Battery market was valued USD 38.75 Billion in 2021 and is expected to exhibit a CAGR of 28.78% over the forecast period from 2021 to 2030, as per a market study by Quince Market Insights. A new generation of enhanced Li-ion batteries is expected to be deployed. These batteries will be suitable for applications like renewable energy storage and transportation, where high energy, high power, and safety are required.
As technology advances, a variety of all-solid-state batteries will certainly become accessible in the market. Solid-state batteries with graphite-based anodes will be the first, delivering increased energy performance and safety. Based on a metallic lithium anode, light solid-state battery solutions will be commercially available soon.
In the short, medium, and long term, future recycling trends are likely to have an impact on the battery reuse and recycling market landscape. In the coming years, these changes, for example, are expected to have a favorable impact. Advanced testing procedures to recover alternate cathode materials, monetary incentives to recover materials, and highly productive systems that promote reagent use will be the major trends.
Fast charging is an important trend in the electric vehicle market, and if a vehicle can be charged in less than 30 minutes, range anxiety is reduced. This capacity has been added to several automobiles on the market. The Porsche Taycan/Audi e-tron GT platform and the new Hyundai E-GMP architecture are two recent examples. These higher voltages also charge faster.
Regional Trends for Global EV Battery Market
Governments at all levels throughout the world are using subsidies and tax credits to speed up the transition from internal combustion engines to electric vehicles and the infrastructure needed to support them. Europe is expected to record the fastest growth. Numerous giga-factories anticipated to be commissioned in Europe throughout the projection period, as well as significant adoption of electric mobility in the region, are factors attributed to the region's strong growth. Germany's government provides incentives as well as tax breaks for completely electric passenger automobiles.
Governments are enacting laws and regulations that can only be accomplished by using electric vehicles. The European Commission has presented a package of policies aimed at reducing greenhouse gas emissions, which calls for a 55 percent reduction in average CO2 emissions from new cars by 2030 and a total reduction of 100 percent by 2035. Strong regulatory targets in the European Union and the United States now aim for a 50% EV share by 2030, and numerous governments have declared accelerated timeframes for ICE sales bans in 2030 or 2035.
In North America, California announced a package that includes funds to put zero-emission cars, school buses, and public transit buses on the roads. The US federal government offers tax credits for qualifying plug-in electric vehicles (PEVs), and the state of California announced a package that includes funds to put zero emission cars, school buses, and public transit bus lines on the roads.
Major Key Developments
· October 2021 - Exponent Energy (India) announced that its proprietary technology can charge a commercial EV battery from 0% to 100% in just 5-15 minutes, paving the way for faster EV adoption in the country.
· October 2021 - LG Energy Solution Ltd. (South Korea) and multinational automaker Stellantis N.V. (Netherlands) are launching USD 3.4 billion joint venture to build a battery manufacturing facility in the US targeting the fast-growing North American electric vehicle market.
· October 2021 - Toyota (Japan) announced that it will invest approximately USD 3.4 billion in automotive batteries in the United States through 2030. The investment is for developing battery electric vehicles.
· May 2021 - Battery maker SK Innovation (South Korea) and Ford Motor (U.S.) are set to announce a battery joint venture in the United States to ensure a stable supply of batteries for electric vehicles industry.
Key Players of the Market
CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).