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Growing Commercial Vehicle Electrification Drives EV Battery Sales

Expansion of the transportation systems of several countries is boding well for both EV and electric vehicle battery markets. The commercial vehicle electrification is gaining ground rapidly, pushing the market for EV battery makers. As logistical vehicles and public transportation remain the mainstay of urban sector across the globe, escalating demand for efficient public transit in Australia, some of the European countries, and some ASEAN countries is expected to fuel the EV battery sales in the near future. Inclusion of electric vehicles in public transport sector will introduce an influx of revenue generation opportunities for EV battery makers, EV makers, as well as OEMs.

Passenger Vehicles Lead; Asian Market Houses a Majority of Production

Passenger vehicles are registering significant consumption of EV battery, specifically with cobalt-based cathodes. While the trend is prominent in China, the country currently captures approximately 60% share in the global electric vehicle battery market value. Increasing demand for economical electric car models across Asian markets is likely to unlock new doors of opportunity in the region. Although Europe has been the leader in EV space, most of the production is based in China and surrounding Asian market places owing to the cheaper labour they offer overheads.

Companies Tackling Concerns Surrounding EV Battery

Top automakers such as Nissan, Renault, and Volkswagen have been investing heavily in the recycling and reusing electric vehicle battery markets. Improving the recyclability of Lithium-ion batteries and building a circular supply chain will thus be the central point of interest for industry participants in future. With more compact size, lighter weight, improved range of running, and greater efficiency, solid-state batteries are being perceived as superior over lithium-ion batteries to power EVs. Currently, Toyota pioneers the development of this battery technology with more than 1,000 patents, whereas Nissan has a dedicated solid-state battery development plan that would be used to run a non-simulation vehicle by 2028.

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Chinese Players Redirecting Competition in EV Battery Space

Some of the key companies the report is considering to profile for strategic insights, include Contemporary Amperex Technology Co. Ltd. (CATL), BYD Company Limited, LG Chem, Ltd., Johnson Controls International PLC, Panasonic Corporation, SAMSUNG SDI Co., and A123 Systems. M&A and joint ventures are expected to remain preferred growth strategies in the electric vehicle battery market. R&D collaborations will also emerge popular among manufacturers, tech companies, and battery makers.

The South Korean trio – LG Energy Solution, Samsung SDI, and SK Innovation, collectively capture more than 30% share in the global electric vehicle battery market but the share of these companies has seen a measurable dip since 2020. Chinese players, led by CATL, are rapidly eating up the global market, causing Korean companies to back-pedal. Other reasons behind the backout of Korean players is the brisk technology shifts and increasingly aggressive competition by Chinese companies. On the other hand, as an effort to reduce dependence on China, especially given the conditions driven by the global COVID-19 pandemic, India is expecting its first EV battery plant setting up in Karnataka.

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