Vehicle Battery Market 2024 | Lithium-based Battery Models in EVs Amplify Market Growth

Collaborations with researchers are emerging as a distinct trend for vehicle battery manufacturers. For instance, researchers and professor Bilal El-Zahab in the Engineering & Computing Department of the Florida International University have collaborated to innovate in the patent-pending, high-density lithium vehicle battery. Thus, manufacturers should direct their efforts in lithium-based models using platinum and related chemical elements to amplify energy storage. As such, multinational corporations are taking keen interest in innovations carried out by researchers and investing in electric vehicle battery models for further commercialization.

As more number of individuals adopt electric vehicles, companies in the vehicle battery market are increasing their production capabilities to develop high-performance batteries, whilst the trend gravitates toward emissions-free energy. As such, EV manufacturers are increasingly realizing eco-friendly policies set by governments worldwide. Thus, environmental policies are benefitting companies in the vehicle battery market, since batteries are one of the most crucial components in EVs.

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Eco-Friendly Policies Fuel Innovations in Efficient and Lightweight Alternatives to Conventional Li-Ion Batteries

Growing eco-friendly policies in the vehicle battery market are helping manufacturers to tap into incremental opportunities. For instance, the Faster Adoption and Manufacturing of Electric and Hybrid Vehicles in India initiative, also known as FAME, is playing an instrumental role in boosting electric mobility across cities. Hence, companies in the vehicle battery market are unlocking value-grab opportunities in India. As such, there is a need for tailor-made policies that meet India’ peculiar needs in the EV sector.

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India’s national policymaking body forecasts that the country is keen on creating a US$ 300 Bn domestic industry for electric vehicle batteries by the end of 2030. Hence, vehicle battery manufacturers are increasing efforts to search for alternatives to lithium-ion batteries. For instance, Mumbai-based energy startup Gegadyne Energy, has stepped in with its proprietary battery technology, which is capable of charging EVs in a matter of few minutes. Vehicle battery manufacturers are increasing their R&D activities in carbon and its derivatives as active materials that improve energy efficiencies. They are introducing cost- efficient and lightweight alternatives to conventional Li-ion batteries.

Growing Demand for Fast-charging Infrastructure Creates Incremental Opportunities for Manufacturers

Rapid-charging battery technologies are anticipated to become increasingly mainstream in the near future. Companies in the vehicle battery market are leveraging their capacity additions to manufacture rapid-charging batteries that are capable of powering batteries within minutes. As such, there is a growing demand for more fast-charging roadside stations that can help individuals embark on long distance journeys without worrying about battery run down.

Companies in the vehicle battery market are integrating lithium ion batteries in electric vehicles, since these batteries can store large amount of energy in compact-sized batteries. However, even Li-ion vehicle battery is subject to power run out issues during mid-journey, resulting in an undesirable worry for drivers. Hence, vehicle battery manufacturers should collaborate with scientists to address energy inefficiencies of batteries by increasing the availability of rapid-charging batteries. They should channelize their efforts toward developing ubiquitous fast-charging infrastructure to eliminate the worry associated with cruise range.

Coronavirus Crisis: China Plans to Establish Massive Battery Production Plants

The surging coronavirus (COVID-19) crisis has caused a downturn in China’s economic growth. This phenomenon is impacting the global vehicle battery market, since China is the prime manufacturing hub for batteries. As such, major factories have been temporarily shut down due to the shortage of staff and raw materials. Current trends have negatively impacted the global stock markets, thus slowing down world economic growth. The global energy sector bleeds as China faces challenges in vehicle battery manufacturing, battery energy storage, and in generation of renewable energy solutions. However, the Chinese Government is vying opportunities to stabilize operations in battery manufacturing.

China’s battery manufacturers are an integral part of the government’s industrial expansion vision. However, the COVID-19 outbreak has disrupted several business continuity plans of companies. Governments are investing in capacity additions for establishing massive battery production plants post the lockdown period to restore the continuity of the vehicle battery market.

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