DUBLIN, Aug. 14, 2023 /PRNewswire/ — The “Electric Vehicle (EV) Battery Housing Market – A Global and Regional Analysis: Focus on Battery Housing Vehicle Type, Cell Format, Battery Chemistry, Material, Component, and Country Analysis – Analysis and Forecast, 2023-2032” report has been added to ResearchAndMarkets.com’s offering.
The global electric vehicle battery housing market is projected to witness substantial growth, reaching $13.54 billion by 2032, compared to $4.01 billion in 2022, at a CAGR of 13.14% during the forecast period 2023-2032.
The surge in the electric vehicle battery housing market is attributed to the increasing demand for electric vehicles, expanding charging infrastructure, the need for lightweight materials, and enhanced driving range.
Introduction of Electric Vehicle Battery Housing
Electric vehicle battery housing is a vital structural component that encloses and safeguards the battery pack in an electric vehicle. It plays a crucial role in dissipating heat from the battery pack and preventing the spread of fire in the event of a battery failure, thus ensuring vehicle occupant safety.
Made from materials such as aluminum, steel, and plastic, the battery housing is designed to be lightweight, strong, and corrosion-resistant while effectively managing thermal conditions. Its critical role in safeguarding battery packs and enhancing battery performance makes it an essential part of electric vehicle safety.
Market Introduction
The electric vehicle battery housing market is witnessing rapid growth due to the surging demand for electric vehicles. It serves as a vital component in ensuring battery safety and efficient operation, driving the growth of the automotive, electronics, and metal industries. The automotive industry is the primary consumer of electric vehicle battery housings, and with the increasing demand for electric vehicles, the market for battery housing is expected to grow significantly.
Moreover, advances in battery technology, such as lithium-ion batteries, are making electric vehicles more affordable and practical, thereby driving growth in the electronics industry. The metal industry is also benefiting from the growth of the electric vehicle battery housing market, as battery housings require materials like aluminum and steel.
Market Segmentation
Segmentation 1: Cell Format
- Pouch Cell
- Cylindrical Cell
- Prismatic Cell
Prismatic cells are expected to dominate the electric vehicle battery housing market due to their higher energy density, flexible design, better thermal management, and cost-effectiveness. These advantages make prismatic cells the preferred choice for electric vehicles.
Segmentation 2: Vehicle Type
- 2-Wheeler
- 3-Wheeler
- Off Road Vehicles
- Commercial Vehicles
- Passenger Vehicles
The passenger vehicles segment is projected to grow significantly due to the increasing demand for electric passenger cars and favorable government incentives. In 2022, passenger vehicles accounted for over 70% of all electric vehicles sold worldwide.
Segmentation 3: Material Type
- Steel
- Aluminium
- GFRP
- CFRP
The aluminum segment is expected to dominate the electric vehicle battery housing market due to its lightweight, strength, corrosion resistance, and cost-effectiveness. As demand for electric vehicles rises, so will the demand for aluminum battery housings.
Segmentation 4: Battery Chemistry Type
- Lithium-Ion
- Lead Acid
- Others
Lithium-ion batteries are projected to dominate the market as they are widely used in electric vehicles due to their high energy density, long lifespan, and relatively low cost.
Segmentation 5: Component Type
- Top Cover
- Bottom Cover
- Others
The bottom cover segment is expected to dominate the electric vehicle battery housing market as it provides structural support, protects the battery pack, and helps in heat dissipation.
Segmentation 6: Region
- North America
- Europe
- U.K.
- China
- Asia-Pacific and Japan
Asia-Pacific and Japan are expected to dominate the electric vehicle battery housing market due to the growing demand for electric vehicles, the presence of major battery manufacturers, availability of skilled labor, and favorable government policies.
Recent Developments
Recent developments in the electric vehicle battery housing market include expansions and partnerships by major players to meet the increasing demand. For example, in March 2022, Magna extended its operations to accommodate new business from Ford Motor Company for the provision of battery enclosures.
In June 2022, Renault Group and Minth Group signed a memorandum of understanding to establish a joint venture to manufacture battery casings for electric vehicles. In February 2022, Nemak, S.A.B. de C.V. was granted a contract worth $350 million annually to manufacture battery housings for electric vehicles.
Demand – Drivers, Limitations, and Opportunities
Market Demand Drivers:
The electric vehicle battery housing market is driven by the increasing demand for electric vehicles, rising environmental concerns, government incentives, and advances in EV battery technology. Growing awareness of the need to reduce pollution and the environmental impact of gasoline-powered vehicles is driving the demand for electric vehicles.
Market Challenges:
Challenges faced by the electric vehicle battery housing market include high material costs, lack of standardization, demand volatility, and competition from other materials. Manufacturers are challenged to produce affordable and compatible battery housings due to high material costs.
Market Opportunities:
Opportunities in the electric vehicle battery housing market include the rise of lightweight materials, development of integrated cooling systems, and growth of battery swapping systems to reduce recharge time.
This comprehensive report provides valuable insights and analysis for electric vehicle OEMs and other stakeholders in the industry to strategize and strengthen their market position.
Key Market Players and Competition Synopsis
The key companies profiled in the electric vehicle battery housing market include SGL Carbon, Novelis Inc., Nemak, S.A.B. de C.V., Constellium SE, Gestamp Automocion, S.A., UACJ Corporation, GF Linamar LLC, Hanwha Solutions Advanced Materials, Minth Group, ThyssenKrupp AG, TRB Lightweight, Hitachi Metals, Ltd., Norsk Hydro ASA, Magna International Inc., Kautex Textron GmbH & Co. KG, Teijin Limited, LANXESS, Evonik Industries AG, Saudi Basic Industries Corporation (SABIC), and Covestro AG.
For more information about this report visit https://www.researchandmarkets.com/r/4ohlt9
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Media Contact:
Research and Markets
Laura Wood, Senior Manager
[email protected]
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716
Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg
View original content:SOURCE Research and Markets
Featured image: Megapixl © Kurhan
