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Growth Opportunities in Global Electric Commercial Vehicle Battery Market
Decarbonization Efforts and Proliferation of Electric Trucks Drive Demand for Battery Capacity
15-Dec-2023
North America
Market Research
PF6A-01-00-00-00
AU_2023_450
The global electric commercial vehicle (CV) sales are forecast to grow to 6.3 million units by 2030 from 397,146 units in 2022, at a CAGR of 41.4% over the period. This is expected to increase global aggregate battery capacity demand from electric CVs by 117 times in 10 years, from 7.2 GWh in 2020 to 840 GWh by 2030. North America is expected to make up 50% of the global battery demand for electric CVs by 2030 mainly due to significantly higher average battery capacity in vehicles compared to other regions.
As battery manufacturers scale up battery production in response to growing demand from EVs, there will be a greater focus on reducing cost, increasing energy density, and making the overall supply chain more robust, clean, and sustainable. Companies in the battery ecosystem will need to respond and pivot quickly according to the demands in the battery space. Stakeholders should focus on making the overall network more resilient to volatility. With transforming battery structures, the role of vehicle manufacturers in the battery value chain is poised to grow and become critical in designing EV platforms that integrate batteries directly into packs or vehicle chassis.
Less onboard battery capacity will mean lower volume and weight, making more room for higher payload capacity in terms of volume and weight, potentially reducing costs, and increasing revenue opportunity for electric CV operators. Business models in the CV space that align with the rise in eCommerce and last-mile delivery growth could make battery swapping a viable option in niche segments. Growing charging infrastructure will also impact onboard CV battery capacities.
Key Issues Addressed
- What is the global battery demand in the electric commercial vehicle segment?
- Share of battery chemistry across different regions?
- Technology roadmap and evolution of battery technology until 2035?
- Battery cost dynamics and future price forecasts?
- Major battery cell supplier profile and OEM-chemistry mapping?
Author: Marshall Martin
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8™
The Impact of the Top Three Strategic Imperatives on the Electric Commercial Vehicle Battery Industry
Growth Opportunities Fuel the Growth Pipeline Engine™
Electric CV Sales
Aggregate Electric CV Battery Capacity Demand
Share of Aggregate Electric CV Battery Capacity Demand in 2030
Share of Electric CV Battery Chemistry
Battery Technology Development
Research Scope
Market Segmentation
Electric LCV Sales
Electric M&HD Truck Sales
Electric LCV Aggregate Battery Capacity Demand
Share of Aggregate Battery Capacity Demand in 2030: LCV
Aggregate Battery Capacity Demand: M&HD Truck
Share of Aggregate Battery Capacity Demand in 2030: M&HD Truck
Share of Battery Chemistry: Electric LCV
Share of Battery Chemistry: M&HD Truck
Average Battery Capacity: Regions
Battery Technology Roadmap
Battery Cost
Battery Composition
Battery Cost Forecast
Battery Cell-to-Pack Ratio
Blade Battery
Lithium Sulfur Battery
Lithium Air Battery
Solid-state Battery
Cell-to-Pack Battery
Structural Battery Pack (Cell-to-Chassis)
CATL
LGES
BYD
Panasonic
SK Innovation
Samsung SDI
CALB
Gotion High-Tech
Battery Cell Supplier: Chemistry Mapping
OEM: Chemistry Mapping
OEM: Battery Cell Supplier Mapping
Major OEM and Battery Cell Supplier Partnerships
Model Wise Battery Capacity: LCV
Model Wise Battery Capacity: LCV (continued)
Model Wise Battery Capacity: M&HD Truck
Model Wise Battery Capacity: M&HD Truck (continued)
Average Battery Capacity: Segments
Growth Opportunity 1: Evolving Battery Chemistries
Growth Opportunity 1: Evolving Battery Chemistries (continued)
Growth Opportunity 2: Advancements in Battery Tech
Growth Opportunity 2: Advancements in Battery Tech (continued)
Growth Opportunity 3: Changing Battery Capacity in CVs
Growth Opportunity 3: Changing Battery Capacity in CVs (continued)
Abbreviations
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