High Voltage Battery Market – Strategic Assessment and Forecast Till 2025

According to the new market research report “High Voltage Battery Market By Capacity (75-150, 151-225, 226-300, >300kWh), Type (NCA, NMC, LFP, Others), Range (100-250, 251-400, 401-550, >550 Miles), Voltage (400-600, >600V), Vehicle Type (Truck, Bus, Passenger Car) and Region-Global Forecast to 2025“, published by MarketsandMarkets™, The global high voltage battery market, by value, is projected to grow to USD 89.1 billion by 2025 from USD 8.9 billion in 2018, at a CAGR of 38.95% during the forecast period. Growing demand for higher acceleration and large driving range would accelerate the growth of the high voltage battery market. The high cost of high voltage batteries, resulting in expensive cars is restraining the growth of the high voltage battery market.

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“151–225 kWh batteries to be the fastest growing high voltage batteries market, by capacity”

Currently, 151–225 kWh is the most observed capacity range in electric buses. However, with the increasing demand for higher driving range day by day, OEMs have started focusing on increasing the size of the battery pack. For instance, Tesla is planning to introduce the new Roadster in 2020, which promises to have a 200-kWh battery pack, similarly, DAF has launched a new electric truck with 175 kWh battery capacity. Additionally, as per industry experts, penetration of higher voltage battery with more than 150 kWh battery capacity will be observed in the niche market of sports cars. Moreover, electric buses require large-sized batteries ranging from 74 kWh (fast charging) to more than 300 kWh (slow charging). The growth in the demand for electric buses coupled with sales projections of upcoming electric sports cars has resulted in 151–225 kWh batteries to be the fastest growing high voltage batteries market, by capacity.

“Batteries with ranges of 251–400 miles to be the largest segment for high voltage batteries market, by range”

According to industry experts, 251–400 miles is the most demanding range in the US for electric cars. Additionally, the distance between 2 cities in Norway is very high, which encourages people to go for higher driving range electric cars. Currently, Tesla S, Tesla X, and long-range Tesla model 3, which are driving most of the high voltage battery market for passengers, fall under the 251–400 miles category. With increasing demand for electric buses, a gradual shift toward 251–400 miles category is expected in the near future. Hence, batteries with ranges of 251–400 miles to be the largest segment for high voltage batteries market, by range.

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“Asia Oceania is estimated to be the largest and fastest growing market for high voltage batteries, by region”

Market growth of the Asia Oceania region is driven by the dominating electric vehicle market in China. In recent years, the region has emerged as a hub for EV production. The Asia Oceania region is projected to be the largest market for high voltage battery capturing 79% of the total market share. Strong economic growth, increasing focus toward smart cities, development related to Giga factory setup, and favorable government policies have triggered the demand for high voltage batteries in the region. BYD (China) and Nissan (Japan) are the leading EV players in the region. According to MarketsandMarkets analysis, the majority of the electric bus market is driven by China. This trend of electric buses in China is also expected to be the same in the near future. Owing to the above-mentioned factors, Asia Oceania is estimated to be the largest and fastest growing market for high voltage batteries, by region.

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