The global electric vehicle (EV) battery market will grow by 23% or $15.7 billion between 2019 and 2023, according to research firm Technavio.
65% of the growth is expected to come from the Asia Pacific region.
Factors driving the EV battery market include:
- Advances in EV battery and associated technologies
An increasing number of automotive companies are partnering to develop batteries with improved specifications. The main focus is developing batteries with high charging rates, quality and fewer leakage risks compared to existing lithium-ion batteries.
For instance, in April 2018, the Indian Space Research Organisation (ISRO) announced that it is open to sharing the technology used in its space-grade lithium-ion battery with private players in the automotive industry. As a response to this, ISRO received interest from over 100 companies, of which 14 were selected in December 2018.
- The emergence of EV charging with V2G capabilities
The capability is getting a lot of attention from utility companies as they seek to employ demand response capabilities to relieve the main grid during times when demand is high.
The EV battery market is highly fragmented with many players occupying the market, according to the study.
More information about the study is available here