Energy and Power

Battery Housing Market

Global Industry Analysis and Forecast 2023-2030

Pages : 120

Base Year : 2022

Released Year : January 2024

Format :Pdf Ppt Xls

Report ID:KR459

Author : Saket A.

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Base Year

2022

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Forecast Year

2023-2030

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Historical Years

2018-2021

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Market Value (2022)

USD 4.21 Billion

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Forecasted Value (2030)

USD 19.21 Billion

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CAGR (2023 - 2030)

20.89%

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Fastest Growing Region (2023 - 2030)

Europe

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Largest Region

Asia Pacific

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By Material

Non-metallic, Metallic.

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By Battery Type

Lithium Ion, Lead Acid, Others.

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By Vehicle Type

Passenger, Commercial.


Battery Housing Market Size

The global Battery Housing Market size was valued at USD 4.21 billion in 2022 and is projected to reach USD 19.21 billion by 2030, growing at a staggering CAGR of 20.89% from 2023 to 2030. The global battery housing market is experiencing robust growth, primarily driven by the surge in demand for electric cars and the increasing preference for lightweight batteries made from advanced composite materials. These materials not only enhance safety but also ensure prolonged durability. The market landscape is further shaped by governmental initiatives and regulations favoring the widespread adoption of electric vehicles, along with continuous advancements in battery technology and the expansion of charging infrastructure.

Manufacturers play a crucial role in driving this growth trajectory by heavily investing in research and development endeavors. They aim to engineer innovative and efficient battery solutions that align seamlessly with the evolving requirements of the electric vehicle industry. The advent of cutting-edge technologies, such as lithium-ion batteries, significantly contributes to making electric cars more economically viable and practical, thereby stimulating further expansion in the market.

Despite the promising growth prospects, the global battery housing market faces certain constraints that demand attention. Chief among them are the absence of standardization and the high cost associated with batteries. Thermal management also serves as a significant hurdle, as it challenges the development of cost-effective solutions without compromising on quality and safety. Addressing these challenges necessitates a meticulous approach to material selection, manufacturing processes, and design optimization to curtail expenses. 

Analyst’s Review 

The global battery housing market is witnessing significant growth due to the rising demand for electric vehicles and portable electronic devices. The market is expected to grow at a steady CAGR, driven by advancements in battery technology and increasing investment in renewable energy storage solutions. The growing need for lightweight, durable, and efficient battery housings is further propelling market growth. Additionally, the increasing adoption of lithium-ion batteries is fueling the demand for battery housing solutions. However, factors such as high production costs and stringent regulations may hinder market growth. Overall, the global battery housing market is poised to experience substantial expansion over the forecast period.

Market Definition

The global battery housing market refers to the industry encompassing the production and distribution of enclosures designed to accommodate batteries in various applications. These housings play a crucial role in safeguarding batteries from external elements, ensuring efficient operation, and maintaining safety standards. The market progress is driven by the growing demand for batteries across diverse sectors such as automotive, consumer electronics, renewable energy storage, and industrial applications. The rising adoption of electric vehicles, the proliferation of portable electronic devices, and the increasing emphasis on renewable energy solutions are contributing to the market's expansion.

The market is segmented on the basis of material, battery type, and vehicle type. The material segment is bifurcated into non-metallic and metallic. The battery type segment is categorized into lithium-ion, lead acid, and others. The vehicle type segment is further divided into passenger and commercial vehicles.

Market Dynamics

The global battery housing market is primarily influenced by the surging demand for electric vehicles (EVs). The increasing popularity of EVs, coupled with the introduction of innovative battery technologies, has resulted in a growing need for reliable and energy-efficient batteries. Extensive research and development efforts in the battery sector have led to the utilization of nanotechnology and other advancements to enhance battery performance and efficiency. This, in turn, has opened up new opportunities in the market, as battery compounds are now capable of improving fire prevention, bottom protection, and battery temperature.

Moreover, the expansion of the automotive industry and the implementation of stringent environmental regulations and standards have emerged as major drivers for the growth of the battery housing market. Additionally, several factors, such as the proliferation of public charging infrastructure, rising demand for Li-Ion batteries, declining prices, government support, and advancements in battery technology have contributed to the market's growth in recent years.

However, the market encounters significant challenges, including the lack of standardization and the development of electric roads. Electric roads employ electromagnetic fields to wirelessly transfer energy from the road to the vehicle's battery, eliminating the need for conventional charging methods such as plug-in charging or battery swapping. While electric roads have the potential to greatly enhance the convenience and practicality of EVs, their implementation may have adverse effects on the growth of the battery housing market for electric car batteries.

Segmentation Analysis

The global battery housing market is segmented based on material, battery type, vehicle type, and geography.

