Electric Vehicle Battery Housing Market Projected to Surge to US$ 24,219.1 Million by 2033, Reflecting a Robust 31.8% CAGR

Electric Vehicle Battery Housing Market

The Electric Vehicle Battery Housing Market report, unveiled by Future Market Insights—an ESOMAR Certified Market Research and Consulting Firm—presents invaluable insights and meticulous analysis of the electric vehicle battery housing market. Encompassing the research’s scope and essence, this report scrupulously examines the driving factors, market size, and predictive data for electric vehicle battery housing. It furnishes intricate revenue and shipment segmentations, accompanied by a decade-long projection up to 2033. Additionally, the document evaluates key industry players, their market distribution, the competitive scenario, and regional perspectives.

According to research conducted by Future Market Insights (FMI) and certified by ESOMAR, the global electric vehicle battery housing market is poised for significant growth over the forecast period. It is projected to exhibit a robust Compound Annual Growth Rate (CAGR) of 31.8%, reaching a value of US$ 1,531.1 Million by the year 2023 and is expected to further escalate to US$ 24,219.1 Million by 2033.

The burgeoning acceptance of electric vehicles among consumers is a primary driver fueling market expansion. This surge in demand is expected to catalyze an enhancement of capabilities across the entire value chain. Additionally, stringent pollution regulations imposed by governments, coupled with a heightened awareness among individuals regarding environmental concerns, are anticipated to further propel the demand for battery housing for electric vehicles.

In response to the escalating market demand for electric vehicles, manufacturers are intensifying their focus on the development of safety features for EVs. Furthermore, as a significant advancement in the evolution of electric vehicles, there is a concerted effort in creating battery housing solutions aimed at fortifying EVs and enhancing their driving range.

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The imperative to address climate change and the finite nature of fossil fuel resources has propelled the advancement of electric vehicle (EV) designs. Battery enclosures for electric cars have traditionally underperformed compared to conventional counterparts. However, there is a burgeoning trend towards non-metallic components for battery casings, which not only offer superior environmental friendliness but also boast robust mechanical properties such as high rigidity and strength coupled with lightweight characteristics. When contrasted with metallic materials like aluminum or steel, non-metallic components in electric car battery housings can yield weight savings of up to 40%.

The adoption of electric vehicle battery housing presents distinct advantages for the future of mobility. As a result, electric vehicle manufacturers are swiftly embracing this technology, contributing to a surge in sales of electric vehicle battery housings.

Europe stands at the forefront of the global electric vehicle battery housing market, primarily due to escalating governmental backing for the EV sector, notwithstanding the current costliness of electric vehicles. Additionally, the region benefits from a significant concentration of Original Equipment Manufacturers (OEMs), fostering market growth and development.

KEY TAKEAWAYS

  • The UK electric vehicle battery housing market is estimated to grow at a CAGR of 28% over the forecast period.
  • The German electric car battery housing market is expected to hold 11.2% of the global market over the forecast period
  • During the projection period, the Chinese electric vehicle battery housing market is expected to expand at a CAGR of 26.4% through 2032.
  • Japan is expected to hold 1.1% of the global market over the forecast period.
  • The Indian electric vehicle battery housing market is expected to have the highest global market share, growing at a CAGR of 42.2%.
  • Over the projected period, the US electric vehicle battery housing market is expected to hold 9.3% of the global market.

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COMPETITIVE LANDSCAPE

Key players operating in the electric vehicle battery housing market are SGL Carbon, Novelis Inc., Nemak S.A.B. de C.V, Constellium SE, Gestamp Automocion, UACJ Corporation, GF Linamar LLC, Hanwha Advanced Materials, Minth, Continental Structural Plastics, Thyssenkrupp AG, TRB Lightweight, Hitachi Metals Ltd., POSCO, Norsk Hydro ASA and other major players.

These companies have used a variety of techniques to improve their market share for electric vehicle battery housing. To widen their client base and increase revenue, they have used both organic and inorganic growth techniques, such as new product launches, acquisitions, corporate expansions, and collaborations.

RECENT DEVELOPMENT

In October 2021, Novelis Inc. revealed the introduction of Generation II of its lightweight electric vehicle (EV) battery enclosure solution for the rapidly growing EV sector.

In January 2020, Nemak disclosed that it will provide battery housings for the Ford Mustang Mach-E, which will be produced in North America.

Key Segmentation of the Electric Vehicle Battery Housing Market

By Material:

  • Metallic
  • Non-metallic

By Application:

  • Passenger Vehicle
  • Commercial Vehicle

By Cell Format Type:

  • Pouch Cell
  • Cylindrical Cell
  • Prismatic Cell

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia & ASEAN
  • Oceania

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About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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