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    EV Battery Enclosures Market Report

    EV Battery Enclosures Market Report
    Report code - SR2329 Published On : Feb,2023 No. of Pages: 120
    EV Battery Enclosures Market Size, Share, Trend, Forecast, Competitive Analysis, and Growt See more...

    Market Highlights

    EV battery enclosures, often referred to as cases, frames, boxes, or housings, serve the primary purpose of storing and protecting the battery cells from physical damage, preventing leaks, ensuring a tight seal against moisture, and preventing fire mishaps. Metals and composites are two common materials used for manufacturing EV battery enclosures.

    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, being naturally flame-retardant, having high-temperature tolerance, and being easily affordable. However, in recent years, the penetration of composite battery cases is growing at a rapid pace owing to factors such as lighter weight and higher mechanical performance in comparison to metals.

    The EV enclosure market was valued at US$ 3.0 billion in 2022 registering an excellent growth YoY basis, owing to significant growth in EV sales. 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 Stratview Research, the EV battery enclosure market is anticipated to grow at an impressive CAGR of 22.4% from 2023 to 2030 to reach a value of US$ 18.3 billion. This growth will be primarily fueled by factors such as an increase in EV production, rapid advancements in charging infrastructures, and growing fuel prices. Major factors driving the growth of EV sales are stringent emission regulations, a rapid spike in oil prices, and government subsidies towards 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. 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.

    Recent Market JVs and Acquisitions:

    In order to expand their capabilities geographically, automotive component suppliers are acquiring smaller companies. For instance, Continental Structural Plastics Holdings (CSP) was acquired by Teijin Automotive Technologies. Teijin Automotive Technologies of Japan purchased US composites expert, CSP, in 2017 for US$ 825 million. The arrangement has accelerated Teijin's growth as a tier-1 supplier to the global market and helped Teijin to lay the foundation for a company producing automotive composite products in North America.

    Market Segments' Analysis

    Segmentations

    List of Sub-Segments

    Dominant and Fastest-Growing Segments

    Propulsion-Type Analysis

    BEV and HEV

    BEV is anticipated to remain the bigger demand generator for battery enclosures during the forecast period.

    Vehicle-Type Analysis

    LCV, Passenger Car and MHCV

    Passenger car is expected to remain the most preferred vehicle type.

    Material-Type Analysis

    Metals and Composites

    The demand for composite enclosures is expected to increase at a faster pace during the forecast period.

    Regional Analysis

    North America, Europe, China, Rest of Asia-Pacific, and Rest of the World

    Over the next eight years, it is anticipated that China will continue to be the largest market, with the Rest of the World increasing at the fastest rate.

     

    Based on the propulsion type, the EV battery enclosures market is segmented into BEV and HEV. BEV is anticipated to continue to dominate the market because they are significantly more ecologically safe than HEV automobiles. The ramp-up in the development of the charging infrastructure, a significant decline in the cost of new models, and government incentives to encourage the use of EVs during the projection period.

    Based on the vehicle type, the composite EV battery enclosures market is segmented into passenger cars, light commercial vehicles (LCVs), and medium & heavy-duty commercial vehicles (MHCVs). Passenger car is expected to remain the largest vehicle type in the market. Government incentives to encourage the use of EV passenger vehicles, increased consumer awareness of EVs, and the rapid development of charging infrastructure are the main reasons propelling the growth of the passenger cars category.

    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 Hand, BYD Song Pro, and Wuling Hong Guang Mini EV. Further, the country has the presence of a number of significant EV battery enclosure producers, such as STS Group, Teijin Automotive Technologies, and Minth Group Limited.

    Key Players

    The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the EV battery enclosures market.

    • Continental Structural Plastics (Teijin Automotive Technologies)
    • Nemak, S.A.B. de C.V
    • Gestamp
    • Hanwha Group
    • STS Group AG
    • Novelis (Hindalco Industries Limited)
    • SGL Carbon
    • Constellium
    • Minth Group Limited
    • TOYODA GOSEI Co., Ltd. 

    Research Methodology

    This strategic assessment report, from Stratview Research, 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 the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the 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 Stratview Research’s 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. We conducted more than 15 detailed primary interviews with the 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 the market dynamics and will enable strategic decision-making for the 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 the existing and new players.
    • Key success factors.

    The EV battery enclosures market is segmented into the following categories. 

    EV Battery Enclosures Market, by Propulsion Type

    • Battery Electric Vehicle (Trend and Forecast)
    • Hybrid Electric Vehicle (Trend and Forecast)

    EV Battery Enclosures Market, by Vehicle Type

    • Passenger Car (Trend and Forecast)
    • LCV (Trend and Forecast)
    • MHCV (Trend and Forecast)

    EV Battery Enclosures Market, by Material Type

    • Metals (Regional Analysis: North America, Europe, China, Rest of Asia-Pacific, and Rest of the World)
    • Composites (Regional Analysis: North America, Europe, China, Rest of Asia-Pacific, and Rest of the World)

    EV Battery Enclosures Market, by Region

    • North America (Trend and Forecast)
    • Europe (Trend and Forecast)
    • China (Trend and Forecast)
    • Rest of Asia-Pacific (Trend and Forecast)
    • Rest of the World (Trend and Forecast)

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    A Bird's Eye View of the Market

    The EV battery enclosures market is estimated to grow at an impressive CAGR of 22.4% by 2030, driven by a surge in the demand for EVs, an increase in the motorization rates, skyrocketing oil prices, and government incentives to encourage the use of electric vehicles.

    Continental Structural Plastics (Teijin Automotive Technologies), Nemak, S.A.B. de C.V, Gestamp, Hanwha Group, STS Group AG, Novelis (Hindalco Industries Limited), and SGL Carbon are the leading players in the EV Battery Enclosures market.

    China will continue to dominate the EV battery enclosures market in the coming years primarily driven by factors such as considerable investments in infrastructure development, incentives for EV adoption, and the nation's target of becoming carbon neutral by 2060.

    Metal is to remain dominant in the coming years primarily driven by its low cost as compared to composites.

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