July 21, 2024
Structural Battery Market
Ict

Structural Battery Market Is Driven By Increased Adoption Of Electric Vehicles

The structural battery market is witnessing considerable growth driven by the increasing adoption of electric vehicles globally. Structural batteries are incorporated directly into the frame or chassis of electric vehicles and can potentially replace traditional lithium-ion battery packs. They enable automakers to use previously wasted empty space inside cars and boost electric vehicle’s driving range. Structural batteries offer advantages like increased battery capacity without adding weight or occupying additional interior space. They could extend the driving range of electric vehicles by 30% or more.

The global structural battery market is estimated to be valued at US$ 165.69 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends in the structural battery market is the increasing research and development activities focused on developing better and more efficient structural battery technologies. Major automakers and battery manufacturers are investing heavily in R&D to commercialize structural battery technologies. For instance, in 2021, Volkswagen partnered with Ford to develop structural battery packs for electric vehicles. Similarly, Tesla is exploring integrating structural battery packs directly into vehicles’ underbodies. Widespread adoption of such innovative battery technologies can significantly boost electric vehicle’s performance and driving range. Further, development of low-cost structural battery manufacturing processes can help accelerate electric vehicle adoption globally.

Porter’s Analysis:

Threat of new entrants: Low startup costs and intellectual property barriers make it difficult for new companies to enter this market.

Bargaining power of buyers: Large automotive companies have significant bargaining power over battery manufacturers due to their scale and demand.

Bargaining power of suppliers: A small number of raw material suppliers exist for lithium and cobalt limiting the bargaining power of battery manufacturers.

Threat of new substitutes: New battery technologies like solid-state batteries pose a threat but are still in development phase.

Competitive rivalry: Major battery makers compete on performance, lifespan and costs putting pressure on prices.

Key Takeaways:

The Global Structural Battery Market Demand is expected to witness high growth over the forecast period. Regionally, Asia Pacific accounts for the largest sharecurrently owing to presence of key players and manufacturing hub in countries like China and South Korea. The Europeanthe European region is expected to grow at a highest CAGR during the forecast period led by increasing adoption of electric vehicles driven by stringent emission norms.

Key players operating in the structural battery market include Tesla, Inc. (United States), BMW AG (Germany), Airbus SE (France), Volkswagen AG (Germany), Samsung SDI Co., Ltd. (South Korea), Saft Groupe S.A. (France), Northvolt AB (Sweden), LG Chem Ltd. (South Korea), Farasis Energy, Inc. (China), Solid Power, Inc. (United States), Cadenza Innovation, Inc. (United States), Blue Solutions SA (France), Oxis Energy Ltd. (United Kingdom), Excellatron Solid State, LLC (United States), Amprius, Inc. (United States). Major players focus on collaborations to develop advanced structural battery technologies.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it