The market is expected to grow at a CAGR of 12.43% during the forecast period of 2022-2031
BIS Research, the global leader in providing market intelligence on deep technologies, has released its latest study titled Electric Vehicle Battery Housing Market – A Global and Regional Analysis.
According to this study, the market size of electric vehicle battery housing was valued at $3.67 billion in 2021 and is projected to reach $11.75 billion by 2031.
The following factors are responsible for the increase in demand for electric vehicle battery housing:
- Increasing demand for EVs globally
- Rising concern toward the environment
- Increasing government support
- Growing need for green construction machinery
- Growing EV battery production and robust design requirements
- Continuously declining price of Li-Ion battery
The detailed study is a compilation of 141 market data tables and 53 figures spread through 210 pages.
Check out the detailed table of content here:
Analyst’s Take on the Market Projection
According to Dhrubajyoti Narayan, Principal Analyst, BIS Research, “With the increasing need for road safety and passenger protection, the advancement in battery enclosures that are heat resistant are propelling the market. Market players are assisting electric vehicle manufacturers in optimizing vehicle weight cases by developing unique enclosure designs and employing new materials.”
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Existing Competitive Landscape
The companies that are profiled have been selected based on input gathered from primary experts and analyzing company coverage, product portfolio, and market penetration. Some of the established names in the market are:
- SGL Carbon
- Novelis Inc.
- Nemak, S.A.B. de C.V.
- Constellium SE
- Gestamp Automocion, S.A.
- UACJ Corporation
- GF Linamar LLC
- Hanwha Solutions Advanced Materials
- Minth Group
- Continental Structural Plastics (CSP)
- ThyssenKrupp AG
- TRB Lightweight
- Hitachi Metals, Ltd.
- Norsk Hydro ASA
- Magna International Inc.
Recent Developments in the Electric Vehicle Battery Housing Market
- In March 2022, in order to accommodate new business from Ford Motor Company for the provision of novel battery enclosures, Magna stated that it is extending its operations into Chatham as an expansion of its present facilities in St. Thomas.
- In June 2022, Renault Group, a prominent participant in the automotive industry, and Minth Group announced the signing of a memorandum of understanding to establish a joint venture in France to manufacture battery casings. In 2023, the joint venture will open two additional manufacturing lines in Ruitz, with a capacity of 300,000 battery casings per year by 2025, for electric vehicles such as the upcoming R5.
- In February 2022, Nemak, S.A.B. de C.V. said that it has been granted a contract worth US$350 million per year to manufacture battery housings for worldwide clients’ fully electric automobiles. Nemak intends to invest roughly $200 million in three new manufacturing locations across Europe and North America to support joining and assembly requirements for these products.
- In February 2021, CSP, along with its parent company Teijin introduced a patent-pending clip system that replaces the need for bolts in the process of joining the top and bottom of an electric vehicle battery case. This clip system improves the seal, reduces assembly costs, and makes the batteries easier to service when needed. The clips will be manufactured at CSP Stamping in Manchester, Michigan.
Aluminum-Based Battery Housing Structure to Dominate the Global Market
Aluminum, steel, glass fiber-reinforced polymer (GFRP), and carbon fiber-reinforced polymer (CFRP) are some of the prominent materials used in the manufacturing of battery housing systems.
Operating electric batteries pose a unique exception in terms of thermal insulation, overall durability, heat, and flammability which makes selecting the proper design and materials essential. Aluminum seems to have the upper hand over other materials, mostly because of its light weight, favorable technical characteristics, and competitive cost. Furthermore, the trend with major OEMs like Nissan, VW, and Tesla is of promoting aluminum over steel for battery enclosures.
Want to learn more about the latest trends in EV batteries? Speak to our analysts
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About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm focusing on deep technology and related emerging trends which can disrupt the market dynamics in the near future. We publish more than 200 market intelligence studies annually that focus on several deep technology verticals.
Our strategic market analysis emphasizes on market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data, and other important market parameters useful in the strategic decision-making for senior management.
BIS Research offers syndicate as well as custom studies and expert consultations to firms, providing them with specific and actionable insights on novel technology markets, business models, and competitive landscapes.
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