Global High Voltage Battery Market to Experience 25.19% CAGR During 2023-2028, Driven by EV Adoption and Technological Advances - 75 kWh-150 kWh Battery Capacity Leads the Market
Dublin, April 19, 2024 (GLOBE NEWSWIRE) -- The "High Voltage Battery Market - Global Industry Size, Share, Trends Opportunity, and Forecast, 2028F" report has been added to * ResearchAndMarkets.com's* offering.
This report on the Global High Voltage Battery Market captures its significant expansion and shows no signs of slowing down, as it is projected to exhibit a robust CAGR of 25.19% through 2028. This surge is primarily driven by the increasing demand for electric vehicles (EVs), advancements in battery technology, and a global push towards renewable energy integration. The industry, valued at USD 15.08 billion in 2022, is on course to continue its trajectory of growth and innovation.
The vibrant Asia Pacific region, constituting over 60% of the global market share, continues to lead, propelled by the world’s largest EV market—China, and other burgeoning markets such as India and South Korea. The North American market, buoyed by prominent EV manufacturers and a supportive government policy framework, follows closely as the second-largest high voltage battery market.
Highlighting key market sectors, the report delves deep into the growth trends within the 75 kWh-150 kWh segment and the passenger cars sector. The former has garnered the largest market share, primarily due to the ideal balance between range and cost it provides for EVs. On the other hand, the passenger cars segment reigns supreme due to the comprehensive consumer base and the mounting appeal of EVs in this category. A comprehensive take on the different facets of the market is essential for guiding stakeholders across industries.
Among the challenges the market faces, cost pressures, and supply chain concerns top the list. Sourcing of critical raw materials such as lithium and cobalt, amidst geopolitical tensions and ethical sourcing issues, remains a pertinent issue for market players. Nevertheless, industry collaboration, government input, and advancements in recycling technology are providing gateways to overcome these hurdles.
*Segmental Insights Cement Market Optimism*
*In-depth segmentation analysis reveals:*
· The *75 kWh-150 kWh* battery capacity segment leads the market, attributed to its ability to provide a balanced range for EVs and alignment with EV charging infrastructure.
· *Passenger cars* powered by high voltage batteries dominate the application segment, with substantial consumer demand and favorable governmental policies fueling its progression.
The transformative impact of high voltage batteries on various sectors showcases the market’s strong potential as a critical component of the global energy landscape. With government regulations and policies set to propel further growth, this market presents exciting opportunities for innovation and sustainable development.
*A selection of companies mentioned in this report includes, but is not limited to:*
· Contemporary Amperex Technology Co. Limited
· Panasonic Holdings Corporation
· Samsung SDI Co., Ltd.
· BYD Co. Ltd.
· Tesla, Inc
· Northvolt AB
· SK on Co., Ltd.
· Automotive Energy Supply Corporation
· Hitachi Astemo, Ltd
· JBM Group
*Key Attributes*
*Report Attribute* *Details*
No. of Pages 172
Forecast Period 2022-2028
Estimated Market Value (USD) in 2022 $15.08 Billion
Forecasted Market Value (USD) by 2028 $58.57 Billion
Compound Annual Growth Rate 25.1%
Regions Covered Global
For more information about this report visit https://www.researchandmarkets.com/r/yyxs7r
*About ResearchAndMarkets.com*
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT:
CONTACT: ResearchAndMarkets.com
Laura Wood,Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900