High Voltage Battery Market – Trend Tracking, Trends, Statistics, Dynamics, Segmentation, by Battery Capacity, Battery Type, Range, Voltage, Vehicle Type, Region and Forecast (2023-2029)

High Voltage Battery Market was valued at US$ 20.74 Bn. in 2022. Global High Voltage Battery Market size is estimated to grow at a CAGR of 35% over the forecast period.
High Voltage Battery Market Overview:
In electric vehicles, a high-voltage battery is an alternative fuel source. It is utilized to generate greater power than standard batteries. These batteries are used in hybrid and electric vehicles because of their rapid charging capabilities and high power output of high voltage. These batteries can operate in a wide range of settings and environments. It delivers energy to the car's electrical power train, which is used to propel it. Automotive (electric vehicles (EVs), hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and pure battery-electric cars) need high voltage batteries (BEVs).To know about the Research Methodology :- Request Free Sample Report
High Voltage Battery Market Dynamics:
Battery technology could be a game-changer in the energy transition, allowing for the decarbonization of the transportation sector while also providing a necessary backstop for power generation from intermittent solar and wind sources. However, the commonly used lithium-ion battery may not be up to the challenge of powering the global green economy's future. President of the USA has included batteries in his carbon-neutral agenda, implying that American production, rather than relying on Chinese and Korean imports, could lead to job creation. CATL, BYD, and Hefei Guoxuan High-Tech are among the Chinese companies that currently produce 79% of the world's batteries. With 7% of the market, domestic producers are in second place. It is clear that there is a need to compete.

Increasing use of Li-ion batteries is expected to drive the High Voltage Battery Market growth:
Lithium-ion, also known as Li-ion, is the most widely used battery technology today. Li-ion batteries have a higher energy density than previous nickel-cadmium batteries and don't have a memory effect, which causes batteries to lose storage capacity over time. In Li-ion technology, ‘self-discharging,' which occurs when microscopic chemical processes in a battery reduce capacity over time, is minimal.

Because of these factors, the majority of today's electric vehicles (EVs) employ a Li-ion battery. Tesla uses its own lithium-nickel-cobalt-aluminum (NCA) chemistry, while LG Chem and SK Innovation produce lithium-nickel-manganese-cobalt (NMC) chemistry for the rest of the EV industry. The two Korean firms are involved in a legal dispute, with the former accusing the latter of stealing intellectual property. The decision by the International Trade Commission to ban some imports from SK Innovation as a result of the incident could wreak havoc on America's supply chain and Biden's clean energy transition. Unfortunately, Li-ion battery lifespans are still short, with major degeneration occurring within the first few years. A battery might lose 70% to 90% of its initial capacity after five years of heavy use.

Li-ion batteries are still a costly source of energy, with the industry norm for 2022 hanging about $137 per kilowatt-hour (kWh). The cost of Tesla's cutting-edge NCA battery packs is said to be closer to $100 per kWh. However, costs have decreased dramatically: in 2010, battery prices were $1,100/kWh, a 90 percent decrease in ten years. However, this decline will not be sustained over the next decade.

According to Bloomberg New Energy Finance, EVs will be competitive with internal combustion engines at a price of $101/kWh. This barrier is likely to be crossed between 2023 and 2025, but whether Li-ion battery chemistry can be improved further remains to be seen.

Scientists believe that the future — a battery that costs $50 per kWh or less — lies elsewhere:
Solid-state batteries have been touted as a long-term replacement for Li-ion batteries. Although research is continuing and prototypes are being developed, it could be a decade before a solid-state device is commercially available: experts estimate that solid-state technology will cost between $800 and $400 per kWh by 2029. QuantumScape (QS), the industry leader, has seen market volatility due to a combination of high expectations and no revenue.
Key players eyeing innovations in the market:
EV producers, unsurprisingly, are looking for a breakthrough. Tesla currently possesses thermal management and electronic control technology that puts it ahead of the competition. Solid-state technology could allow others to lower costs and compete by removing temperature as a risk. Research & development is funded by both established corporations and startups, such as Ionic Materials and NEI Corp.

Toyota has prioritized battery technology, seeing solid-state as a solution to the restricted range and long charge times that have hampered the broad adoption of electric vehicles. This decade, they plan to sell the first electric vehicle with solid-state batteries. QuantumScape has a relationship with the Volkswagen Group, and there are other projects funded by Ford, BMW, and Mercedes-Benz, among others.
High Voltage Battery Market Segment Analysis:
During the forecast period, the >300 kWh segment is likely to be the largest contributor to the high voltage battery market in terms of battery capacity:

The dominating electric bus sector in China is driving the expansion of >300kWh batteries. This category includes all of BYD's electric bus models, which are the market leader. Furthermore, as electric buses and trucks are equipped with more than >300 kWh battery packs, the electrification of public transportation will boost demand for electric buses and vehicles, which will drive the high voltage battery market. The Tesla Semi's battery pack, for example, will have a capacity of 800–1,000 kWh.
During the projection period, the high voltage battery market for buses is expected to be the largest:
Because electric buses demand a lot of energy, they are classified as high voltage. Currently, 90% of electric buses are classified as such. This number is predicted to reach 100% by 2025, according to primary insights. The Chinese government has already established itself as a leader in clean technology through rigorous incentives and requirements. Due to the increasing use of electric buses for public transportation in cities throughout the world, electric buses are predicted to dominate the high voltage market by vehicle type. Furthermore, Tesla, the BEV industry leader, is driving the current high voltage battery market in the passenger car category.

