Global New Energy Vehicle Battery Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global New Energy Vehicle Battery Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

New energy vehicles refer to vehicles that use unconventional vehicle fuels as power sources, integrate advanced technologies in vehicle power control and drive, and form vehicles with advanced technical principles, new technologies, and new structures. New energy vehicle battery refers to the power source that provides the power source for new energy vehicles. For new energy vehicles, the battery is the most critical component, and it is also one of the hottest areas for investment in the industry chain in recent years.

Market Overview:

The latest research study on the global New Energy Vehicle Battery market finds that the global New Energy Vehicle Battery market reached a value of USD 92872.73 million in 2022. It’s expected that the market will achieve USD 357818.79 million by 2028, exhibiting a CAGR of 25.21% during the forecast period.

Introducing the Battery-as-a-Service model (BaaS)

Some companies are proposing business models such as battery swaps and battery-as-a-service (BaaS), which allow users to replace/swap EV batteries after they are discharged. This saves the user time spent charging the battery, improving customer satisfaction and solving one of the main reasons why consumers do not opt for electric vehicles. Battery swapping at EV charging stations has evolved as it eliminates the time EV users spend charging their batteries. While the EV market outside of China is still developing, it has shown potential due to high demand in China. While Level 3 EV charging can charge an EV in about 30 minutes to 1 hour, and ultra-fast charging can also provide charging in 15-30 minutes, their long-term use can damage EV batteries. As a result, battery swapping has become an alternative to fast charging stations, and its demand has grown over the past few years, for example, NIO has installed more than 300 battery swapping stations by July 2021 and plans to install about 4,000 more in China by 2025 indivual. As of July 2021, its battery swap stations have been used about 2.9 million times in the global market, and it plans to build about 1,000 battery swap stations outside of China. Shell signed an agreement with NIO in November 2021 to jointly develop such battery swap EV charging stations, which is expected to create opportunities for the development of the new energy vehicle battery market.

Development of lithium-ion technology

The advent of lithium-ion technology has fueled battery growth over the past two decades. While early hybrid vehicles used nickel metal hydride (NiMH) batteries, lithium-ion batteries have been the primary solution for automakers powering plug-in hybrid electric vehicles (PHEV) and battery electric vehicles (BEV). High energy density and charge retention along with low maintenance are some of the advantages accelerating the development of Li-ion battery technology. Lithium-ion batteries are usually expensive compared to other batteries. However, major market players have been investing funds to improve their industry performance and achieve economies of scale in production and R&D activities, which has intensified competition and led to a decline in lithium-ion battery prices. By bringing BEVs and PHEVs to the market, advanced battery technologies such as enhanced polymer coatings and the use of solid electrolytes in Li-ion batteries are expected to provide higher energy storage capacity and vehicle safety. Therefore, the development and adoption of battery technology are expected to create various market opportunities for the new energy battery market.

Region Overview:

Asia Pacific had the highest growth rate of all regions.

Company Overview:

CATL is one of the major players operating in the New Energy Vehicle Battery market, holding a share of 37.81% in 2023.

CATL is a supplier of power battery systems in China. The company is mainly engaged in the research and development, production and sales of new energy vehicle power battery systems and energy storage systems. The company's main products include power battery systems, energy storage systems, and Ternary lithium battery materials. The company's products are mainly used in the field of special vehicles such as electric passenger cars, electric buses, and electric logistics vehicles.

BYD is a leading technology company dedicated to using innovation to create a better life. With more than 27 years of professional experience, BYD has become an industry leader in the fields of electronics, automobiles, renewable energy, and rail transit. As a global leader with more than 30 industrial parks on 6 continents, BYD's zero-emission solutions focus on energy production and storage and have broad application prospects.

Segmentation Overview:

Among different product types, Lithium iron phosphate battery segment is anticipated to contribute the largest market share in 2028.

Application Overview:

By application, the BEV segment occupied the biggest share from 2018 to 2022.

Key Companies in the global New Energy Vehicle Battery market covered in Chapter 3:

Samsung SDI
CALB
Bosch
Automotive Energy Supply (Envision AESC)
Sunwoda
GS Yuasa
Hitachi Group
CATL
Farasis Energy
BYD
LG Chem
GOTION HiGH-TECH
Panasonic
Clarios
SK Innovation
Wanxiang(A123 Systems, LLC)

In Chapter 4 and Chapter 14.2, on the basis of types, the New Energy Vehicle Battery market from 2018 to 2029 is primarily split into:

Lithium iron phosphate battery
Ternary lithium battery
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the New Energy Vehicle Battery market from 2018 to 2029 covers:

BEV
PHEV
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)