Global High Voltage Battery Market

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Global High Voltage Battery Market is projected to grow from USD 8.9 billion in 2018 to USD 89.1 billion by 2025, at a CAGR of 38.95% during the forecast period. The market growth is primarily driven by factors such as the increasing demand for higher acceleration and significant investments by governments toward smart transportation.

High Voltage Battery Market Size Estimation

Bottom-up approach

The country-level market size, by volume, of the high voltage battery market has been derived by multiplying the country-level penetration (obtained from country level extensive model mapping for each vehicle segment until 2018 which is further validated through multiple industry experts) of high voltage battery (>75 kWh battery capacity) in BEV sales data of electric passenger cars, electric trucks, and electric buses with sources such as country-wise automotive manufacturing associations, electric vehicle associations, and primary validations. The country-level model mapping also considered the penetration of different battery capacity (75-150 kWh, 151-225 kWh, 226-300 kWh, and >300 kWh), battery type (NMC, NCA, LFP, and Others), driving range (100-250 miles, 251-400 miles, 400-550 miles, and >500 miles) on BEV sales data until 2018. Forecast of the same is based on multiple factors such as historic trends (2015–2016), future model launches and their battery capacity, supply chain readiness, and government investments, upcoming battery chemistry, consumer acceptance, and averages miles driven.

Data Triangulation

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified by primary sources. All parameters that are said to affect the markets covered in this research study have been accounted for, viewed in extensive detail, and analyzed to obtain the final quantitative and qualitative data. This data has been consolidated, enhanced with detailed inputs and analysis from MarketsandMarkets, and presented in the report.
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Key Players:

The key players in the high voltage battery market are Tesla (US), BYD (China), Panasonic (Japan), LG Chem (South Korea), Samsung SDI (South Korea), and CATL (China). Additionally, the report covered 20 major players.

High voltage battery market, By Battery Capacity

  • 75 kWh–150 kWh
  • 151 kWh–225 kWh
  • 226 kWh–300 kWh
  • >300 kWh

High voltage battery market, By Region

  • Asia Oceania
  • Europe
  • North America
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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.

Asia Oceania is expected to account for the largest market size during the forecast period.

Asia Oceania is projected to hold the largest market share. Factors such as dominating Chinese EV industry, strong economic growth, increasing focus toward smart cities, development related to Gigafactory setup, and favorable government policies have triggered the demand for high voltage battery in the region. China accounts for the highest market share of 78.8% of the global high voltage battery market, which can be attributed to the ever-growing production of electric buses in the country. Additionally, China and South Korea, home for the largest battery manufacturers, play a key role in the high voltage battery supply chain industry in the Asia Oceania region. On the other hand, when compared to the European and North American region, people from the Asia Oceania region prefer economic electric cars with a driving range of >100 miles. This trend is expected to change with the entry of Tesla model 3 in the country. According to Tesla, the company is planning to produce 500,000 cars in China. Such developments are expected to help Asia Oceania dominate the high voltage battery market in the near future as well.

Recent Developments in High Voltage Battery Market

  • In May 2018, Proterra introduced new high-power charging options to achieve 100% electric bus fleet. At the American Public Transportation Association’s (APTA) Bus & Paratransit Conference, Proterra introduced new systems for reliable, smarter charging that is flexible, scalable, and powerful.

  • In November 2017, Tesla unveiled a prototype of Semi-Truck. The tractor can be linked up with any trailer, no brand-specific trailer is necessary. Semi-Truck can travel approximately 600 miles of range having a battery capacity of 800–1,000 kWh. The semi-trailer will go on full-fledged production by 2019.

  • In July 2016, Tesla opened its Gigafactory in Nevada, US. It is one of the biggest battery manufacturing plants for EV batteries, in terms of capacity Tesla built it keeping in mind the future demand for EVs.

  • In October 2017, LG Chem, a leading manufacturer of advanced batteries based in Korea, announced the construction of an Electric Vehicle (EV) battery plant in Wroclaw, Poland. LG Chem will invest approximately USD 340 million in the plant by the end of 2018 to produce lithium-ion batteries. The company plans to produce 100,000 EV batteries in Poland annually.
To know about the assumptions considered for the study, download the pdf brochure

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