Electric Vehicle Battery Housing Market Size Worth $28.40 billion, Globally, by 2030 at a CAGR of 13.4%
Electric Vehicle (EV) Battery Housing Market to Exhibit 13.4% CAGR Over 2023-2030; Magma Invests more than USD 470 Million to Increase its Activities across Ontario, Canada
Pune, India, Nov. 27, 2023 (GLOBE NEWSWIRE) — The global Electric Vehicle (EV) battery housing market size was USD 9.31 billion in 2022. The market is set to rise from USD 11.80 billion in 2023 to USD 28.40 billion by 2030 at a CAGR of 13.4% during 2023-2030. Electric Vehicle (EV) battery housing is a specially developed box for batteries, including the lithium-ion battery of an electric vehicle. Increasing demand for EV battery housing to safeguard the battery cell from damage and environmental factors, including moisture, dust, and debris is driving market expansion. Fortune Business Insights™ shares this information in its report titled “Electric Vehicle (EV) Battery Housing Market, 2023-2030.”
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 13.4 % | |
| 2030 Value Projection | USD 28.40 billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 9.31 billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 150 | |
Market Drivers & Restraints-
Rising Need for Improved Safety Features in Electric Vehicles to Accelerate Market Growth
The increasing need for lightweight materials, modular design, and enhanced safety features in electric vehicles is the key factor driving market growth. Growing usage of lightweight materials for Electric Vehicle (EV) battery housing by top producers or OEMs to improve the overall vehicle efficiency and range is boosting the market progress. Aluminium and high-strength composites are gaining traction due to their properties. The surging popularity of modular Electric Vehicle (EV) battery housing designs for more effortless scalability and customization is contributing to market expansion.
However, the high cost of materials used in Electric Vehicle (EV) battery housing is hindering market growth.
COVID-19 Impact-
Increased Sales and Production of Passenger Cars Amid Pandemic Propelled Market Growth The COVID-19 pandemic favored the Electric Vehicle (EV) battery housing market growth. Supply chain disruptions during the COVID-19 outbreak hampered battery production. However, increased supportive government schemes and subsidies boosted the sales and production of passenger cars which fostered market expansion.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/electric-vehicle-ev-battery-housing-market-108616
Segments Analysis-
Increase in Electric Passenger Car Production is Fostering Segment Expansion
In terms of vehicle type, the market is classified into passenger cars and commercial vehicles. The passenger car segment accounts for the highest Electric Vehicle (EV) battery housing market share. An increase in electric passenger car production by Original Equipment Manufacturers (OEMs) or manufacturers is the key factor enhancing the segment expansion. Also, governments are making efforts to accelerate the adoption of electric passenger cars.
The Aluminum Segment Takes the Lead due to Its Lightweight Properties
By material, the market is categorized into steel, aluminium, and others. The aluminium segment dominates the global market. The aluminium material is highly preferred as it is lighter than steel, and it decreases the overall weight of the electric vehicle. This is boosting the aluminium segment’s growth.
Report Coverage-
The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.
Regional Insights-
Rapid Expansion of the Automotive Sector Fueled Market Growth in Asia Pacific
Asia Pacific was valued at USD 4.75 billion in 2022. Market growth in the region is propelled by the presence of a well-established automotive sector in developing countries, such as China, India, Japan, and others. Rising usage of electric vehicles in India, China, Japan, and South Korea is fueling market growth in the region.
Europe accounts for the second-largest market share. An early adoption of electric vehicles makes it a prominent region. Increasing investments by manufacturers in EV production also support market growth.
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Competitive Landscape-
Top Market Players Concentrate on Product Advancements to Maintain their Positions
SGL Carbon, ThyssenKrupp AG, and Novelis Inc. are some of the leading companies in the market. Key market participants are engaged in offering advanced Electric Vehicle (EV) battery housing for several vehicles globally.
List of Key Players Covered in the Electric Vehicle (EV) Battery Housing Market:-
- SGL Carbon (Germany)
- Nemak, S.A.B. de C.V. (Mexico)
- Novelis Inc. (U.S.)
- Gestamp Automocion, S.A. (Spain)
- Constellium SE (France)
- Hanwha Solutions Advanced Materials (South Korea)
- UACJ Corporation (Japan)
- GF Linamar LLC (U.S.)
- ThyssenKrupp AG (Germany)
- Minth Group (China)
- Magna International Inc. (Canada)
- TRB Lightweight (U.K.)
- Hitachi Metals, Ltd. (Japan)
- Norsk Hydro ASA (Norway)
- Kautex Textron GmbH & Co. KG (Germany)
- Saudi Basic Industries Corporation (SABIC) (Saudi Arabia)
- Teijin Limited (Japan)
- LANXESS (Germany)
- Evonik Industries AG (Germany)
- Covestro AG (Germany)
Electric Vehicle (EV) Battery Housing Market Segmentation:-
By Vehicle Type
- Passenger Car
- Commercial Vehicle
By Material
- Steel
- Aluminum
- Others (Carbon Fibre & Carbon Glass)
Key Industry Development:
February 2023: Magma is investing over USD 470 million to expand its operations in Ontario, Canada, supporting new business awards such as battery enclosures facility in Brampton for the Ford F-150 Lightning and upcoming OEM programs.
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Table of Contents:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- Technological Development
- Impact of Covid-19
- Electric Vehicle (EV) Battery Housing Supplier Outlook
- Global Electric Vehicle (EV) Battery Housing Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Commercial Vehicle
- Market Analysis, Insights and Forecast – By Material
- Steel
- Aluminum
- Others (Carbon Fiber & Carbon Glass)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the world
Toc Continued…
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