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High Voltage Battery Market to Reach $89.1 billion by 2025 at a CAGR of 38.95%

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High Voltage Battery Market to Reach $89.1 billion by 2025 at a CAGR of 38.95%

April 22
04:30 2020
High Voltage Battery Market to Reach $89.1 billion by 2025 at a CAGR of 38.95%

High Voltage Battery Market
The increase in government spending toward smart cities will drive the high voltage battery market for electric buses and trucks. Additionally, the demand for high voltage systems for electric vehicles is further expected to drive the demand for high voltage batteries. These systems offer several benefits over conventional ICE vehicles such as energy efficiency, reduced emissions, quiet and smooth operation, and stronger acceleration.

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 key players in the high voltage battery market are Tesla (US), BYD (China), Panasonic (Japan), LG Chem (South Korea), Continental (Germany), Samsung SDI (South Korea), CATL (China), and ABB (Switzerland).

Opportunities:

• Fast Charging
• Electrification of Trucks

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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.

The high voltage battery market for the bus is estimated to be the largest market during the forecast period.

As the energy requirement of electric buses is very high, currently 90% of the electric buses fall under the high voltage category. According to primary insights, this number is expected to be 100% by 2025. With aggressive incentives and mandates from the Chinese government, the country has already proved itself as a leader in clean technologies. The electric buses are expected to dominate the high voltage market, by vehicle type, due to the rising adoption of electric buses for public transportation in cities across the globe. Moreover, in the passenger car segment, the current high voltage battery market is driven by the BEV industry leader, Tesla.

In the driving range, the >550 miles segment is projected to grow at the fastest rate during the forecast period.

Currently, the majority of the electric buses and passenger cars fall under 251–400 miles and 401–550 miles driving range. However, with the advancement in battery chemistry and growing fast-charging network, electric buses are expected to shift gradually toward >550 miles range. A similar trend is expected for electric trucks, as the market for electric trucks is under the development phase. However, successful electric transportation also drives the demand for > 550 miles of battery electric vehicles. For instance, in November 2017, Tesla unveiled a prototype of Semi-Truck, which will go for full-fledged production by 2019. The semi-trucks can travel approximately 600 miles of range.

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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.

Key Questions addressed by the report:

• What would be the expected year of commercialization for the solid-state battery? What would trigger the influx of this new battery technology?
• What would be the expected year of commercialization for heavy-duty electric trucks?
• What would be the trend of battery cost over the next 5 years?
• What would be the share of high voltage battery vehicles in the total BEV sales of each vehicle type?
• How is battery chemistry different as per different vehicle types? How is the trend going to change in the coming years?

Don’t miss out on business opportunities in the High Voltage Battery Market. Speak to our analyst and gain crucial industry insights that will help your business grow. 

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