High voltage battery market - Market Size, Share, Sales, Growth and Forecast To 2025
The high voltage battery market is projected to grow at a CAGR of 38.95% from 2018 to 2025, and the market size is projected to grow from USD 8.9 billion in 2018 to USD 89.1 billion by 2025. The study involves 4 main activities to estimate the current size of the high voltage battery market. Exhaustive secondary research was done to collect information on the market, such as battery types, upcoming model launches, and upcoming battery chemistry. The next step was to validate these findings, assumptions, and market analysis with industry experts across value chains through primary research. A bottom-up approach was employed to estimate the complete market size for different segments considered under this study.
Lithium Nickel Cobalt Aluminium Oxide (NCA) to be the largest segment, By Battery Type.
Lithium Nickel Cobalt Aluminum Oxide batteries, also called NCA batteries, are increasingly gaining importance in the high voltage battery electric cars. Typically, Li-Ion NCA batteries use a combination of 80% Nickel, 15% Cobalt, and 5% Aluminum. However, the combination of Panasonic and Tesla’s version of NCA battery is still unclear. NCA batteries are not common in the consumer industry, however, are promising for the EV industry. According to industry experts, Tesla is the only company that is using NCA type of batteries. All the other manufacturers in the electric car industry are using NMC type of batteries. As Tesla is the market leader in electric cars, NMC holds the largest share in the current market scenario.
High voltage battery market, By Battery Capacity
- 75 kWh–150 kWh
- 151 kWh–225 kWh
- 226 kWh–300 kWh
- >300 kWh
Trucks to be the fastest growing market for high voltage batteries, by vehicle type.
Trucking industry plays a vital role in the global economy. Today, the key challenges for the trucking industry are to provide reliable transportation that lowers the impact on the environment. The electric trucks market is currently in a nascent stage. By the end of 2019, heavy-duty electric trucks are expected to be launched by Tesla, Volvo, Daimler, Cummins, and Navistar. According to industry experts, Tesla semi-truck will be the game changing model in the electric trucks industry and according to the company, it is set to be launched in 2020. This is further validated by the fact that the Walmart, Canada expects to be able to retire diesel trucks faster by adopting the Tesla Semi in its fleet, which aims to be 20% electric by 2022.
Asia Oceania to be the largest market for high voltage batteries, followed by North America.
Asia Oceania is expected to provide lucrative opportunities in the high voltage battery market owing to fast-developing countries and increasing expenditure on the development of fast charging infrastructure. Additionally, China is the largest market for BEVs in the world. Recent developments in the charging infrastructure and smooth EV government regulations have boosted the light-duty and heavy commercial electric vehicle markets in the country. These factors will contribute to Asia Oceania being the largest high voltage battery market.
The North American region will be an early adopter of the high voltage battery BEVs and is estimated to be one of the major contributors to the high voltage battery market during the forecast period. The higher demand for long range BEVs drives the growth of the high voltage battery industry. Additionally, the partnership or collaboration of major battery manufacturers and OEMs play a major role in the high voltage battery market. The long distance between cities in the US requires buyers to have electric cars with long ranges. As a result, the demand for high voltage batteries increases in the region. Owing to the above factors coupled with low government initiatives for commercial electric vehicles, North America is the second largest high voltage market, by region.
Global players:
- Tesla (US)
- BYD (China)
- Panasonic (Japan)
- LG Chem (South Korea)
- Continental (Germany)
- Samsung SDI (South Korea)
- CATL (China)
- ABB (Switzerland)
High Voltage Battery Bus Market (At Selected Country Level)
The high voltage battery market is projected to grow at a CAGR of 38.95% from 2018 to 2025, and the market size is projected to grow from USD 8.9 billion in 2018 to USD 89.1 billion by 2025. The increasing demand for higher driving range vehicles, significant focus toward smart transportation, and advancement toward battery chemistry are expected to play a significant role in the growth of the high voltage battery market.
The >300 kWh segment is expected to be the largest contributor in the high voltage battery market, by battery capacity, during the forecast period.
The growth of >300kWh batteries is mainly driven by the dominating electric bus industry in China. All the electric bus models of the market leader, BYD, fall under this category. Additionally, the electrification of public transportation would drive the demand for electric buses and trucks, which, in turn, would drive the high voltage battery market as electric buses and trucks are equipped with more than >300 kWh battery packs. For instance, Tesla Semi’s battery pack will have a capacity of 800–1,000 kWh. According to primary insights, Tesla Semi Truck would be a game changer in the electric truck industry, as a significant number of logistics and transport companies have pre-ordered Tesla Semi Truck.
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