The global electric vehicles battery pack market is anticipated to grow at a significant CAGR during the forecast period (2022-2028). Growing concerns about the increase in air pollution and environmental degradation have led to an increase in demand for electric vehicles. In addition, the need to curb gas emissions to combat climate change increases market growth. The cost of EVs is declining gradually due to increased production volume and better economy scale which will lead to lower prices for EV battery packs while maintaining their quality. The companies come up with business models such as battery replacement and battery-as-a-service (BaaS) that allow users to change electric vehiclebatteries once they have been removed. This saves users time spent on recharging batteries, thereby improving customer satisfaction and addressing one of the main reasons consumers avoid choosing EVs.
In addition, a few Chinese electric vehicles battery manufacturers, such as NIO, follow the BaaS model that removes the battery from electric vehicles. The BaaS model enables EV owners to rent battery resources monthly instead of purchasing electric vehicles battery. The model has two major advantages: consumers can save money on battery costs, and they do not have to worry about battery downtime. Such models benefit both, consumers and manufacturers, as manufacturers can accurately predict market size and strength by integrating with companies that offer battery-like models.
According to a study published by the US International Trade Commission in 2018, Li-ion batteries cost more than 70 percent of the rechargeable battery market. Additionally, battery prices per kWh dropped to less than 200 USD in 2019 from about 1000 USD in 2010. In addition, due to advances in cell chemistry and production methods for battery packs, battery prices are expected to decline, to less than 100 USD/kWh. Therefore, the decline in the cost of battery pockets responsible for the production costs of electric vehicles of 35% to 45% is expected to further the growth of the market for electric car batteries.
In March 2021, General Motors partnered with SolidEnergy Systems, the launch a lithium metal battery. This partnership is aimed at improving the battery development of the U.S. automotive manufacturer, which allows for higher EV driving distance in a smaller package.
Further, in March 2020, BYD Motors Inc. introduced the new Blade Battery for electric vehicles that improve the battery pack structure by more than 50.0%, compared to traditional lithium iron phosphate batteries. It also significantly enhances battery safety.
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Market Coverage
- The market number available for – 2021-2028
- Base year- 2021
- Forecast period- 2022-2028
- Segment Covered-
- By Type
- By Application
- Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape-BYD, Panasonic, LG Chem, AESC, Samsung, and WanXiang, among others.
A full report Electric Vehicles Battery Pack Market of is available at: https://orionmarketreports.com/electric-vehicles-battery-pack-market/106471/
Global Electric Vehicles Battery Pack Market Report by Segment
By Type
- Lithium-Ion Battery
- NI-MH Battery
- Other Battery
By Application
- PHEVs
- BEVs
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
- Deviation from the pre-COVID-19 forecast
- Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
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