Automotive Advanced xEV Batteries Market Trends, Sector Overview and Forecast to 2028

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Published: March 29, 2024 Report Code: GDAUS140324-ST

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Automotive Advanced xEV Batteries Market Report Overview

The advanced xEV batteries market size was 26.8 million units in 2023. The market will grow at a CAGR of more than 14% during 2023-2028. There was a fluctuation in demand for essential materials owing to the surge In recent years, there has been a significant increase in the adoption of electric vehicles (EVs) and Hybrid Electric Vehicles (HEVs) across the world. Moreover, governments worldwide are incentivizing automakers and consumers to shift towards EVs and develop EV charging infrastructure. These factors have led to a surge in demand for advanced xEV batteries to power these vehicles. In 2023, Asia-Pacific was at the forefront of this trend.

Automotive Advanced xEV Batteries Market Outlook, 2023-2028 (Million Units)

Automotive Advanced xEV Batteries Market Outlook, 2023-2028 (Million Units)

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The automotive advanced xEV batteries market research report provides a comprehensive overview of the market trends and drivers. The market report also provides a detailed overview of technological developments and PESTER analysis. Furthermore, evaluate strategic initiatives by market players and their recent product innovations to identify growth opportunities. The report also provides an overview of patent filings across sectors, regions, countries, and top applicants.

Market Size (2023) 26.8 million units
CAGR (2023-2028) >14%
Historical Period 2018-2022
Forecast Period 2023-2028
Key Regions Asia-Pacific, Europe, North America, South America, and MEA
Key Companies CATL, BYD, LG Energy Solution, Prime Earth Energy, and Prime Planet
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Automotive Advanced xEV Batteries Market Trends

A few of the key trends shaping the automotive advanced xEV batteries market are the increasing adoption of sodium-ion batteries, the revolution of silicon graphene, and the preference for liquid metal battery technology among others.

Increasing adoption of sodium-ion batteries: Recently, alternatives to lithium-ion batteries have emerged within the market. Sodium-ion (Na-ion) batteries, especially, offer the advantage of utilizing lower-cost materials compared to lithium-ion, making them more affordable and eliminating the need for critical minerals.

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Automotive Advanced xEV Batteries Market Segmentation by Regions

In 2023, Asia-Pacific accounted for the highest automotive advanced xEV batteries market share among all the regions

The key regions in the automotive advanced xEV batteries market are Asia-Pacific, Europe, North America, South America, and MEA. The electric vehicle sector in the APAC region has experienced consistent growth and China emerged as the world’s largest EV market. The country is also a significant contributor to the regional battery market expansion. Chinese companies are increasing their presence in the US and European electric car battery markets due to competitive pricing and trying to solidify their global industry dominance.

Automotive Advanced xEV Batteries Market Analysis by Regions, 2023 (%)

Automotive Advanced xEV Batteries Market Analysis by Regions, 2023 (%)

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Automotive Advanced xEV Batteries Market – Competitive Landscape

CATL led the advanced batteries market in 2022

A few of the top companies operating in the market are:

  • CATL
  • BYD
  • LG Energy Solution
  • Prime Earth Energy
  • Prime Planet

Battery juggernaut Contemporary Amperex Technology (CATL) presented a new fast-charging battery that encourages drivers to switch to electric vehicles and relieve their range anxiety. As per the company, this battery can run 400 Km after just 10 minutes of charging.

CATL is also taking strategic actions to aid the automotive advanced xEV batteries market growth. In June 2023, the Bolivian government and CATL signed a contract to invest in the country’s mainly unexplored lithium resources. ​

Automotive Advanced xEV Batteries Market Analysis by Companies, 2022 (%)

Automotive Advanced xEV Batteries Market Analysis by Companies, 2022 (%)

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Automotive Advanced xEV Batteries Market – Latest Developments

A few of the latest developments in the automotive advanced xEV batteries market are as follows:

  • 13th February 2024: The Canadian government has provided funding to Electra Battery Materials Corporation for the establishment of North America’s first cobalt sulphate refinery. The refinery will be located in Temiskaming Shores, Ontario.
  • 1st February 2024: South Korean EV battery materials producer, EcoPro, has agreed with US-based recycling firm Cirba Solutions to enhance its presence in the North American battery supply chain. EcoPro aims to ensure a steady supply of recycled battery materials in compliance with the US Inflation Reduction Act (IRA).

