The demand for longer driving range and faster charging drive the demand for high voltage batteries The global high voltage battery market, by value, is projected to grow to USD 89.1 billion by 2025 from USD 8.9 billion in 2018, at a CAGR of 38.95% during the forecast period. Growing demand for higher acceleration and large driving range would accelerate the growth of the high voltage battery market. The high cost of high voltage batteries, resulting is expensive cars is restraining the growth of the high voltage battery market.
151–225 kWh batteries to be the fastest growing high voltage batteries market, by capacity
Currently, 151–225 kWh is the most observed capacity range in electric buses.However, with the increasing demand for higher driving range day by day, OEMs have started focusing on increasing the size of the battery pack.
For instance, Tesla is planning to introduce the new Roadster in 2020, which promises to have a 200-kWh battery pack, similarly DAF has launched a new electric truck with 175 kWh battery capacity.Additionally, as per industry experts, penetration of higher voltage battery with more than 150 kWh battery capacity will be observed in the niche market of sport cars.
Moreover, electric buses require large-sized batteries ranging from 74 kWh (fast charging) to more than 300 kWh (slow charging). The growth in the demand for electric buses coupled with sales projections of upcoming electric sports cars has resulted in 151–225 kWh batteries to be the fastest growing high voltage batteries market, by capacity.
Batteries with ranges of 251–400 miles to be the largest segment for high voltage batteries market, by range According to industry experts, 251–400 miles is the most demanding range in the US for electric cars.Additionally, the distance between 2 cities in Norway is very high, which encourages people to go for higher driving range electric cars.
Currently, Tesla S, Tesla X, and long-range Tesla model 3, which are driving most of the high voltage battery market for passengers, fall under the 251–400 miles category.With increasing demand for electric buses, a gradual shift toward 251–400 miles category is expected in the near future.
Hence, batteries with ranges of 251–400 miles to be the largest segment for high voltage batteries market, by range.
Asia Oceania is estimated to be the largest and fastest growing market for high voltage batteries, by region Market growth of the Asia Oceania region is driven by the dominating electric vehicle market in China.In recent years, the region has emerged as a hub for EV production.
The Asia Oceania region is projected to be the largest market for high voltage battery capturing 79% of the total market share.Strong economic growth, increasing focus toward smart cities, development related to Giga factory setup, and favorable government policies have triggered the demand for high voltage batteries in the region.
BYD (China) and Nissan (Japan) are the leading EV players in the region.According to MarketsandMarkets analysis, majority of the electric bus market is driven by China.
This trend of electric buses in China is also expected to be the same in the near future. Owing to the above-mentioned factors, Asia Oceania is estimated to be the largest and fastest growing market for high voltage batteries, by region.
Breakup of primary respondents • By Company Type: Tier I - 60%, Tier II - 20%, and Others* -25% • By Designation: C level - 70%, D level - 20%, Others – 10% • By Region: Europe - 50%, North America - 20%, Asia Oceania - 20%, RoW – 10%
The high voltage battery market is dominated by global players and comprises several regional players as well.The key players in the high voltage battery market are, Tesla (US), BYD (China), Panasonic (Japan), LG Chem (South Korea), Continental (Germany), Samsung SDI (South Korea), CATL (China), and ABB (Switzerland).
The study includes an in-depth competitive analysis of these key players in the high voltage battery market with their company profiles, SWOT analysis of the top 5 companies, recent developments, and key market strategies.
Research Coverage The study segments the high voltage battery market by battery type (Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Cobalt Oxide (NMC), Lithium Iron Phosphate (LFP), and Others), by battery capacity (75–150 kWh, 151–225 kWh, 226–300 kWh, and >300 kWh), by driving range (100–250, 251–400, 401–550, and >550 Miles), by vehicle type (Passenger car, Bus, and Truck), and by region (Asia Oceania (China, India, Japan, and South Korea), Europe (France, Germany, Norway, Sweden, the Netherlands, the UK, and Rest of Europe), North America (the US and Canada), and RoW (Brazil and South Africa).
Key Benefits of Buying the Report:
This report provides insights with reference to the following points: Country-level market by battery capacity: The report offers in-depth market sizing and forecast up to 2025, by battery capacity (75–150 kWh, 151–225 kWh, 226–300 kWh, and >300 kWh). The market sizing for high voltage battery is covered at the country and regional levels that are considered in this study.
Market coverage by battery type (chemistry) for Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Cobalt Oxide (NMC), and Lithium Iron Phosphate (LFP) battery types at the regional level.
The report provides “Market Share” of the leading players in the high voltage battery market. Market Development: The report provides comprehensive information about lucrative emerging markets for the air brake system across different regions.
Product Development/Innovation: The report gives detailed insights of R&D activities, upcoming technologies, and new product launches in the high voltage battery market.
Market Diversification: The report offers detailed information about untapped markets, investments, new products, and recent developments in the high voltage battery market.
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