The global high voltage battery market by value, is projected to grow to USD 89.1 billion by 2025 from USD 8.9 billion in 2018, at a CAGR of 38.95% during the forecast period. 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. Hence, a higher voltage required to propel various systems of a vehicle also drives the high voltage battery market.
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Some of the key Players in high voltage battery marketesla (US)BYD (China)Panasonic (Japan)LG Chem (South Korea)Samsung SDI (South Korea)CATL (China)Lithium Nickel Cobalt Aluminum Oxide (NCA) to be the largest segment, By Battery Type
Lithium Nickel Cobalt Aluminum Oxide batteries, also called NCA batteries, are increasingly gaining importance in the high voltage battery electric cars. Typically, Li-Ion NCA batteries use a combination of 80% Nickel, 15% Cobalt, and 5% Aluminum. However, the combination of Panasonic and Tesla's version of NCA battery is still unclear. NCA batteries are not common in the consumer industry, however, are promising for the EV industry. According to industry experts, Tesla is the only company that is using NCA type of batteries. All the other manufacturers in the electric car industry are using NMC type of batteries. As Tesla is the market leader in electric cars, NMC holds the largest share in the current market scenario.
Trucks to be the fastest growing market for high voltage batteries, by vehicle type
Trucking industry plays a vital role in the global economy. Today, the key challenges for the trucking industry are to provide reliable transportation that lowers the impact on the environment. The electric trucks market is currently in a nascent stage. By the end of 2019, heavy-duty electric trucks are expected to be launched by Tesla, Volvo, Daimler, Cummins, and Navistar. According to industry experts, Tesla semi-truck will be the game changing model in the electric trucks industry and according to the company, it is set to be launched in 2020. This is further validated by the fact that the Walmart, Canada expects to be able to retire diesel trucks faster by adopting the Tesla Semi in its fleet, which aims to be 20% electric by 2022.
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.
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