Published Date : 06 Jun 2023
The global high voltage battery market size exceeded USD 14.35 billion in 2022 and is projected to rake USD 174.8 billion by 2030, poised to grow at a CAGR of 36.98% from 2022 to 2030.
High Voltage batteries are able to charge and discharge faster as compared to low voltage batteries and are able to cover the quick demand surging from starting equipment. High voltage batteries do not require large conductors because their voltage is very high.
The high-voltage batteries are more energy intensive than the old batteries. They are the product of nominal voltage and the capacity is divided in terms of volume or weight of the battery. In the limited space and power supply the battery energy can be boosted by increasing the charging voltage. the high-voltage batteries allows the use of lower current when charging the battery which eventually reduces overheating and allows better power retention in the system. They also offer a number of key weight and mass-saving benefits.
On the basis of products, the capacity range is between 75kWH-150Kwh, 151kWh-225kWh,226kWh-300kWh and above 300kWh. Lithium-ion batteries are the mainstream battery cells for electric vehicles but only 3.6V per cell. These type of batteries are well suited for the applications which require high-load currents and endurance. The lithium nickel-cobalt-Aluminum oxide have different applications such as power grid application, medical devices and electric cars. The battery capacity of > 300 kWh batteries is expected to be the reason for it being the largest contributor in the high voltage battery market. The growth of these type of batteries are generally driven by the dominance of the electric bus industry in a country like China.
On the basis of application, the >300kWh batteries is mostly used in electric bus industry especially in China and the applications are mostly found in electric public transports like electric buses and trucks. On the basis of geography among the various regions like Asia Pacific, Europe, North America and The RoW. Asia Pacific is expected to hold the largest market share. China accounts for highest market share of about 78.8% in the global high voltage market which are the results of growing electric busses in the country.
High Voltage Battery Market Report Scope:
|Market Revenue in 2023||USD 19.62 Billion|
|Projected Forecast Revenue in 2030||USD 174.8 Billion|
|Growth Rate from 2022 to 2030||CAGR of 36.68%|
|Largest Market||North America|
|Forecast Period||2022 To 2030|
|Regions Covered||North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa|
Asia Pacific held the dominant position and is predicted to be the dominating region during the forecast period due to the rising demand of high-voltage batteries in the market. The increase in demand due to factors like electric vehicle dominance in China, strong economic growth an increasing number of smart cities, and favorable government initiatives have somehow triggered the demand of high-voltage batteries in the region. Among the region, China is having the highest market share of 78.8% of the global high voltage battery market.
The consecutive economic growth and increase demand for sustainable energy solution are characterizing the growth of high voltage battery market in North America. Europe is still expected to the surge in demand of high voltage batteries due to the development in the micro grid infrastructure for reliable power. Overall the various smart city projects and infrastructure development projects along with the ambition of adoption of electric mobility has the potential to leverage the demand in Asia Pacific region.
The increased popularity of electric vehicles is the one of the main drivers of high voltage battery industry. Processes like transport system decarbonization, electromobility and creating an environment-friendly society are the popular aspects that are contributing to the demand of high voltage battery market. The increased demand for plug-in vehicles, battery-operated material handling equipment, automation, smart devices and the growing adoption of lithium-ion batteries have been driving pillars for the sector. The future demands for E-mobility and electric vehicle charging station has fueled the growth of high voltage battery market. The electrification of trucks and buses and climate protection initiatives are able to create a potential impact on the high-voltage battery market.
The high voltage batteries offered by the market are really expensive which lead to higher cost of product associated with the batteries like electric vehicles. Secondly, the majority of the consumer's preference for using conventional vehicles run by petrol and diesel has still not changed which is hindering the adoption of electric vehicles eventually affecting the high-voltage battery market in a negative manner. The not-so-good economic conditions of developing countries present unfavorable conditions which hinder the E mobility adoption at a fast pace. Various barriers like lack of supportive infrastructure, lack of charging stations, Range constraints, speed limitation, climatic hindrances, lack of funding, etc are coming in the way of developing countries which are hindering the overall high voltage battery market.
The recent breakthrough in the industry of electric vehicle have presented a unprecedented demand for electric vehicles despite of economical and supply chain disruptions which resulted into a huge jump in the demand of batteries. There are a variety of opportunities in the automotive industry in the present day because further advancements of energy storage efficiency are required to improve the competitiveness of electric vehicles. The lithium-ion battery-operated vehicles are yet to perform to the level best of conventional vehicles in terms of safety.
The customer expectation of fast refueling is the largest challenge for the high voltage battery market, although the overall development of the automobile industry is remarkable. The high battery life expectation by the consumers is also the biggest challenge for the high voltage battery market. Though there are wide range of high-voltage batteries but the high cost of them are turning the demand down. The lack of standardization as the participants at the early stage of the market had to encounter diverse technical requirements, but the disparity leads to complexity throughout the value chain. The outdated regulatory policy and market design in the era of emerging technologies, act as a discouragement for the deployment of energy storage. The lack of familiarity with the full range of application provided by high voltage batteries along with an incomplete understanding regarding the assignment of value to compensate providers.
Major Key Players:
By Battery Capacity
By Battery Type
By Driving Range
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