Electric Vehicle (EV) Battery Housing Market is expected to grow at a CAGR of 36.9% during the forecast period, 2020-2025

The automotive industry is witnessing a massive transformation in terms of technological development as the sales of electric vehicles have increased significantly due to various factors such as rising environmental concerns, availability of technology, and growing demand. The increased sales of electric vehicles have led to various automotive OEMs focusing on designing enhanced and efficient electric vehicle models, which may gradually replace traditional (internal combustion engine) vehicles. The evolution of Lithium-ion batteries has significantly contributed to this growth of the electric vehicles market over the last decades.

While initial hybrids used nickel-metal hydride (NiMH) batteries, Li-ion batteries have been the primary solutions for automakers to power plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). The high energy density and charge retention capacity, along with low maintenance, are some of the benefits that have accelerated the growth rate of Li-ion as battery technology.

Battery protection and monitoring are a necessity with Li-ion battery packs to protect it from overvoltage and load impact during crash/accidents. To avoid damages by side-impact and pole impact load cases, the EVs are equipped with battery housing systems. The battery housing in an EV is responsible for providing crash-safe battery protection from electric shock and fire hazards. The development of advanced material and material composition for battery housing has significantly improved the design and structure of battery packs in EVs. The demand for light materials in order to increase the vehicle range is changing the material composition for battery housing.

Numerous leading automotive OEMs and battery pack manufacturers have partnered with aluminum, steel, and plastic fiber manufacturers to design and develop robust and light battery housing systems for their battery packs. EV manufacturers are developing battery housing systems that can provide high yield strength, high fatigue strength, sealing, heat management, anti-vibration, corrosion protection to their battery pack. As governments across the world are starting to implement plans toward increasing electric vehicle sales and phasing out IC engine vehicles in their countries, the market for battery housing is also bound to expand.

The global EV battery housing market generated revenue of $873.4 million in 2020 and is expected to reach $4,478.0 million by 2025 at a CAGR of 36.9%. In terms of volume, the total demand for EV battery housing material in 2020 was 279.7 kilotons which is expected to increase to 1,167.3 kilotons in 2025, growing at a CAGR of 31.5% during the forecast period. Growing penetration of EVs across the globe, increasing EV range, and battery capacity coupled with demand for robust vehicle design is benefitting the market growth.

The report constitutes an extensive study of the global EV battery housing market. It includes a thorough analysis of different vehicle types as well as different materials used in the EV battery housing systems. The EV battery housing market has further been segmented in terms of cell format, which helps in understanding the material requirements in battery enclosures of different battery packs. It further explains the driving forces, challenges, and growth opportunities of the EV battery housing market. Major players have been identified on the basis of revenue generation pertaining to the EV battery housing market, regional presence, and developments related to battery enclosure systems.

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Clinical Decision Support Systems (CDSS) Market registering a CAGR of 6.70% during the forecast period 2021-2030

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The global hyperspectral imaging market was estimated to be at $791.2 million in 2021, which is expected to grow with a CAGR of 13.17% and reach $1,640.3 million by 2027.The growth in the global hyperspectral imaging market is expected to be primarily driven by increased awareness of the technology in different sectors such as agriculture, healthcare, and mining. The hyperspectral imaging technology has great potential, and the market is anticipated to grow during the forecast period owing to the widespread applications of HSI, increasing investments for RD activities, increasing demand from military and defense sectors, increased food safety concerns, and increasing awareness regarding early diagnosis of diseases. COVID-19 Impact and Post-COVID-19 Scenario The COVID-19 pandemic had a debilitating impact on the global ecosystem. The pandemic led to a shutdown of production facilities, which do not come under essential goods, which led to a negative impact on se...

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