Future of EV Batteries Market worth 62 million units by 2035
The global future of EV batteries market size was valued at 16 million units in 2024 and is expected to reach 62 million units by 2035, at a CAGR of 12.7%, during the forecast period 2024-2035.?Changes in lithium-ion (Li-ion) battery chemistry are leading to more efficient electric vehicles (EVs) as the industry switches from toxic metals such as nickel-manganese-cobalt (NMC) to lithium-iron-phosphate (LFP). Companies like Tesla, Rivian, and Ford have already changed their standard models from NMC to LFP, while manufacturers like Hyundai, Nissan, and Toyota are developing cheaper LFP variants to make EVs more affordable.
Further, research into solid electrolytes is progressing and promising significant advantages over traditional liquid electrolytes, including higher energy density, lighter construction, faster charging, extended range, and longer life cycles. In the past year, researchers have made significant progress in creating solid-state batteries that can charge in minutes and hold a charge for more than 6,000 cycles, using a variety of cheap metals and less lithium.
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“Cylindrical segment is expected to grow at the fastest rate during the forecast period.”
The cylindrical segment is projected to register the highest CAGR during the forecast period. Durable and long-lasting are two characteristics of cylindrical batteries. Due to their excellent confinement and effective mechanical resistance against internal and external pressures, cylindrical cells are the least expensive to manufacture compared to alternative EV battery types. Manufacturers are starting to use cylindrical batteries as well. Tesla, for instance, uses cylindrical batteries due to their dependability and robustness. The new generation of cylindrical batteries, like the 4680 format pioneered by Tesla, boasts significant improvements in range and efficiency compared to older models.
“Solid state battery expected to be the next big shift during forecast period.”
Emerging solid-state battery technology has various potential benefits for electric vehicles. Unlike traditional lithium-ion batteries, which utilize liquid electrolytes, they use solid electrolytes. Because solid electrolytes are less likely to experience problems like leaking, overheating, and fire hazards, they are considered?safer overall for electric vehicles. Faster charging times could be possible using solid-state batteries as opposed to lithium-ion batteries. Because of their enhanced conductivity and capacity to tolerate higher charging rates, EVs may require fewer charging cycles, saving users time and increasing convenience. For instance, In October 2023, Toyota secured a deal to mass-produce solid-state EV batteries with a 932-mile range. Using materials developed by Idemitsu Kosan will allow Toyota to commercialize these energy-dense batteries by 2028. Solid-state batteries can significantly extend a vehicle's driving range as well. It is projected that a solid-state battery replacement may quadruple the driving range of the Tesla Roadster. Such benefits will help the solid state battery market grow over the projected period.
“North America to be the prominent growing market for EV batteries during the forecast period.”
The automotive sector in North America is one of the most developed worldwide. Major commercial automakers like Tesla, Proterra, MAN, and NFI Group are based in the region, which makes it well-known for its cutting-edge EV R&D, inventions, and technological advancements. These businesses are investing in constructing and expanding battery production plants in North America. To meet the growing demand for electric vehicles, these facilities produce sophisticated battery technology, including lithium-ion batteries. The US has historically led the way in technology in North America. Leading EV battery suppliers and startups have partnered with OEMs in the North American EV market. For example, GM and LG Chem have partnered.
Key Players
The major players in Future of EV Batteries market include CATL (China), BYD Company Ltd. (China), LG Energy Solution Ltd. (South Korea), Panasonic Holdings Corporation (Japan), and SK Innovation Co., Ltd. (South Korea). These companies adopted various strategies, such as new product developments and deals, to gain traction in the market.
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