Guidehouse Insights report shows declining EV battery pack prices
A new report from Guidehouse Insights examines the market trends, drivers, and barriers of electric vehicle batteries (EVBs), providing global forecasts for light-duty (LD) passenger EVs, medium-duty (MD) and heavy-duty (HD) trucks, and MD and HD buses, through 2030.
Advances in battery technology to increase energy density, widespread commercialization of HD EVs such as trucks and buses, and sustainable and efficient methods for sourcing and handling raw materials all contribute to a growing EVB market. Challenges to the market include cost and technology limitations, which remain priority concerns for consumers and automakers, but are expected to make headway during the next decade. According to the report, battery pack prices across all vehicle classes and powertrains are expected to experience declines by 2030, with the biggest declines observed in LD battery EVs (8.3% annual decrease) followed by LD plug-in hybrid EVs (8.1% decrease).
“As EV adoption rates and manufacturing capacity increase, new innovations are emerging that are expected to drive the EVB technology market in the coming years,” said Maria Chavez, Research Analyst with Guidehouse Insights. “Advances include declining battery costs, improved safety measures for advanced battery technologies, new vehicle-to-grid (V2G) applications, and an increased focus on sustainable and responsible mineral sourcing.”
According to the report, today’s battery systems may use several technologies, with chemistries demonstrating varied benefits and drawbacks. Some of the more popular Lithium-ion technologies continue to be prominent in the market due to their cost-effectiveness and reliability. Others, such as solid-state batteries, are still in their infancy and are not yet practical for commercialization but show promise in the new decade.
Drivetrains included in the report, “Market Data: EV Batteries,” cover battery EVs, plug-in hybrid EVs, and traditional hybrid EVs. Forecast figures include regional segmentation of the world market. The topics examined include market trends, drivers, and barriers of the EVB market; second-life applications; and market forecasts, which extend through 2030.
For more information, visit www.guidehouseinsights.com.