By Material

Based on material, the market is segmented into non-metallic and metallic. The non-metallic segment held the largest market share in 2022 as these materials are made of plastic, composite material, or other non-metallic material, which makes them light & corrosion-resistant and offer better thermal insulation than metal containers. These properties make them a good choice for EV applications that require isolation from extreme temperatures or environments. Due to its low thermal resistance, the material significantly improves heat management. Moreover, increasing focus on sustainability and environmental concerns has augmented the demand for non-metallic materials. These materials comprise plastic and composites, that are often eco-friendlier compared to their metallic counterparts. This aligns with the growing emphasis on reducing the carbon footprint and promoting sustainable practices in various industries, including the automotive sector.

By Battery Type

Based on battery type, the market is segmented into lithium-ion, lead acid, and others. The lithium-ion segment is expected to grow at the highest CAGR over the forecast period due to its high energy per unit mass compared to other electrical energy storage systems. They also have a high power-to-weight ratio, high energy efficiency, and exhibit good performance at high temperatures and low self-discharge.

By Vehicle Type

Based on vehicle type, the market is further classified into passenger and commercial. The passenger segment accounted for the largest market share in 2022. Several factors such as the increasing demand for emission-free vehicles, government initiatives, and improvement in charging infrastructure are driving the demand for passenger cars, thereby fueling battery housing market growth.

Battery Housing Market Regional Analysis

Based on region, the global battery housing market is classified into North America, Europe, Asia Pacific, MEA, and Latin America.

Asia Pacific held the dominant share in the battery housing market in 2022 driven by various factors such as shifting consumer preferences toward electric vehicles (EVs) due to escalating fossil fuel costs, along with rising environmental awareness. Governments of various countries in the region have created policies and incentives to promote electric vehicle adoption, which has increased the demand for battery housing. China is one of the significant markets for electric vehicles, and the growing adoption of electric vehicles in the country is in line with clean energy policies, augmenting the regional market expansion.

Europe is a significant market for electric car battery cases due to the growing demand for electric vehicles, coupled with strict emission regulations. The growth of the regional battery housing market is fueled by the European Union's target of reducing carbon dioxide emissions from new cars by 2030. The development of charging infrastructure and the availability of cost-effective battery housing solutions are further driving regional market growth. In addition, the European Union has built an extensive charging infrastructure for electric vehicles, which has increased the demand for battery housing.

Competitive Landscape

The global battery housing market study will provide valuable insight with an emphasis on the fragmented nature of the industry. Prominent players are focusing on several key business strategies such as partnerships, mergers and acquisitions, innovations, and joint ventures to expand their portfolio and increase their respective market shares across different regions. Expansion & investments involve a range of strategic initiatives including investments in R&D activities, new manufacturing facilities, and supply chain optimization could pose new opportunities for the market.

List of Key Companies in Battery Housing Market

  • Impression Technologies
  • Magna International Inc.
  • Novelis
  • Panasonic Corporation
  • Constellium
  • Minth Group Co., Ltd.
  • SGL Carbon
  • FEV Group GmbH
  • LANXESS
  • INFAC CORPORATION

Key Industry Developments 

  • May 2023 (Launch): Impression Technologies (ITL) and FEV developed a battery housing concept for electric vehicles. With the development of this battery, the company offers solutions to increase electric mobility and openness in developing new lightweight concepts and solutions for electric vehicles.

The Global Battery Housing Market is Segmented as:

By Material

  • Non-metallic
  • Metallic

By Battery Type

  • Lithium-ion
  • Lead Acid
  • Others

By Vehicle Type

  • Passenger
  • Commercial

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • France
    • UK
    • Spain
    • Germany
    • Italy
    • Russia
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • North Africa
    • South Africa
    • Rest of Middle East & Africa
  • Latin America
    • Brazil
    • Argentina
    • Rest of Latin America.
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  • Check Icon Regional Market Dynamics
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  • Check Icon Historical Data Up to 5 Years
Frequently Asked Questions (FAQ's)
The global market is projected to reach USD 19.21 billion by 2030, growing at a CAGR of 20.89% from 2023 to 2030.
The global market was valued at USD 4.21 billion in 2022.
The market growth is propelled by growth in electric cars and growing interest in lightweight batteries made from functional composite materials that offer both a high level of safety and durability
Top manufacturers of battery housing market are Impression Technologies, Magna International Inc., Novelis, Panasonic Corporation, Constellium, Minth Group Co., Ltd., SGL Carbon, FEV Group GmbH, LANXESS, INFAC CORPORATION, and others.
Asia Pacific is expected to be the fastest growing region over the forecast period (2023-2030).
By material, non-metallic will hold the maximum share in the battery housing market with the revenue value by 2030
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