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EV Battery Cell and Pack Materials Market Size

Report ID: GMI5367
Published Date: Sep 2022
Report Format: PDF

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EV Battery Cell and Pack Materials Market Size

EV Battery Cell and Pack Materials Market size was valued at USD 13 billion in 2021 and is speculated to register over 14.5% CAGR from 2022 to 2030. The flourishing landscape of the global EV industry, led by the several cost-effective benefits and rising environmental concerns, is one of the key factors driving the demand for battery cells and packs. The increasing sales of electric vehicles will augment the industry trends throughout the forecast period.

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According to the China Association of Automobile Manufacturers (CAAM), the NEV market in China witnessed a surge of about 17% in 2020, following a 2% decline in 2019. In addition, the total EV sales in China is projected to exhibit a 47% growth and stand at 5 million by 2022. Electric Vehicles have garnered notable support from governments all across the globe. The EVs have emerged as a preferred mobility choice in recent years as they offer significant cost saving on running and maintenance while reducing harmful air pollution and CO2 emissions.

EV Battery Cell and Pack Materials Market Report Attributes
Report Attribute	Details
Base Year:	2021
EV Battery Cell and Pack Materials Market Size in 2021:	13 Billion (USD)
Forecast Period:	2022 to 2030
Forecast Period 2022 to 2030 CAGR:	14.5%
2030 Value Projection:	65 Billion (USD)
Historical Data for:	2018 to 2021
No. of Pages:	700
Tables, Charts & Figures:	1,835
Segments covered:	Battery, Cell, Pack, Vehicle, Region
Growth Drivers:	Growing electric vehicle market Upsurge in demand of automobile around the world Increase in use of lightweight materials in automobile
Pitfalls & Challenges:	Availability of product substitution Fluctuation in prices

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Soaring raw material prices may hinder the market expansion

The fluctuating prices of raw materials are seen as a major concern that could impede industry growth over the coming years. The high prices of the cell and pack materials significantly increase the cost of production of batteries. The increasing battery procurement costs passively inflate the prices of the electric fleet and may hamper the expansion of the EV battery cell and pack materials industry. According to BloombergNEF, the price of batteries increase the cost of electric vehicles by 30%.

Authors: Kiran Pulidindi

Frequently Asked Questions (FAQ) :

The global market size for EV battery cell and pack materials was valued at USD 13 billion in 2021 and is speculated to register over 14.5% CAGR from 2022 to 2030, owing to the positive outlook of the global EV industry and rising environmental concerns.

The lithium-ion batteries segment is anticipated to exceed USD 59 billion by 2030, due to ongoing research & development efforts focused on extending useful life, reducing relatively high costs, and addressing the safety and overheating concerns in Li-ion batteries.

The battery electric vehicle (BEV) segment may depict over 14.5% CAGR from 2022 to 2030, driven by the stringent government regulations regarding vehicle emissions and increasing environmental impact.

Major companies participating in the EV battery cell and pack materials market include CATL, LG Chem, Panasonic Industry Co. Ltd., BYD, Samsung SDI, SK Innovation Co. Ltd., CALB, and Grepow, among others.