Stratview Research, a market research firm in Detroit, has released a new report on the composite EV battery enclosures market that provides a comprehensive analysis of the global and regional industry forecast, current and emerging trends, segment analysis, and competitive landscape.
The composite EV battery enclosures market is segmented based on propulsion type, vehicle type, composite type, process type, and region. Enclosures include cases, frames, boxes, or housings, and are used to store the battery cells and protect against physical damage, leaks, moisture, and fire mishaps.
The EV enclosure market was valued at $3 billion in 2022, and is projected to grow to $18.3 billion in 2030, according to Stratview Research. The company also anticipates a CAGR (Compound Annual Growth Rate) of 22.4 percent from 2023 to 2030 (about 3 percent annually).
While EV sales have been growing incrementally, consumers have been slow to accept the new product offering due to high vehicle prices, slow charging times, a lack of public chargers, range anxiety, battery replacement costs, grid reliability, mining for precious metals used in the batteries, and child labor activities (primarily in the Congo).
The composite EV battery enclosures market is segmented into BEV (Battery Electric Vehicle) and HEV (Hybrid Electric Vehicle). BEV is anticipated to be the preferred product of choice during the forecast period.
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 added development in charging infrastructure.
The report suggests China is expected to remain the largest market for composite EV battery enclosures during the forecast period based on:
— 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.
The report adds North America and Europe are also likely to create sizeable opportunities in the coming years, driven by stringent fuel emission standards and projected rising energy/fuel costs, among other factors. 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.
The battery enclosures 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, and more. 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)
Stratview Research is a global market research firm that highly specializes in aerospace and defense, chemicals, and other industries.
For more information about the report, visit here.
