The market for high voltage battery is expected to grow at a CAGR of around 38.9% from 2020 to 2027 and expected to reach the market value of around US$ 120.0 Bn by 2027.
High Voltage Battery is particularly designed to power electric motor. These batteries have high energy density and high discharge platforms. These can deliver more capacity under the same conditions of use as a result provides long battery life along with more power.
The increasing investment by the manufacturers and favorable government support for electric vehicles are primarily supporting market growth. The increasing demand for higher voltage systems by the end users is driving the demand in the market. The increasing government spending toward the smart cities project particularly in emerging economies is accelerating the market value. The increasing environmental concern is further bolstering the demand for electric vehicle and simultaneously high voltage batteries are gaining pace in the market. Furthermore, rising demand for fast charging and growing electrification of trucks are the factors projected to create potential opportunities over the estimated period.
On the other side, the high development cost is the major factor expected to limit the growth to an extent over the forecast period from 2020 to 2027.
The high voltage batteries are available in various types including lithium nickel cobalt aluminum oxide, lithium nickel manganese cobalt oxide, lithium iron phosphate, and other battery types. The lithium nickel cobalt aluminum oxide with chemical formula LiNi0.8Co0.15Al0.05O2 is used as active material on the positive pole which is the cathode, it provides higher capacity than LiCoO2 when both are charged to 4.2 / 4.3V. The lithium nickel manganese cobalt oxide (NMC) is used in the fabrication of lithium-ion batteries as it’s a class of electrode material. Lithium iron phosphate battery (LFP battery) or lithium ferrophosphate battery along with the chemical formula LiFePO.4 is a brown, red-grey, gray, or black solid insoluble in water. These are used as the cathode material and a graphitic carbon electrode with a metallic backing as the anode.
Asia Pacific accounted for the maximum share in the Global High Voltage Battery Market
In 2019, Asia pacific registered maximum share in terms of value in the global high voltage battery market. The region is further projected to maintain its dominance over the forecast timeframe form 2020 to 2027. The major economies of the region including Japan, China, and India are majorly contributing to the regional market value. China is a major contributor to the increasing demand for high voltage battery in the market. The increasing investment by the major players in the regional market owing to the increasing demand for electric vehicles is propelling the market value. Moreover, the region is projected to experience the fastest growth with major CAGR (%) throughout the forecast timeframe.
The players profiled in the report include ABB (Zürich, Switzerland), BYD (Shenzhen, China), CATL (Ningde, China), Continental AG (Hanover, Germany), Panasonic (Osaka, Japan), Samsung SDI (South Korea), Siemens ( Munich, Germany), Tesla Inc. (California, United States), and XALT Energy. The major high voltage battery players were involved in strategic developments for increasing the profit share in regional as well as global market. The major investments were announced for the technological advancements associated with the changing consumer demand for high voltage batteries.
Market By Voltage
Market By Battery Type
Lithium Nickel Cobalt Aluminum Oxide
Lithium Nickel Manganese Cobalt Oxide
Lithium Iron Phosphate
Other Battery Type
Market By Battery Capacity
Market By Driving Range
Market By Vehicle Type
Market By Geography
Middle East & Africa