According to the latest research report released by Markets and Markets, the global high-voltage battery market will grow from 8.9 billion US dollars in 2018 to 81.9 billion US dollars by 2025, with a compound annual growth rate of 38.95%.
The government’s increased spending on smart cities will drive the high-voltage battery market for electric buses and trucks. In addition, the demand for high voltage systems for electric vehicles will drive demand for high voltage batteries. These systems offer several advantages over traditional ICE vehicles, such as energy efficiency, reduced emissions, quiet and smooth operation, and greater acceleration. Therefore, the higher voltages required to propel the various systems of the vehicle will also drive the high voltage battery market.
Lithium nickel cobalt alumina batteries, also known as NCA batteries, are becoming more and more important in high voltage battery electric vehicles. Typically, NCA batteries use a combination of 80% nickel, 15% cobalt and 5% aluminum. NCA batteries are not common in the consumer industry but are promising for the electric vehicle industry. All other manufacturers in the electric vehicle industry are using NMC type batteries.
The trucking industry plays a vital role in the global economy. Today, the main challenge facing the trucking industry is to provide reliable transportation while reducing environmental impact. The electric truck market is currently in its infancy. By the end of 2019, Tesla, Volvo, Daimler, Cummins, and Navistar are expected to launch heavy-duty electric trucks.
According to industry experts, Tesla semi-electric trucks will become a representative of the transformation of the electric truck industry, according to the company, it will be launched in 2020. This is further verified by Wal-Mart of Canada, which hopes to retire diesel trucks faster through Tesla’s semi-electric trucks to achieve emission reduction targets.
Due to increased spending in fast-growing countries and rapid charging infrastructure development, Asia Oceania is expected to provide profitable opportunities in the high-voltage battery market. In addition, China is the world’s largest BEV market. The latest developments in charging infrastructure and smooth government regulations for electric vehicles have driven the development of the country’s light and heavy commercial electric vehicle market. These factors will help Asia Oceania become the largest high-voltage battery market.
North America will be an early adopter of high-voltage battery BEVs and is expected to be one of the major contributors to the high-voltage battery market during the forecast period. The higher demand for long-distance BEVs has driven the development of the high voltage battery industry. In addition, partnerships or partnerships between major battery manufacturers and OEMs play an important role in the high voltage battery market. Long distances between US cities require buyers to own remote electric vehicles. As a result, the demand for the high-voltage battery in the region has increased.