Over the years, metals have dominated the market for EV battery cases owing to their advantages, such as being extremely robust and impact-resistant, having high melting points, high-temperature tolerance, being naturally flame-retardant, and easily affordable. However, in recent years, the penetration of composite battery cases has been growing at a rapid pace owing to factors such as lighter weight and higher mechanical performance in comparison to metals.
The EV battery enclosure market was valued at US$ 4 billion in 2022, registering excellent growth, owing to significant growth in EV sales. The E-Lavida, Tesla Model Y, BYD Qin Plus, Levin PHV, Volkswagen ID.4, Nissan Leaf and BMW i3 are some of the best-selling EV models. According to the analyst, the EV battery enclosure market is anticipated to grow at an impressive CAGR of 18.3% from 2023 to 2030 to reach a value of US$ 18.1 billion. This growth will be primarily fueled by an increase in EV production, which was triggered by rapid advancements in charging infrastructure and growing fuel prices. Other major factors driving the growth of EV sales are stringent emission regulations and government subsidies for EV adoption.
Recent Product Developments
The primary focus areas of EV battery enclosure suppliers are weight reduction, corrosion resistance, and good performance in a demanding environment. Some of the key developments have been mentioned below:
- Multi-Material EV Battery Enclosures: Composite materials and metals are used to make battery enclosures (aluminum and steel). By forming them collectively, the best and most beneficial enclosures are produced. Compared to a steel battery enclosure, Teijin Automotive's multi-material battery enclosure is 15% lighter. By doing this, the production process becomes simpler and cheaper overall, and leakage risk is also removed.
- Advanced Thermal Management Systems: Many companies are focusing on developing advanced thermal management systems for battery enclosures to improve temperature control and prolong battery life. These systems could include innovative cooling and heating solutions.
- Integrated Battery Modules: Some companies are now introducing integrated battery modules with built-in enclosures, making it easier for automakers to integrate batteries into their EV designs. These modules could feature improved safety features.
Recent Market JVs and Acquisitions
Over the past few years, there have been a number of strategic alliances, including M&As, JVs, etc., across the globe. Some of them have been mentioned below:
- In 2022, Minth Group and Renault Group signed a Memorandum of Understanding (MOU) to establish a joint venture (JV) focused on manufacturing battery enclosures. This strategic partnership aims to enhance Renault Group's competitiveness and efficiency in the electric vehicle (EV) market while also expediting its overall industrial transformation.
- In 2017, Teijin made a strategic move by acquiring Continental Structural Plastics (CSP) for US$ 825 million, which allowed Teijin to establish a foothold in the North American automotive composite parts market. This acquisition further propelled Teijin's growth as a major provider of high-performance composite products to the global automotive industry.
Segment Analysis
Based on the propulsion type, the EV battery enclosures market is segmented into BEV and HEV. BEV are anticipated to continue to dominate the market because they are ecologically safer than HEV automobiles. The ramp-up in the development of the charging infrastructure, a decline in the cost of new models, and government incentives to encourage the use of EVs during the projection period are creating a better ecosystem for BEVs. By 2030, it is also anticipated that the production of BEV will account for 47% of the global powertrain mix.
Based on the vehicle type, the EV battery enclosures market is segmented into passenger cars, light commercial vehicles (LCV), and medium & and heavy commercial vehicles (MHCV). Passenger car is expected to remain the largest vehicle type in the market. As these vehicles are the most sought-after electric vehicles currently, they are anticipated to generate enormous market demand in the coming years.
Based on the material type, the EV battery enclosures market is segmented into metal enclosures and composite enclosures. Metal Enclosures are expected to remain the most preferred material in the market primarily driven by their low cost as compared to composite enclosures. Moreover, there is an active presence of several major companies in the development and provision of metal battery enclosures. Porsche Taycan, BYD Qin Plus, BYD Song Pro, BYD Han, and Volkswagen ID.4 are some key BEV models that use metal battery enclosures.
In terms of regions, China is expected to remain the largest market for EV battery enclosures during the forecast period. China is the largest producer and consumer of EVs in the world. Some of the best-selling EV models in China are BYD Han, BYD Song Pro, and Wuling Hong Guang Mini EV. Furthermore, the country is home to a significant number of EV battery enclosure producers, such as Minth Group Co., Ltd., Hesheng Co., Ltd., Lingyun Industrial Co., Ltd., Huayu Automotive Systems Co., Ltd., and Chongqing New Aluminum Times Technology Co., Ltd.
Market Segmentation
The EV battery enclosures market is segmented into the following categories:
EV Battery Enclosures Market, by Propulsion Type
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
EV Battery Enclosures Market, by Vehicle Type
- Passenger Car
- LCV
- MHCV
EV Battery Enclosures Market, by Material Type
- Metal Enclosures
- Metal Type (Steel Enclosures and Aluminum Enclosures)
- Composite Enclosures
- Composite Type (Carbon Fiber Composites and Glass Fiber Composites)
- Process Type (Compression Molding and Others)
EV Battery Enclosures Market, by Region
- North America
- Europe
- China
- Rest of Asia-Pacific
- Rest of the World
Key Players
The market is highly populated, with the presence of several local, regional, and global players. These companies are constantly innovating to develop lighter, more efficient, and cost-effective battery enclosures. This drive for innovation further intensified the competition as manufacturers sought to gain a competitive edge through technological advancements. These companies have exceptional product development capabilities, and they concentrate on enhancing and expanding their EV battery enclosure production capabilities to keep up with the rising production of EVs across the globe.
The following are the key players in the EV battery enclosures market:
- Teijin Automotive Technologies
- Minth Group Co., Ltd.
- Hesheng Co., Ltd.
- Huayu Automotive Systems Co., Ltd.
- Chongqing New Aluminum Times Technology Co., Ltd.
- Nemak, S.A.B. de C.V.
- Lingyun Co., Ltd.
- Xiangxin Technology Co., Ltd.
- Gestamp
- Wencan Group Co., Ltd.
Research Methodology
This strategic assessment report provides a comprehensive analysis that reflects today’s EV battery enclosures market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with an internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
The analyst conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.
The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
- Market trend and forecast analysis
- Market segment trend and forecast
- Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities
- Emerging trends
- Strategic growth opportunities for existing and new players
- Key success factors
Table of Contents
Companies Mentioned
- Chongqing New Aluminum Times Technology Co., Ltd.
- Gestamp
- Hesheng Co., Ltd.
- Huayu Automotive Systems Co., Ltd.
- Lingyun Co., Ltd.
- Minth Group Co., Ltd.
- Nemak, S.A.B. de C.V.
- Teijin Automotive Technologies
- Wencan Group Co., Ltd.
- Xiangxin Technology Co., Ltd.
Methodology
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