EV Battery Housing Market Dominated by Prismatic Cells

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【Summary】The global electric vehicle (EV) battery housing market is projected to reach $13.54 billion by 2032, growing at a CAGR of 13.14% during the forecast period. Prismatic cells are expected to dominate the market due to their advantages in energy density and thermal management. The passenger vehicles segment is projected to grow significantly, and aluminum is expected to be the dominant material type.

FutureCar Staff Aug 15, 2023 6:45 AM PT

EV Battery Housing Market Dominated by Prismatic Cells

The global electric vehicle battery housing market is projected to reach $13.54 billion by 2032, growing at a CAGR of 13.14% during the forecast period 2023-2032. This surge in the market can be attributed to the increasing demand for electric vehicles, expanding charging infrastructure, the need for lightweight materials, and enhanced driving range.

Electric vehicle battery housing is a crucial component that encloses and protects the battery pack in an electric vehicle. It plays a vital role in dissipating heat and preventing the spread of fire in case of a battery failure, ensuring the safety of vehicle occupants. Made from materials like aluminum, steel, and plastic, the battery housing is designed to be lightweight, strong, and corrosion-resistant while effectively managing thermal conditions.

The electric vehicle battery housing market is witnessing rapid growth due to the surging demand for electric vehicles. It serves as a vital component in ensuring battery safety and efficient operation, driving the growth of the automotive, electronics, and metal industries. The automotive industry is the primary consumer of electric vehicle battery housings, and with the increasing demand for electric vehicles, the market for battery housing is expected to grow significantly. Advances in battery technology, such as lithium-ion batteries, are also making electric vehicles more affordable and practical, thereby driving growth in the electronics industry. The metal industry is benefiting from the growth of the electric vehicle battery housing market as well, as battery housings require materials like aluminum and steel.

The electric vehicle battery housing market can be segmented based on cell format, vehicle type, material type, battery chemistry type, component type, and region. Prismatic cells are expected to dominate the market due to their higher energy density, flexible design, better thermal management, and cost-effectiveness. Passenger vehicles are projected to grow significantly, driven by the increasing demand for electric passenger cars and favorable government incentives. Aluminum is expected to dominate the market in terms of material type due to its lightweight, strength, corrosion resistance, and cost-effectiveness. Lithium-ion batteries are projected to dominate the battery chemistry type segment due to their high energy density, long lifespan, and relatively low cost. The bottom cover segment is expected to dominate the component type segment as it provides structural support, protects the battery pack, and helps in heat dissipation. Asia-Pacific and Japan are expected to dominate the market regionally due to the growing demand for electric vehicles, the presence of major battery manufacturers, availability of skilled labor, and favorable government policies.

Recent developments in the electric vehicle battery housing market include expansions and partnerships by major players to meet the increasing demand. For example, Magna extended its operations to accommodate new business from Ford Motor Company, Renault Group and Minth Group signed a memorandum of understanding to establish a joint venture, and Nemak, S.A.B. de C.V. was granted a contract worth $350 million annually to manufacture battery housings for electric vehicles.

The demand for electric vehicle battery housing is driven by the increasing demand for electric vehicles, rising environmental concerns, government incentives, and advances in EV battery technology. However, challenges faced by the market include high material costs, lack of standardization, demand volatility, and competition from other materials. Opportunities in the market include the rise of lightweight materials, development of integrated cooling systems, and growth of battery swapping systems to reduce recharge time.

Key market players in the electric vehicle battery housing market include SGL Carbon, Novelis Inc., Nemak, S.A.B. de C.V., Constellium SE, Gestamp Automocion, S.A., UACJ Corporation, GF Linamar LLC, Hanwha Solutions Advanced Materials, Minth Group, ThyssenKrupp AG, TRB Lightweight, Hitachi Metals, Ltd., Norsk Hydro ASA, Magna International Inc., Kautex Textron GmbH & Co. KG, Teijin Limited, LANXESS, Evonik Industries AG, Saudi Basic Industries Corporation (SABIC), and Covestro AG.