Structural Battery Market Poised For Significant Growth Owing To Growing Usage In Electric Vehicles

https://www.coherentmarketinsights.com/market-insight/structural-battery-market-5720
Structural Battery Market 




Structural batteries are a type of battery that can be built directly into the physical structure or design of an electronic device as an alternative to discrete batteries. These batteries utilize lightweight and durable materials such as aluminum and carbon fiber to construct them, enabling structural integrity of the device along with energy storage capabilities. They are gaining prominence in the electric vehicles industry owing to their potential to reduce vehicle weight and increase mileage. Structural batteries can be incorporated within vehicle chassis, panels and frames, allowing more interior space. The growing demand for electric vehicles across the globe to curb emissions is driving the demand for structural batteries.

The Global Structural Battery Market is estimated to be valued at US$ 1.84 Bn  in 2024 and is expected to exhibit a CAGR of 20.%  over the forecast period 2024 to 2030.

Key Takeaways

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 players are focusing on developing advanced structural battery technologies and establishing strategic partnerships with automotive OEMs for commercialization.

The Structural Battery Market Size is expected to witness significant growth opportunities owing to the rising adoption of electric vehicles globally. Additionally, the development of smart infrastructure such as smart buildings and bridges also offers scope for structural battery integration.

Major automobile manufacturers have started shifting their production facilities towards electric vehicles to comply with stringent emission regulations worldwide. Countries across North America, Europe and Asia Pacific are providing subsidies for electric vehicles, encouraging global expansion of structural battery market.

Market Drivers and Restraints

One of the major drivers for the structural battery market growth is the increasing demand for electric vehicles worldwide due to stringent emission norms and rising environmental concerns. Structural batteries help reduce vehicle weight and increase battery capacity, thus enhancing driving range of electric vehicles. Another driver is the ongoing research and development of low-cost and durable structural battery technologies for commercialization.

The high costs associated with the production of structural batteries as compared to conventional batteries can act as a market restraint. Extensive testing is required to ensure structural integrity and performance safety of these batteries, which remains a challenge. Limited charging infrastructure also restrains widespread adoption of electric vehicles, indirectly impacting the structural battery market.

Segment Analysis

The structural battery market can be segmented based on components, type, end-user and region. Based on components, the cathodes segment dominated the market in 2021 due to the increasing demand for cathodes in structural batteries from various end users such as automotive, consumer electronics, etc. Cathodes play an important role in a structural battery as it acts as the electrochemical cell that receives ions (lithium ions) from the anode during discharge. Based on type, the thin and thick film batteries segment accounted for the largest market share in 2021 owing to the wide applications of thin and thick film structural batteries in various sectors. Based on end user, the automotive segment holds the major share of the structural battery market due to the extensive usage of structural batteries in electric vehicles for power backup.

Global Analysis

Regionally, North America dominated the global structural battery market in 2021 and is expected to continue its dominance during the forecast period. This is attribited to the presence of major structural battery manufacturers and researchers in countries like the US and Canada. However, Asia Pacific is projected to witness the highest growth rate during the forecast period. This is owing to the rapidly developing automotive industry and increasing government focus on electric vehicles adoption in countries such as China and South Korea. Additionally, the availability of inexpensive raw materials and components in Asia Pacific is fostering market growth in the region.

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