Asia Pacific region is becoming an effective hotbed for innovation and improvements in battery market: Bonafide Research

Electric vehicle presents an important factor of high efficiency over the conventional vehicles. Where a normal vehicle gives us 20% of efficiency, remaining 80% energy is used in fuel or It gets wasted. In the case of electric vehicles, due to high resonance of batteries it uses 80% of energy in turning the wheels. If the vehicle is charged with clean and renewable power source such as solar or wind electricity, they can achieve even higher efficiency and excellence than fossil-fueled vehicles.

According to the research report “Global Electric vehicle battery market Outlook, 2027" published by Bonafide Research, the market is expected to grow with the CAGR of more than 25% by 2027.Through the analysis of the report, we can conclude that we can conclude that Asia Pacific is the prominent revenue-generating market, along with the North America and Europe. China is the largest producer as well as the consumer for electric vehicle battery market. The growing concerns about environment and sustainable energy options have lead consumers to get attracted towards electric vehicle battery technology. Electric vehicle adoption rate is increasing by every passing day. The International Energy Agency projected that around 30% of all cars on the road are expected to be battery-powered electric vehicles by 2030. When North America and Europe remain significant revenue contributors in the global EV market, Asia region is expected to be the most attractive market over the next decade led by China, India, Indonesia and Korea. It is estimated that global EV battery sales will exceed 12 million units by 2025 with five million orders coming from China itself. The industry is also trying to develop a thin-film battery which combines solid state batteries with the advancements of thin-film battery manufacturing process.

Contemporary Amperex Technology Co. Limited (CATL) based in China, is the top manufacturer for electric vehicle batteries in terms of market share. Company has become the global biggest battery group in last decade. CATL has launched battery swap solution called ‘EVOGO’ on 18 January, 2022. ‘EVOGO’ is the innovative modular battery swap solution, which includes battery blocks, fast battery swap solutions with an integrated application. Features of this product includes high compatibility with vehicle models, need based battery rental and ability for fast charging as well as household charging. Besides that in Shanghai, CATL Future Energy Research Institute was established on 8 January, 2022. This institute will primarily focus on ‘scientific research innovation ‘and ‘talent training’. Panasonic Company which is third top manufacturer for EV batteries plans to begin production plant for Tesla in Japan from as early as 2023. Company also plans to invest about 80 Billion yen in the production facilities.

Sales channel for EV batteries is presented as complex terminology. But with the fact, that some of the EV battery suppliers are developing expertise in manufacturing electric batteries. This can boost the industry to complete the demands for electric vehicles. Demand and development of electric vehicles are increasing due to improved choices by consumers, reduced prices and enhanced battery technology.