Increasing Demand for Electric Vehicles of Structural Battery...

Increasing Demand for Electric Vehicles of Structural Battery Market

Posted 2023-12-19 06:58:45

The global structural battery market is estimated to be valued at US$ 165.69 Mn in 2023 and is expected to exhibit a CAGR of 20% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

SWOT Analysis:

Strength: Structural batteries offer high energy density and load-bearing capabilities. Their seamless integration within structures enable higher strength and reduce vehicle weight. Moreover, structural batteries have a longer life cycle and require less maintenance compared to traditional batteries.

Weakness: Structural batteries are costly to manufacture due to complex production processes. There are also technological challenges associated with developing commercially viable structural batteries at large scale. Issues regarding battery longevity and safety need further research.

Opportunity: Increasing demand for electric vehicles and consumer electronics is driving research into innovative battery technologies. Structural batteries can replace existing vehicle structures and enable lighter electric vehicles with longer driving range. They also offer opportunities for application in construction materials, consumer devices and aviation industries.

Threats: Established lithium-ion battery manufacturers pose competition due to their experience and production capabilities. Supply chain constraints for raw materials like lithium may impact structural battery development. Stricter safety regulations for batteries can increase development costs.

Key Takeaways:

The Global Structural Battery Market Growth is expected to witness high. Regional analysis comprises- Asia Pacific dominates the market currently due to presence of key players in countries like China, South Korea and Japan. The region is expected to maintain its lead through the forecast period owing to initiatives to promote electric vehicles in various countries.

Key players related content comprises- Key players operating in the structural battery market are Tesla, Inc. (United States), BMW AG (Germany), Airbus SE (France), Volkswagen AG (Germany), Samsung SDI Co., Ltd. (South Korea), Saft Groupe S.A. (France), Northvolt AB (Sweden), LG Chem Ltd. (South Korea), Farasis Energy, Inc. (China), Solid Power, Inc. (United States), Cadenza Innovation, Inc. (United States), Blue Solutions SA (France), Oxis Energy Ltd. (United Kingdom), Excellatron Solid State, LLC (United States), Amprius, Inc. (United States). These companies are focusing on research and development of advanced structural battery technologies through collaborations.

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