Global Electric Vehicle Battery Market to Grow Over $44 Billion Despite Recession | COVID-19 Impact Analysis and Business Continuity Plan for the New Normal | Technavio

By Associated Press 24 November 2020, 12:00AM

LONDON--(BUSINESS WIRE)--Nov 23, 2020--

The electric vehicle battery market is expected to grow by USD 44.24 billion, progressing at a CAGR of almost 22% during the forecast period. According to the report, the market is expected to have a negative impact due to the spread of COVID-19. The rapid spread of the novel coronavirus significantly affected the automotive industry as well as the sales of EVs. This resulted in a reduction in the demand for EV batteries in the short-term. However, with conditions getting back to normal and automakers resuming their operations, the demand for EV batteries is expected to pick up the pace and drive the market growth.

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Technavio has announced its latest market research report titled Global Electric Vehicle (EV) Battery Market 2020-2024 (Graphic: Business Wire)

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The advances in EV battery and associated technologies is one of the major factors propelling the market growth. Several automotive companies are partnering with battery manufacturers to jointly develop batteries with enhanced features such as high charging rates and low battery leakage risks. Besides, significant developments in EV charging infrastructure will also influence the growth of this market during the forecast period. However, safety concerns regarding lithium-ion batteries might hamper growth.

More details:

Electric Vehicle Battery Market: Type Landscape

Based on the type, the market saw maximum growth in the lithium-ion battery segment in 2019. The growth of the segment can be attributed to the high adoption of lithium-ion batteries in EV applications.

Electric Vehicle Battery Market: Geographic Landscape

By geography, APAC is going to have a lucrative growth during the forecast period. About 66% of the market’s overall growth is expected to originate from APAC. The growth of the market in APAC is driven by the initiatives undertaken by governments to encourage the adoption of EVs and the increasing inclination toward R&D to enhance available technologies to promote such vehicles.

China and Japan are the key markets for electric vehicle batteries in APAC. Market growth in this region will be faster than the growth of the market in other regions.

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Companies Covered:

  • A123 Systems LLC
  • Ballard Power Systems Inc.
  • BYD Company Ltd.
  • Cummins Inc.
  • EnerSys
  • Exide Technologies
  • GS Yuasa International Ltd.
  • LG Chem Ltd.
  • Panasonic Corp.
  • Samsung SDI Co. Ltd.

What our reports offer:

  • Market share assessments for the regional and country-level segments
  • Strategic recommendations for the new entrants
  • Covers market data for 2019, 2020, until 2024
  • Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
  • Strategic recommendations in key business segments based on the market estimations
  • Competitive landscaping mapping the key common trends
  • Company profiling with detailed strategies, financials, and recent developments
  • Supply chain trends mapping the latest technological advancements

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Key Topics Covered:

Executive Summary

  • Market Overview

Market Landscape

  • Market ecosystem
  • Value chain analysis

Market Sizing

  • Market definition
  • Market segment analysis
  • Market size 2019
  • Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

  • Bargaining power of buyers
  • Bargaining power of suppliers
  • Threat of new entrants
  • Threat of substitutes
  • Threat of rivalry
  • Market condition

Market Segmentation byBattery type

  • Market segments
  • Comparison by battery type
  • Lithium-ion battery - Market size and forecast 2019-2024
  • Lead-acid battery - Market size and forecast 2019-2024
  • Others - Market size and forecast 2019-2024
  • Market opportunity by battery type

Customer landscape

  • Overview

Geographic Landscape

  • Geographic segmentation
  • Geographic comparison
  • APAC - Market size and forecast 2019-2024
  • North America - Market size and forecast 2019-2024
  • Europe - Market size and forecast 2019-2024
  • MEA - Market size and forecast 2019-2024
  • South America - Market size and forecast 2019-2024
  • Key leading countries
  • Market opportunity by geography

Drivers, Challenges, and Trends

  • Market drivers
  • Volume driver - Demand led growth
  • Volume driver - Supply led growth
  • Volume driver - External factors
  • Volume driver - Demand shift in adjacent markets
  • Price driver - Inflation
  • Price driver - Shift from lower to higher priced units
  • Market challenges
  • Market trends

Vendor Landscape

  • Overview
  • Landscape disruption

Vendor Analysis

  • Vendors covered
  • Market positioning of vendors
  • A123 Systems LLC
  • Ballard Power Systems Inc.
  • BYD Company Ltd.
  • Cummins Inc.
  • EnerSys
  • Exide Technologies
  • GS Yuasa International Ltd.
  • LG Chem Ltd.
  • Panasonic Corp.
  • Samsung SDI Co. Ltd.


  • Scope of the report
  • Currency conversion rates for US$
  • Research methodology
  • List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 11/23/2020 09:45 AM/DISC: 11/23/2020 09:45 AM

By Associated Press 24 November 2020, 12:00AM

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