July 20, 2024
Structural Battery Market
Ict

The Structural Battery Market is Expected to be Flourished by Emerging Applications in Electric Vehicles

The structural battery market involves manufacturing batteries that can be embedded into constructions in building components such as beams, floors, and walls to provide both structure and energy storage within a single system. Structural batteries find wide applications in electric vehicles to improve vehicle performance and efficiency by increasing range and payload capacity. They are integrated into the chassis and body of electric vehicles during manufacturing to replace traditional bulk batteries.

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.

Market Dynamics:

The structural battery market is expected to be driven by the increasing demand and production of electric vehicles worldwide. As mentioned in the heading, emerging applications of structural batteries in electric vehicles will fuel market growth during the forecast period. Structural batteries can enable light-weighting of electric vehicles for longer range while also improving interior space utilization. They provide higher energy density than conventional lithium-ion batteries by embedding the battery structure directly into the vehicle components. Furthermore, structural batteries allow more flexible vehicle design and customize battery shapes needed for different vehicle models. Several automakers like Tesla, BMW, Volkswagen, and Airbus are investing heavily in research and development of structural battery technology for electric vehicles which will support the market expansion over the coming years.

Segment Analysis:

The structural battery market is dominated by the industrial segment which holds around 60% market share. Industrial structural batteries find major applications in electric vehicles, consumer electronics, and industrial equipment. Within industrial, electric vehicles dominate with over 50% share due to the growing demand for EVs and necessity of higher battery capacity with longer lifespans.

PEST Analysis:

  • Political: Structural battery market receives good government support in form of funding and subsidies for R&D projects related to next-gen batteries. This is seen across regions like Europe and North America to reduce vehicular emissions.
  • Economic: Growing vehicle electrification trend and demand for longer battery life in electronic devices is driving strong economic growth of structural battery market. The market is projected to grow at a CAGR of over 20% through 2030.
  • Social: Increasing climate change concerns and rising pollution levels are encouraging social adoption of green technologies like EVs and renewable energy storage solutions. This is positively impacting the structural battery market.
  • Technological: Significant technology advancements in manufacturing processes, material science and integration of battery components into structural composites is enhancing the energy density and durability of structural batteries.

Key Takeaways:

The Global Structural Battery Market Size is expected to witness high growth. Regional analysis comprises the Asia Pacific region dominates currently with a share of over 35% led by strong manufacturing presence in China and demand from consumer electronics sector in countries like South Korea. North America and Europe follow Asia Pacific in terms of volume sales in structural battery market currently and are projected to be the fastest growing regions through the forecast period led by surging EV sales and government support.

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) . Tesla and Volkswagen have incorporated structural battery technology in their electric vehicles which has given them an edge over other automakers.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it