Electric Vehicle Battery System

Electric Vehicle Battery System

An EV battery system refers to the collection of components that store, distribute, and regulate energy in an electric vehicle. It includes the battery cells, the battery management system (BMS), the thermal management system, the power electronics, and the charging infrastructure. The battery cells are the primary energy storage units, and they are usually arranged in modules and packs to meet the energy requirements of the vehicle. The BMS monitors and manages the battery cells to ensure their safe and efficient operation. The thermal management system regulates the temperature of the battery pack to optimize its performance and lifespan. The power electronics control the flow of energy between the battery and the electric motor, enabling the vehicle to accelerate, decelerate, and maintain a constant speed. The charging infrastructure includes the charging port, the onboard charger, and the external charging station, which enable the battery pack to be charged from an external power source. Overall, the EV battery system is a critical component that enables electric vehicles to operate efficiently and sustainably.

The Electric Vehicle Battery System market is expected to grow at a strong CAGR of around 16% during the forecast period owing to the rise in demand for personal mobility and the lower cost of ownership than the ICE vehicle counterpart. Furthermore, rising government support for the adoption of an electric vehicle in forms of subsidies and tax incentives is further pushing the demand for EVs. For instance, according to international energy agency(IEA), Governments across the world spent USD 14 billion on direct purchase incentives and tax deductions for electric cars in 2020, a 25% rise year-on-year. Moreover, the rising popularity of electric vehicles among consumers due to rising awareness about the climate concerns and cost benefits that Evs offers is also driving the growth of electric vehicles. For instance, according to the international energy agency(IEA), Consumers spent USD 120 billion on electric car purchases in 2020, a 50% increase from 2019, which breaks down to a 41% increase in sales and a 6% rise in average prices.

• Based on vehicle type, the market is segmented into passenger vehicle, commercial vehicle, and two wheelers. Out of all, passenger vehicles are the fastest growing segment owing to their rapid adoption among the masses. In recent years sale of electric vehicles have increased exponentially and among all, passenger cars are surging in popularity as their cost is decreasing, range is improving and rising charging infrastructure, In 2021 consumers across the world spent an estimated USD 250 billion on EV purchases. The growth in EV sales is driving investment in electrification, which represented more than 65% of overall end-use investment in the transport sector in 2021. Moreover, governments stringent rules that are coming regarding the tail pipe emissions is further driving the rise in demand of the EVs. For instance, according to international energy agency(IEA), Several nations tightened their regulations on vehicle emissions in an effort to accelerate the adoption of ZEVs. In the United States, decisions establishing stricter guidelines for corporate average fuel economy and GHG emissions were finalised. In the European Union, the Fit-for-55 package from the European Commission includes a law that calls for fleet emission reductions of 55% for cars and 50% for vans by 2030 and 100% for both by 2035 (from a starting point of 2021). This basically imposes a requirement that all new automobiles and vans sold starting in 2035 must have zero tailpipe emissions.
• Based on battery type, the market is segmented into lithium ion battery, Nickel metal hydride battery, and lead acid battery. Out of all this the lithium ion battery holds a significant market share as it is widely used by OEMs, demand for these to power electric vehicles and energy storage has grown exponentially from 0.5 gigawatt-hour in 2010 to almost 526 gigawatt-hour in 2020, and is expected to multifold from here owing to the benefits that it presents like lithium-ion batteries is one of the most high-quality rechargeable battery technologies because they have the highest energy densities out of any other battery technology, also li-ion battery cells can deliver upto 3.6 volts which is almost three times higher than other battery technologies available hence are capable of delivering a large amount of current for high power applications, they are also low maintenance and don’t require scheduled cycling to maintain their battery life and they also have low self-discharging rate, charges fast and have longer life charging cycles.
• Based on capacity range, the market is segmented into <50 kWh, 50-110 kWh, 110-200 kWh, 201-300 kWh, and >300 kWh. The most popular battery capacity used in electric vehicles (EVs) currently ranges from 60 kWh to 100 kWh. This range offers a good balance between driving range, cost, and weight. The driving range of an EV is directly related to its battery capacity. A larger battery capacity allows for a longer driving range, while a smaller battery capacity limits the range of the vehicle. However, larger batteries also add weight and cost to the vehicle. A 60 kWh battery pack is often used in compact electric cars, while larger vehicles, such as SUVs or pickup trucks, may have a 100 kWh battery pack. Tesla, one of the most well-known EV manufacturers, offers several models with battery capacities ranging from 60 kWh to 100 kWh. The specific battery capacity used in an EV depends on a variety of factors, including the intended use of the vehicle, the driving range required, and the cost considerations of the manufacturer. As battery technology continues to improve, we may see larger battery capacities become more common in the future.
• For a better understanding of the market adoption of the Electric Vehicle Battery System, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The Electric Vehicle Battery System market in the Asia Pacific region held the largest market share and is expected to maintain its growth throughout the forecast period. Owing to the rising per capita GDP of the countries in the Asia pacific hence improving the standard of living and increasing money in the hands of people driving the consumption of the countries. Though as a percentage of total vehicles sold electric vehicle percentage is heighest in Europe but the number of units sold in china is leading the pack and has emerged as a top producer and seller of the electric vehicles in the world. The Asian countries are projected to produce almost 13 millions electric vehicles in the year 2023, whereas in 2022, china has sold roughly 52% of the total EVs produced in the world which amounts to almost 3.5 millions unit, in india the number is currently at one third of a million unit but was almost 168% growth from the previous year. Hence, looking at the size of the market that these emerging economies have, and the size of population with rising income and awareness and the availaibility of the OEMs that are offering great value buys to the customers in terms of price and product and further support from the governments is showing a future of high growth for the electric vehicles market in the APAC region. For instance, China (from a previous 2020 expiration date) extended its NEV subsidy programme through the end of 2022, albeit it has started to reduce basic subsidy amounts by 10%, 20%, and 30% per year. (between 2020 and 2022). Through the end of 2023, it also extended the exemption from purchase taxes for NEVs.
• Some of the major players operating in the market include Contemporary Amperex Technology Co., Limited; LG Energy Solution; BYD Company Ltd.; Panasonic Corporation; SK Inc.; SAMSUNG SDI CO.,LTD; CALB; Shanghai Electric; Sunwoda Electronic Co., Ltd.; SVOLT.