During the forecast period, the segment with a driving range of >550 miles is expected to increase at the quickest rate:

The bulk of electric buses and passenger automobiles currently have driving ranges of 251–400 miles and 401–550 miles, respectively. However, as battery chemistry improves and the fast charging network expands, electric buses are predicted to progressively move toward a range of >550 miles. Electric vehicles are projected to follow a similar pattern, given the market for electric trucks is still in its early stages of growth. However, the demand for > 550-mile battery electric vehicles is driven by the success of electric transportation. For example, Tesla debuted a prototype of a Semi-Truck in November 2017, with full production set to begin in 2022. The semi-trucks have a range of around 600 kilometers.
New Developments in the Market:
1. Proterra offered new high-power charging options in May 2022 to reach a 100% electric bus fleet. Proterra unveiled new technologies for reliable, smarter charging that is adaptable, scalable, and powerful at the American Public Transportation Association's (APTA) Bus & Paratransit Conference.

2. Tesla showcased a Semi-Truck prototype in November 2017. Any trailer can be connected to the tractor; no brand-specific trailer is required. With a battery capacity of 800–1,000 kWh, a Semi-Truck can drive around 600 miles. By 2022, the semi-trailer will be in full production.
High Voltage Battery Market Regional Insights:
Asia Pacific Region is dominating the market owing to High EV Adoption:

Asia and Oceania are expected to dominate the industry. The region's demand for high voltage batteries has been sparked by factors such as China's dominance in the electric vehicle sector, robust economic growth, a growing focus on smart cities, development connected to Gigafactory setup, and favorable government policies. China has the largest market share of 78.8% in the worldwide high voltage battery market, which may be attributed to the country's ever-increasing manufacturing of electric buses.

Furthermore, the Asia Oceania region's high voltage battery supply chain is dominated by China and South Korea, which are home to the world's largest battery producers. People from Asia Oceania, on the other hand, prefer economical electric automobiles with a driving range of >100 miles as compared to the European and North American regions. With the arrival of the Tesla Model 3 in the country, this tendency is expected to shift. Tesla plans to build 500,000 cars in China, according to the firm. As a result of these changes, Asia Oceania is projected to continue to lead the high voltage battery market in the near future.

The objective of the report is to present a comprehensive analysis of the global High Voltage Battery Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help in understanding the High Voltage Battery Market dynamic, structure by analyzing the market segments and projecting the High Voltage Battery Market size. Clear representation of competitive analysis of key players by Vehicle type, price, financial position, product portfolio, growth strategies, and regional presence in the High Voltage Battery Market make the report investor’s guide.
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Global High Voltage Battery Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 20.74 Bn.


Forecast Period 2023 to 2029 CAGR:
35%
Market Size in 2029:
US $ 169.49 Bn.


 Segments Covered:
by Battery Capacity
75 kWh–150 kWh
151 kWh–225 kWh
226 kWh–300 kWh
>300 kWh


by Battery Type
NCA
NMC
LFP
Others


by Range
100–250 miles
251–400 miles
401–550 miles
> 550 miles


by Voltage
400–600V
>600V


by Vehicle Type
Bus
Passenger Car
Truck



High Voltage Battery Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
High Voltage Battery Market Key Players
1. Panasonic (Japan)
2. BYD (China)
3. CATL (China)
4. LG Chem (South Korea)
5. Tesla (US)
6. Continental AG (Germany)
7. SAMSUNG SDI CO.LTD. (Japan)
8. XALT Energy LLC (USA)
9. ABB (Switzerland)
10.Contemporary Amperex Technology Co. Limited (China)
11.Siemens AG (Germany)
12.PROTERRA (USA)
13.Robert Bosch GmbH (Germany)
14.Delphi Technologies (UK)
15.Mitsubishi Electric Corporation (Japan)
16.Nissan (Japan)
17.Johnson Controls (Ireland)
18.ChargePoint Inc. (USA)

Frequently Asked Questions:

1] What segments are covered in the Global High Voltage Battery Market report?
Ans. The segments covered in the High Voltage Battery Market report are based on battery Capacity, Battery Type, Range, Vehicle Type, and Voltage

2] Which region is expected to hold the highest share in the Global High Voltage Battery Market?
Ans. The Asia Pacific region is expected to hold the highest share in the High Voltage Battery Market.

3] What is the market size of the Global High Voltage Battery Market by 2029?
Ans. The market size of the High Voltage Battery Market by 2029 is expected to reach US$ 169.49 Bn.

4] What is the forecast period for the Global High Voltage Battery Market?
Ans. The forecast period for the High Voltage Battery Market is 2023-2029.

5] What was the market size of the Global High Voltage Battery Market in 2022?
Ans. The market size of the High Voltage Battery Market in 2022 was valued at US$ 20.74 Bn.