11 September 2020
Visiongain has published a new report on Gigafactory Market Report : Forecasts by Application (EV Battery & Assembly and Others). PLUS Profiles of Leading Gigafactory Operators/Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Gigafactory market was valued at US$xx billion in 2019 and is projected to reach at a market value of US$xx billion by 2030. Asia Pacific dominated the global Gigafactory market and is projected to witness CAGR of xx% during the first half of the forecast period i.e. 2020 to 2030.
COVID-19 Impact on Gigafactory Market
COVID-19 impact through different recovery models such as V-shaped, U-shaped, W-shaped, and L-shaped; has been taken into consideration while estimating and forecasting the Gigafactory market. Different recovery scenarios are also included in the report for all the segments and regions/nation. The recovery scenarios based on which market has been forecasted and analysed herein the report are mentioned below:
Growing demand for electric vehicles and industrial lithium ion battery
The Electric Vehicles Initiative (EVI) is a multi-government policy forum dedicated to accelerating the introduction and adoption of electric vehicles. As per EIA, the global demand for EV’s is expected to cross 40 million units by 2030. This has triggered investments into the development of one stop solution i.e. in-house production of lithium ion battery packs and assembly of EV’s in Gigafactory.
In-house production and assemble of lithium ion battery
The main advantage of Gigafactory is the in-house assembly of EV’s and development of lithium ion battery packs under one roof. This minimize the overall cost of manufacturing an EV, which can be sold at an affordable price in the global market. Tesla, has been developing such facilities which will be entirely powered by renewable energy sources for its in-house operations. Majority of lithium battery manufacturers are investing on Tesla’s Gigafactory in order to grab additional market share in the near future. Thus, Gigafactory can obtain cost optimization for the EV industry.
Growing requirement for high-capacity lithium-ion batteries
Recent rapid improvements in lithium-ion (Li-ion) battery costs and performance, coupled with growing demand for electric vehicles (EVs) and increased renewable energy generation, have unleashed massive investments in the massive mega factories. These investments will push both Li-ion and new battery technologies across competitive thresholds for new applications more quickly than anticipated.
Currently, the growing demand for lithium ion battery is not getting meet by traditional battery manufacturing facilities. This has paved ways for the development of Gigafactory; which would result in mass production of lithium battery along with EV assembly.
Widespread adoption of eco-friendly vehicles
Government to several nations are promoting and even providing subsidies to the manufacturers and dealers of EV’s. Stringent regulations related to carbon emissions has fuelled the growth of electric vehicles. Furthermore, technology developments related to the manufacture of efficient and long-lasting lithium battery with high charging capacity is beginning to shift user preference from fossil fuel powered vehicle to battery powered vehicle. Competition between EV manufacturers will continue to fuel the search for more space- and weight-efficient batteries.
Top 3 companies (Tesla Inc., LG Chem, and CATL) constitute more than 50% share of the global Gigafactory market. Other companies profiled in the report include: BYD Co Ltd, SAMSUNG SDI CO., LTD., BAK Power Battery, Toshiba International Corporation, Saft, Dalian CBAK Power Battery Co., Ltd, TianJin Lishen Battery Joint-Stock CO., LTD., and Panasonic Corporation. Some of the key developments are listed below:
• In November 2019, Tesla scored 77% of US electric auto sales and has plans to reach 100% by 2020. The target - 500k cars sales in 2020 - $35k cost (Model 3).
• In January 2019, LG Chem declared to pump $1 Billion Into Nanjing Battery Complex in order to tap the demand in both China and globally for storage products that are a central component of renewable energy cars and power plants.
• In November 2019, Tesla Inc. has reached a preliminary agreement to start using CATL as a battery supplier for vehicles made in China starting as early as next year, and the companies are in talks to expand the relationship globally. Though a final agreement is expected to be signed by mid-2020
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