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 study involves 4 main activities to estimate the current size of the high voltage battery market. Exhaustive secondary research was done to collect information on the market, such as battery types, upcoming model launches, and upcoming battery chemistry. The next step was to validate these findings, assumptions, and market analysis with industry experts across value chains through primary research. A bottom-up approach was employed to estimate the complete market size for different segments considered under this study.
by Capacity (75-150, 151-225, 226-300, >300kWh), Type (NCA, NMC, LFP, Others), Range (100-250, 251-400, 401-550, >550 Miles), Voltage (400-600, >600V), Vehicle Type (Truck, Bus, Passenger Car) and Region-Global Forecast to 2025
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"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.
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Leading Players Of Smart High Voltage Battery Market Are:
The high voltage battery market is dominated by global players and comprises several regional players as well. 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).
"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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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.
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Short StoryAbout MarketsandMarkets™ MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80%...
