According to the new market research report "High Voltage Battery Market By Capacity (75-150, 151-225, 226-300, >300kWh), Type (NCA, NMC, LFP, Others), Range (100-250, 251-400, 401-550, >550 Miles), Voltage (400-600, >600V), Vehicle Type (Truck, Bus, Passenger Car) and Region-Global Forecast to 2025", published by MarketsandMarkets™, The high voltage battery market is projected to grow at a CAGR of 38.95% from 2018 to 2025, and the market size is projected to grow from USD 8.9 billion in 2018 to USD 89.1 billion by 2025. The increasing demand for higher driving range vehicles, significant focus toward smart transportation, and advancement toward battery chemistry are expected to play a significant role in the growth of the high voltage battery market.

The >300 kWh segment is expected to be the largest contributor in the high voltage battery market, by battery capacity, during the forecast period.

The growth of >300kWh batteries is mainly driven by the dominating electric bus industry in China. All the electric bus models of the market leader, BYD, fall under this category. Additionally, the electrification of public transportation would drive the demand for electric buses and trucks, which, in turn, would drive the high voltage battery market as electric buses and trucks are equipped with more than >300 kWh battery packs. For instance, Tesla Semi’s battery pack will have a capacity of 800–1,000 kWh. According to primary insights, Tesla Semi Truck would be a game changer in the electric truck industry, as a significant number of logistics and transport companies have pre-ordered Tesla Semi Truck.

The high voltage battery market for the bus is estimated to be the largest market during the forecast period.

As the energy requirement of electric buses is very high, currently 90% of the electric buses fall under the high voltage category. According to primary insights, this number is expected to be 100% by 2025. With aggressive incentives and mandates from the Chinese government, the country has already proved themselves as a leader in clean technologies. The electric buses are expected to dominate the high voltage market, by vehicle type, due to the rising adoption of electric buses for public transportation in cities across the globe. Moreover, in the passenger car segment, the current high voltage battery market is driven by the BEV industry leader, Tesla.

In the driving range, the >550 miles segment is projected to grow at the fastest rate during the forecast period.

Currently, the majority of the electric buses and passenger cars fall under 251–400 miles and 401–550 miles driving range. However, with advancements in battery chemistry and growing fast-charging network, electric buses are expected to shift gradually toward >550 miles range. A similar trend is expected for electric trucks, as the market for electric trucks is under development phase. However, successful electric transportation also drives the demand for > 550 miles battery electric vehicles. For instance, in November 2017, Tesla unveiled a prototype of Semi-Truck, which will go for full-fledged production by 2019. The semi-trucks can travel approximately 600 miles of range.y

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Asia Oceania is expected to account for the largest market size during the forecast period.

Asia Oceania is projected to hold the largest market share. Factors such as dominating Chinese EV industry, strong economic growth, increasing focus toward smart cities, development related to Gigafactory setup, and favorable government policies have triggered the demand for high voltage battery in the region. China accounts for the highest market share of 78.8% of the global high voltage battery market, which can be attributed to the ever-growing production of electric buses in the country. Additionally, China and South Korea, home for the largest battery manufacturers, play a key role in the high voltage battery supply chain industry in the Asia Oceania region. On the other hand, when compared to the European and North American region, people from the Asia Oceania region prefer economic electric cars with a driving range of >100 miles. This trend is expected to change with the entry of Tesla model 3 in the country. According to Tesla, the company is planning to produce 500,000 cars in China. Such developments are expected to help Asia Oceania dominate the high voltage battery market in the near future as well.

Some of the key players in the high voltage battery market are Panasonic (Japan), BYD (China), CATL (China), LG Chem (South Korea), and Tesla (US). Panasonic (Japan) is identified as the leading player in the high voltage battery market.

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