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    Composite EV Battery Enclosures Market Growth Analysis

    Composite EV Battery Enclosures Market Growth Analysis
    Report code - SR2330 Published On : Feb,2023 No. of Pages: 93
    Composite EV Battery Enclosures Market Size, Share, Trend, Forecast, Competitive Analysis, See more...

    Market Insights

    The Composite EV Battery Enclosures Market was valued at US$ 0.8 billion in 2022 and registered exceptional growth in the wake of significant growth in EV sales. In the long run, Stratview Research projects that the Composite EV Battery Enclosure Market is expected to expand at an impressive CAGR of 23.5% during 2023-2030 to reach a value of US$ 5.0 billion.

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    What are EV battery enclosures?

    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.

    Metal is the predominantly used material for manufacturing EV battery enclosures owing to its properties such as high strength, high melting point, durability, and also being a good conductor of heat. In recent years, composites have gained traction and are becoming preferable as they are lighter, corrosion-free, fire-resistant, and a good insulator.

    Market Dynamics

    The market is majorly driven by factors such as increasing penetration of composite enclosures in upcoming EV models owing to their wide array of performance benefits. Some of the key EV models using composite enclosures are E-Lavida, Chevy Bolt, Corolla PHV, Levin PHV, and BMW i3.

    Recent Product Developments: Reduction in weight, corrosion resistance, and high performance in a challenging environment are the key focus areas of EV battery enclosure suppliers. Multi-Material EV Battery Enclosures: Battery enclosures are made of composite materials and metals (aluminum and steel). The best and most advantageous enclosures are created by shaping them together. A multi-material battery enclosure created by Teijin Automotive is 5% lighter than a steel battery enclosure. This lowers the total cost and complexity of production while also eliminating the possibility of leakage.

    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 in the years to come.

    Vehicle-Type Analysis

    LCV, Passenger Car, and MHCV

    Passenger car is expected to remain the largest demand generator in coming years.

    Composite-Type Analysis

    Glass Fiber Composites and Carbon Fiber Composites

    Glass fiber composite is estimated to lead the market during the forecast period.

    Process-Type Analysis

    Compression Molding and Others

    Compression Molding is likely to remain the dominant process for fabricating composite EV battery cases.

    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 set to have the fastest growth.

    By Propulsion Type

    The composite EV battery enclosures market is segmented into BEV and HEV. BEV is anticipated to continue to dominate the market during the forecast period, owing to factors such as they are more environmentally safe than HEV cars, rapid development in charging infrastructure, a significant reduction in the price of new models, and government subsidies towards the adoption of EVs. Furthermore, there has been an incessant rise in the adoption of composite battery enclosures in the BEVs.

    By 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. The major factors driving the growth of the passenger car segment are rising awareness among consumers regarding EVs, government incentives towards the adoption of EV passenger cars, and rapid development in charging infrastructure.

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    Regional Analysis

    In terms of region, China is expected to remain the largest market for composite EV battery enclosures during the forecast period. China has a presence of a large number of major OEMs, such as BYD and SAIC motors, which make the region a growth engine of the EV industry, which, in turn, is boosting the growth of the composite enclosures market. Most of the composite EV battery enclosure manufacturers have their plants in this region, such as STS Group, Teijin Automotive Technologies, and EMP Tech Co. Ltd., to address the emergent needs of these OEMs and to be the partner for their upcoming EV models.

    North America and Europe are also likely to create sizeable opportunities in the coming years, driven by stringent fuel emission standards, rising energy/fuel costs, a significant development in upcoming EVs, etc. Both regions are targeting to completely shift from ICE to alternative fuel vehicles in the coming decade. For instance, EU lawmakers approved an effective 2035 ban on new fossil fuel cars.

    Key Players

    The market is fairly consolidated with the presence of some 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 composite EV battery enclosures market.

    • Continental Structural Plastics (Teijin Automotive Technologies)
    • Gestamp
    • Hanwha Group
    • STS Group AG
    • SGL Carbon
    • Katcon SA de CV
    • EMP Tech Co., Ltd.
    • CpK Interior Products Inc (Stellantis subsidiary)

    Recent Market JVs and Acquisitions:

    Some of the key automotive component suppliers are acquiring smaller players in the composite EV battery enclosure market in order to gain capabilities. For instance, Continental Structural Plastics Holdings (CSP) was acquired by Teijin Automotive Technologies. US composites expert, CSP, was acquired by Japan's Teijin Automotive Technologies for US$ 825 million in 2017. The agreement has helped Teijin establish the groundwork for a business producing automotive composite products in North America and has sped up its growth as a tier-1 supplier to the international market.

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s composite 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.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Composite EV Battery Enclosures Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    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 Composite EV Battery Enclosures Market is estimated to grow at an extraordinary CAGR of 23.5% by 2030, driven by a rise in the demand for EVs, an increase in the motorization rates, soaring oil prices, and government incentives towards adoption of electric vehicles.

    Continental Structural Plastics (Teijin Automotive Technologies), Gestamp, Hanwha Group, STS Group AG, SGL Carbon, and Katcon SA de CV are the leading players in the composite EV battery enclosures market.

    China is estimated to remain dominant in the composite EV battery enclosures market in the foreseeable future. China leads the global EV market with a mammoth share. The varied reasons include significant investments by the country towards infrastructure development, incentives towards EV adoption, and the countrys goal of achieving carbon neutrality by 2060.

    The glass fiber type is expected to remain dominant in the coming years, driven primarily by its low cost in comparison to carbon fiber.

    The Composite EV Battery Enclosures Market is likely to reach US$ 5.0 Billion in 2030.

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