Electric Vehicle Battery Housing Market By Vehicle Type (Passenger Cars, Commercial Vehciles) , By Material (Steel, Aluminum, Others) : Global Opportunity Analysis and Industry Forecast, 2024-2033
The electric vehicle battery housing market was valued at $11.8 billion in 2023, and is projected to reach $30.3 billion by 2033, growing at a CAGR of 9.9% from 2024 to 2033.
Electric vehicle battery housing is a critical component engineered to protect and support the battery pack within an electric vehicle. It safeguards the battery cells from mechanical damage, thermal extremes, and environmental factors such as moisture and dust. It plays a critical role in providing structural integrity, ensuring that the battery remains securely mounted and operational even under various driving conditions. To ensure thermal stability, electric vehicle battery housing is incorporated with cooling or heating systems to maintain optimal battery temperatures and enhance performance and longevity.
The growth of the global electric vehicle battery housing market is major driven by surge in need for effective thermal management systems within battery housing to maintain optimal battery temperatures, prevent overheating, and extend battery life. Moreover, surge in adoption of electric vehicles significantly contributes toward the growth of the global market. According to the International Energy Agency (IEA), a Paris-based autonomous intergovernmental organization, over 3 million electric vehicles were sold in the first quarter of 2024, around 25% higher as compared to 2023. This number is estimated to reach 17 million by the end of 2024, exhibiting a 20% year-on-year increase. In addition, surge in demand for lightweight and high-strength materials to reduce vehicle weight and improve energy efficiency drives the adoption of advanced materials in battery housing. However, high cost associated with designing and manufacturing of advanced battery housings with cutting-edge materials and technologies restrains the market growth. Moreover, limited availability of advanced materials, such as lightweight composites and high-strength alloys, constrains the development of battery housings. On the contrary, ongoing advancements in battery technology such as the development of modular battery housings that allow for easier assembly, maintenance, and replacement, as well as flexible battery configurations to accommodate various electric vehicle designs are expected to open new avenues for the market during the forecast period.
The global electric vehicle battery housing market is segmented into vehicle type, material, and region. Depending on type, the market is fragmented into passenger cars and commercial vehicles. On the basis of material, it is fragmented into steel, aluminum, and others. Region wise, the market is classified into North America, Europe, Aisa-Pacific, Latin America, and Middle East & Africa.
Key FindingsBy vehicle type, the commercial vehicles segment held the highest market share in 2023; however, the passenger car segment is projected to register the highest CAGR from 2024 to 2033.
On the basis of material, the aluminum segment was the major shareholder in 2023; however, the steel segment is expected to exhibit the highest CAGR during the forecast period.
Region wise, Asia-Pacific garnered the largest share in 2023, and is anticipated to maintain its leadership status throughout the forecast period.
Competition AnalysisCompetitive analysis and profiles of the major players in the global electric vehicle battery housing market include Constellium SE, Gestamp Automoción S.A., GF Linamar LLC, Hanwha Advanced Materials, Minth Group Ltd., Nemak, POSCO, ThyssenKrupp AG, TRB Lightweight Structures, and UACJ Corporation. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships to strengthen their foothold in the competitive market.
Key Market SegmentsBy Vehicle TypePassenger Cars
Commercial Vehciles
By MaterialSteel
Aluminum
Others
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Russia
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Thailand
Malaysia
Indonesia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
UAE
Argentina
Rest of LAMEA
Key Market Players
Constellium SE
Gestamp Automoción S.A.
GF Linamar LLC
Hanwha Advanced Materials
Minth Group Ltd.
Nemak
POSCO
ThyssenKrupp AG
TRB Lightweight Structures
UACJ Corporation