EV Battery Cell and Pack Materials Market Size - By Vehicle (BEV, HEV, PHEV, FCEV), By Battery (Lithium-ion, Lead-Acid, Nickel-Metal Hydride, Ultracapacitors, Sodium-ion), Regional Insights & Forecast, 2022–2030

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.
 

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.
 

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%.
 

EV Battery Cell and Pack Materials Market Analysis

With regards to batteries, the EV battery cell and pack materials market is classified into lithium-ion batteries, nickel metal hydride batteries, lead-acid batteries, ultracapacitors, and sodium-ion batteries. The lithium-ion batteries segment is projected to exceed USD 59 billion by 2030, with the cell sub-segment anticipated to exhibit over 14% CAGR over the forecast period and the pack sub-segment accounting for more than USD 7 billion by 2030. The ongoing research & development efforts focused on extending useful life, reducing relatively high costs, and addressing the safety and overheating concerns in li-ion batteries will provide the much-needed boost to the segment in the forthcoming years.
 

Based on electric vehicle, global EV battery cell and pack materials market fragments into plug-in hybrid electric vehicles (PHEV),  battery electric vehicles (BEV), hybrid electric vehicles (HEV), and fuel cell electric vehicles (FCEV). The battery electric vehicle segment is poised to exhibit over 14.5% CAGR during the study period and record a valuation worth more than USD 44 billion by 2030. Battery electric vehicles are generally used for several commercial purposes, such as high-performance sports cars, trucks, delivery vans, etc. Stringent government regulations on congestion and pollution caused by fuel-based engines, accelerating climate change, and increasing environmental degradation will fuel the demand for battery electric vehicles during the projection period.
 

Asia Pacific EV battery cell and pack materials market is anticipated to be worth more than USD 33 billion by 2030 and depict a CAGR of above 16% between 2022 and 2030. The positive outlook of the automotive sector and the surging EV sales in countries such as China, India, and Japan may bolster product demand across the Asia Pacific. As per the report by the International Energy Agency, China recorded sales of almost 3.3 million electric cars in 2021, accounting for about 50% of the total EV sales globally. In addition, strict regulatory mandates to limit carbon emissions will positively impact industry dynamics.
 

EV Battery Cell and Pack Materials Market Share

Major players 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
• Grepow

These companies have been taking collaborative actions to strengthen their position and aid the development of advanced battery materials that could fuel the future of electric mobility.
 

Impact of COVID-19 Pandemic

The sudden outbreak of the COVID-19 pandemic negatively impacted the EV battery cell and pack materials industry as electric vehicles registered a significant drop in demand, especially in 2020. The surging severity of the crisis, coupled with the then economic slowdown, transformed the consumer's buying behavior causing an unprecedented plunge in vehicle sales globally. The International Energy Agency estimated vehicle sales to drop by almost 15% in 2020.
 

However, with the pandemic having entered its endemic stage, the market has recouped its path to recovery. With supportive moves & initiatives by governments along with battery makers and automobile manufacturers, the industry may register noteworthy expansion over the coming years.
 

The EV battery cell and pack materials market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2018 to 2030 for the following segments:

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Vehicle by Battery

• Battery Electric Vehicle (BEV)
  • Lithium-Ion Battery
  • Lead-Acid Battery
  • Nickel-Metal Hydride Battery
  • Ultracapacitors
  • Sodium-ion Battery
• Hybrid Electric Vehicle (HEV)
  • Lithium-Ion Battery
  • Lead-Acid Battery
  • Nickel-Metal Hydride Battery
  • Ultracapacitors
  • Sodium-ion Battery
• Plug-in Hybrid Electric Vehicle (PHEV)
  • Lithium-Ion Battery
  • Lead-Acid Battery
  • Nickel-Metal Hydride Battery
  • Ultracapacitors
  • Sodium-ion Battery
• Fuel Cell Electric Vehicle (FCEV)
  • Lithium-Ion Battery
  • Lead-Acid Battery
  • Nickel-Metal Hydride Battery
  • Ultracapacitors
  • Sodium-ion Battery

Battery by Cell Material

• Lithium-ion Battery
  • Lithium
  • Nickel
  • Cobalt
  • Aluminum
  • Oxygen
  • Iron
  • Phosphate
  • Manganese
  • Titanate
  • Graphite
  • Copper
  • Plastic
  • Carbon
  • Binder
  • Others
• Lead-Acid Battery
  • Lead
  • Lead Oxides
  • Plastic
  • Glasswool
  • Sulfuric Acid
  • Glass
  • Antimony
  • Others
• Nickel-Metal Hydride Battery
  • Nickel
  • Steel
  • Aluminum
  • Copper
  • Magnesium
  • Cobalt
  • Plastic
  • Rubber
  • Others
• Ultracapacitors
  • Nickel
  • Magnesium
  • Graphite
  • Copper
  • Aluminum
  • Electrolyte
  • Plastic
  • Binder
  • Others
• Sodium-ion Battery
  • Sodium
  • Cobalt
  • Manganese
  • Iron
  • Phosphate
  • Nickel
  • Titanate
  • Aluminum
  • Others

Battery by Pack Material

• Lithium-ion Battery
  • Aluminum
  • Copper
  • Steel
  • Electronic
  • Plastics
  • Thermal Insulation
  • Cooing System
  • Battery Management System
  • Cable
  • Others
• Lead-Acid Battery
  • Aluminum
  • Copper
  • Steel
  • Electronic
  • Plastics
  • Thermal Insulation
  • Cooing System
  • Battery Management System
  • Cable
  • Others
• Nickel-Metal Hydride Battery
  • Aluminum
  • Copper
  • Steel
  • Electronic
  • Plastics
  • Thermal Insulation
  • Cooing System
  • Battery Management System
  • Cable
  • Others
• Ultracapacitors
  • Aluminum
  • Copper
  • Steel
  • Electronic
  • Plastics
  • Thermal Insulation
  • Cooing System
  • Battery Management System
  • Cable
  • Others
• Sodium-ion Battery
  • Aluminum
  • Copper
  • Steel
  • Electronic
  • Plastics
  • Thermal Insulation
  • Cooing System
  • Battery Management System
  • Cable
  • Others

By Region

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Norway
  • Italy
  • Netherlands
  • Sweden
  • Belgium
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Thailand
  • Taiwan
  • Australia
  • New Zealand
• Latin America
  • Brazil
  • Mexico
• Middle East & Africa
  • Turkey
  • South Africa