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Segments Covered in this Report

Automotive Advanced xEV Batteries Regional Outlook (Value, Million Units, 2018-2028)

  • Asia-Pacific
  • Europe
  • North America
  • South America
  • MEA

Scope

  • Trends & Drivers: Provides an overview of the current key trends and drivers that will influence the sector’s growth in the future.

  • Technological Developments: Provides a detailed overview of technological developments and innovations in the sector.

  • PESTER Analysis: Provides a detailed understanding of political, economic, social, technological, environmental, and regulatory factors impacting the sector.

  • Sector Forecast: Provides deep-dive analysis of the global market covering volume growth during 2018-2028, and spot estimates for 2030 and 2036. The analysis also covers a regional overview across four regions highlighting sector size and growth drivers for the region.​

  • Competitive Landscape: Provides an overview of leading component suppliers at a global and regional level, besides analyzing the companies’ recent product innovations and key strategic initiatives. taken by the companies.

  • Patent Analysis: Provides an overview of patent filings in the sector across regions, countries, and top applicants.​

Reasons to Buy

  • The report provides OEMs and component suppliers’ latest information on market evolution to help formulate sales and marketing strategies.

  • The report provides authentic market data with a high level of detail to help gain a competitive edge.

  • The report provides its readers with up-to-date information and analysis to uncover emerging opportunities for growth within the sector.

  • The report analyzes regions and competitive landscape that can help companies gain insight into the region-specific nuances.

  • The report assesses the key trends that drive customer choice and the future opportunities that can be explored in the region. Actionable insights on trends can help companies in revenue expansion.

  • The report helps gain competitive intelligence about leading component suppliers in the region with information about their market share and growth rates.

CATL
BYD Auto
Primearth Energy
LG Energy Solution
Samsung SDI
Panasonic Energy.

Table of Contents

  • 1. Executive Summary

  • 2. Part 1: Main Trends and Drivers

    • 2.1. Trends

    • 2.2. Drivers

  • 3. Part 2: Technologies and Developments

  • 4. Part 3: PESTER Analysis

  • 5. Part 4: Sector Forecast

    • 5.1. Advanced xEV Batteries – Global Volumes

    • 5.2. Asia-Pacific Market Growth Analysis

    • 5.3. European Market Growth Analysis

    • 5.4. North American Market Growth Analysis

    • 5.5. South America Market Growth Analysis

    • 5.6. MEA Market Growth Analysis

  • 6. Part 5: Latest Developments

  • 7. Part 6: Key Companies

  • 8. Part 7: Patent Analysis

  • 9. Part 8: Appendix

Table

List of Tables

Table 1: Main trends in the Battery technologies sector

Table 2: Market fitment/penetration rates of advanced automotive batteries fitted to newly-assembled light vehicles, 2016-2036, (%)

Table 3: Market volumes of advanced automotive batteries fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 4: Market volumes of lead-acid starter batteries fitted to newly-assembled light vehicles, 2016-2036, (‘000s units)

Table 5: Relative market sizes of lead-acid starter batteries fitted to newly-assembled light vehicles, 2016-2036, (% share)

Table 6: Global manufacturer market shares of OE and aftermarket for automotive lead-acid starter batteries for passenger cars and light vehicles, 2010-2021, % of sales volume

Table 7: Asia-Pacific manufacturer market shares of OE automotive lead-acid starter batteries for passenger cars and light vehicles, 2010-2021, % of sales volume

Table 8: European manufacturer market shares of OE and aftermarket for automotive lead-acid starter batteries for passenger cars and light vehicles, 2010-2021, % of sales volume

Table 9: German independent aftermarket manufacturer market shares for automotive lead-acid starter batteries for passenger cars and light vehicles, 2010-2021, % of sales volume

Table 10: UK independent aftermarket manufacturer market shares for automotive lead-acid starter batteries for passenger cars and light vehicles, 2010-2021, % of sales volume

Table 11: French independent aftermarket manufacturer market shares for automotive lead-acid starter batteries for passenger cars and light vehicles, 2010-2021, % of sales volume

Table 12: North American manufacturer market shares of OE automotive lead-acid starter batteries for passenger cars and light vehicles, 2010-2021, % of sales volume

Figures

List of Figures

Figure 1: Axeon’s custom-built battery pack for Modec

Figure 2: Electric vehicle battery

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