According to ESOMAR-certified Future Market Insights’ (FMI) - Over the forecast period, the global electric vehicle battery housing market is expected to grow at a rapid CAGR of 31.8%. The market is expected to reach US$ 1,531.1 Million in 2023. The market is anticipated to reach US$ 24,219.1 Million by 2033.
KEY TAKEAWAYS
The UK electric vehicle battery housing market is estimated to grow at a CAGR of 28% over the forecast period.
The German electric car battery housing market is expected to hold 11.2% of the global market over the forecast period
During the projection period, the Chinese electric vehicle battery housing market is expected to expand at a CAGR of 26.4% through 2032.
Japan is expected to hold 1.1% of the global market over the forecast period.
The Indian electric vehicle battery housing market is expected to have the highest global market share, growing at a CAGR of 42.2%.
Over the projected period, the US electric vehicle battery housing market is expected to hold 9.3% of the global market.
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Consumer acceptance of electric car battery housing is increasing, resulting in market expansion. The unexpected increase in demand would stimulate an expansion of capabilities across the whole value chain. The government's tough pollution laws coupled with individuals' growing environmental concerns are expected to drive up demand for battery housing for electric vehicles.
Owing to the growing market demand for electric cars, manufacturers are concentrating more on developing EV safety features. As the next step in the evolution of electric vehicles, they are also creating battery housing to strengthen EVs and boost range.
Concerns about climate change and the looming depletion of fossil fuels have pushed efforts to develop better electric vehicle designs. Battery casings for electric cars perform worse than conventional battery enclosures. Additionally, it is more eco-friendly. Non-metallic components provide strong mechanical properties, such as high rigidity and strength while being lightweight. When compared to metallic materials such as aluminum or steel, an electric car battery housing made of non-metallic components can save up to 40% weight.
There are distinct benefits to adopting an electric vehicle battery housing. To craft the mobility of the future even more capable, electric vehicle makers are rapidly adopting battery housings, which is growing sales of the electric vehicle battery housing.
Europe is leading the global electric vehicle battery housing market as a result of growing government support for the EV market, despite the fact that electric vehicles are currently expensive. Furthermore, the significant concentration of OEMs in the region encouraged market development.
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COMPETITIVE LANDSCAPE
Key players operating in the electric vehicle battery housing market are SGL Carbon, Novelis Inc., Nemak S.A.B. de C.V, Constellium SE, Gestamp Automocion, UACJ Corporation, GF Linamar LLC, Hanwha Advanced Materials, Minth, Continental Structural Plastics, Thyssenkrupp AG, TRB Lightweight, Hitachi Metals Ltd., POSCO, Norsk Hydro ASA and other major players.
These companies have used a variety of techniques to improve their market share for electric vehicle battery housing. To widen their client base and increase revenue, they have used both organic and inorganic growth techniques, such as new product launches, acquisitions, corporate expansions, and collaborations.
RECENT DEVELOPMENT
In October 2021, Novelis Inc. revealed the introduction of Generation II of its lightweight electric vehicle (EV) battery enclosure solution for the rapidly growing EV sector.
In January 2020, Nemak disclosed that it will provide battery housings for the Ford Mustang Mach-E, which will be produced in North America.
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