According to ESOMAR-certified Future Market Insights’ (FMI) – Over the forecast period, the global electric vehicle battery housing market is expected to grow at a rapid CAGR of 31.8%. The market is expected to reach US$ 1,531.1 Million in 2023. The market is anticipated to reach US$ 24,219.1 Million by 2033.
The battery housing is a crucial component of an electric vehicle (EV), as it protects the battery pack and provides structural support to the vehicle. The battery housing is typically made of lightweight and strong materials, such as aluminum, magnesium, or carbon fiber.
As the demand for EVs continues to grow, the market for electric vehicle battery housing is also expected to see significant growth in the coming years. One of the main drivers of this growth is the increasing adoption of electric vehicles, as more consumers and governments seek to reduce their carbon footprint and improve air quality.
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Another factor driving the growth of the electric vehicle battery housing market is the increasing focus on lightweighting. Lightweight materials are essential for EVs, as they help to reduce the weight of the vehicle and improve its energy efficiency. Battery housing made of lightweight materials can also help to extend the range of the EV, as it reduces the weight that the battery has to move.
In addition, the increasing demand for high-performance electric vehicles is expected to drive growth in the battery housing market. High-performance EVs require battery housing that can withstand high temperatures and stresses, while also providing the necessary structural support to the vehicle.
KEY TAKEAWAYS
- The UK electric vehicle battery housing market is estimated to grow at a CAGR of 28% over the forecast period.
- The German electric car battery housing market is expected to hold 11.2% of the global market over the forecast period
- During the projection period, the Chinese electric vehicle battery housing market is expected to expand at a CAGR of 26.4% through 2032.
- Japan is expected to hold 1.1% of the global market over the forecast period.
- The Indian electric vehicle battery housing market is expected to have the highest global market share, growing at a CAGR of 42.2%.
- Over the projected period, the US electric vehicle battery housing market is expected to hold 9.3% of the global market.
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COMPETITIVE LANDSCAPE
Key players operating in the electric vehicle battery housing market are SGL Carbon, Novelis Inc., Nemak S.A.B. de C.V, Constellium SE, Gestamp Automocion, UACJ Corporation, GF Linamar LLC, Hanwha Advanced Materials, Minth, Continental Structural Plastics, Thyssenkrupp AG, TRB Lightweight, Hitachi Metals Ltd., POSCO, Norsk Hydro ASA and other major players.
These companies have used a variety of techniques to improve their market share for electric vehicle battery housing. To widen their client base and increase revenue, they have used both organic and inorganic growth techniques, such as new product launches, acquisitions, corporate expansions, and collaborations.
RECENT DEVELOPMENT
In October 2021, Novelis Inc. revealed the introduction of Generation II of its lightweight electric vehicle (EV) battery enclosure solution for the rapidly growing EV sector.
In January 2020, Nemak disclosed that it will provide battery housings for the Ford Mustang Mach-E, which will be produced in North America.
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Key Segmentation of the Electric Vehicle Battery Housing Market
By Material:
- Metallic
- Non-metallic
By Application:
- Passenger Vehicle
- Commercial Vehicle
By Cell Format Type:
- Pouch Cell
- Cylindrical Cell
- Prismatic Cell
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & ASEAN
- Oceania
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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