UK Electric Commercial Vehicle Battery Pack Market Size and Share
Market Overview
| Study Period | 2017 - 2029 |
|---|---|
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2029 |
| Market Size (2025) | USD 99 Million |
| Market Size (2029) | USD 114.5 Million |
| Growth Rate (2025 - 2029) | 3.71% CAGR |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order Image © Mordor Intelligence. Reuse requires attribution under CC BY 4.0. |
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UK Electric Commercial Vehicle Battery Pack Market Analysis by Mordor Intelligence
The UK Electric Commercial Vehicle Battery Pack Market size is estimated at 99 million USD in 2025, and is expected to reach 114.5 million USD by 2029, growing at a CAGR of 3.71% during the forecast period (2025-2029).
The UK commercial vehicle battery industry is experiencing transformative growth driven by ambitious governmental initiatives and technological advancements. The British government's commitment to phasing out the sale of new petrol and diesel vehicles by 2030 has created a strong foundation for market expansion. This transition is supported by substantial financial backing, as evidenced by the government's USD 260.46 million investment in battery technology announced in 2022. The industry's evolution is further accelerated by the implementation of Clean Air Zones in major cities, providing additional incentives for businesses to transition to electric fleets. These initiatives are complemented by generous government subsidies, including incentives of up to USD 2,647 for electric vehicles and USD 8,470.4 for electric vans.
The technological landscape of the industry is rapidly evolving, with significant improvements in battery performance and efficiency. Current electric commercial vehicles demonstrate impressive capabilities, with an average battery density of approximately 125 Wh/kg, enabling operational ranges of up to 150 kilometers for standard commercial vehicles and extending to 450 kilometers for medium and heavy-duty trucks. Battery manufacturers are focusing on developing advanced chemistries and innovative cell designs to enhance energy density and reduce charging times. The industry is witnessing a shift toward more efficient commercial vehicle battery pack designs, with battery costs currently constituting between 30-50% of the total vehicle price, driving efforts to optimize manufacturing processes and reduce production costs.
Infrastructure development plays a crucial role in market expansion, with significant investments being channeled into charging networks and support facilities. The establishment of comprehensive charging networks is addressing range anxiety concerns while simultaneously creating opportunities for innovative charging solutions. Major automotive manufacturers are forming strategic partnerships with technology providers to develop integrated charging solutions and battery management systems. These collaborations are fostering innovation in areas such as fast-charging capabilities, thermal management, and battery longevity, creating a more robust ecosystem for electric commercial vehicles.
The industry is witnessing significant developments in domestic battery production capabilities, with several major initiatives underway to establish local manufacturing facilities. Britishvolt's planned gigafactory in Northumberland represents a significant step toward creating a robust domestic battery supply chain. This facility, along with other planned investments in battery manufacturing infrastructure, is expected to strengthen the UK's position in the global electric vehicle battery market. The focus on local production is complemented by research and development efforts in advanced battery technologies, including solid-state batteries and improved cell chemistries, positioning the UK as a hub for battery innovation and manufacturing excellence. The development of electric truck battery and electric bus battery technologies is also a critical component of this strategic focus, ensuring that the UK remains at the forefront of the electric vehicle revolution.
UK Electric Commercial Vehicle Battery Pack Market Trends and Insights
THE LEADING PLAYERS SHAPING THE ELECTRIC VEHICLE MARKET IN THE UNITED KINGDOM ARE TOYOTA GROUP, TESLA, KIA, HYUNDAI, AND BMW
- The electric vehicle battery pack market in the United Kingdom is competitive. In 2022, five companies dominated the market, holding over 45% of the market share. These front-runners are Toyota Group, Tesla, Kia, Hyundai, and BMW. The Toyota Group leads the pack, boasting about 16.86% market share, establishing itself as the top seller of electric vehicles. With its diverse product range, extensive service network, and robust brand reputation, Toyota continues to strengthen its market position.
- Tesla, capturing approximately 9.57% of the UK electric vehicle battery pack market, stands as the second-largest electric vehicle seller in the country. The company's innovative strategies and its broad range of solely electric cars solidify its stance. Following closely, Kia takes the third spot with about 7.53% of the market share in the UK electric vehicle battery pack market. With a varied product lineup catering to different customer segments, Kia benefits from a well-structured supply and distribution chain.
- In fourth place, Hyundai claims around 7.47% of the market share in the UK electric vehicle market. Its diverse offerings appeal to both mid-range and premium customers, resulting in a loyal customer base. BMW is in the fifth position, holding a market share of approximately 6.66%. Other notable players in the UK electric vehicle market include Volkswagen, Honda, MG, Renault, and Audi.
EV SALES IN THE UNITED KINGDOM ARE LED BY TESLA AND TOYOTA, WITH THE HIGHEST DEMAND FOR BATTERY PACKS
- The demand for electric vehicles in the UK electric vehicle battery pack market has surged in recent years, resulting in boosting the demand for batteries. Numerous brands and models populate the market in the United Kingdom. In 2022, the top five contenders in the UK electric vehicle battery pack market were the Tesla Model Y, the Toyota Vitz (Yaris), the Tesla Model 3, the Toyota Corolla, and the Toyota CH-R. Leading the chart, the Tesla Model Y sold 35,551 units, with its extended range, spacious seating, and generous cargo space making it a consumer favorite.
- Toyota's Vitz, better known as Yaris, was in the second spot in the UK electric vehicle battery pack market with 22,051 sales. Its hybrid powertrain and affordability cater to those seeking a compact electric option. Close behind, the Tesla Model 3 secured third place in the electric vehicle battery pack market in the country, logging 19,071 sales. Offered in both rear-wheel drive and performance trims, its robust performance captivates many customers.
- Fourth in line, the Toyota Corolla registered 18,594 sales in the United Kingdom. Its hybrid powertrain and competitive pricing continue to lure customers. In the fifth position, the Toyota CH-R marked 17,440 sales across the United Kingdom. Other significant players in the UK electric vehicle battery pack market include the Toyota Yaris Cross, Hyundai Tucson, Kia Niro, and Honda Fit.
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- POLICIES AND INCENTIVES BY THE UK GOVERNMENT ARE DRIVING A SURGE IN ELECTRIC VEHICLE SALES
- DECLINING LITHIUM-ION BATTERY PRICES ARE PROPELLING ELECTRIC VEHICLE ADOPTION IN THE UNITED KINGDOM
- FROM 2017 THROUGH 2022, UK BATTERY PRICES FELL STEADILY DUE TO TECHNOLOGICAL ADVANCES, ECONOMIES OF SCALE, AND COMPETITION IN THE MARKET
- INTERNATIONAL COMPANIES ARE DRIVING ELECTRIFICATION IN THE UNITED KINGDOM WITH NEW EV MODELS, EXPANDING THE ELECTRIC VEHICLE MARKET
- THE UK ELECTRIC VEHICLE BATTERY PACK MARKET IS CHARACTERIZED BY THE DOMINANCE OF NMC BATTERIES AND GROWING DEMAND FOR NCA AND NCM CHEMISTRIES
- POTENTIAL BAN ON INTERNAL COMBUSTION ENGINES IN THE UNITED KINGDOM IS DRIVING ELECTRIC VEHICLE ADOPTION AND DEMAND FOR BATTERY MATERIALS
- IMPROVEMENTS IN BATTERY TECHNOLOGY ARE A DRIVING FORCE BEHIND THE INCREASING POPULARITY OF ELECTRIC VEHICLES IN THE UNITED KINGDOM
Segment Analysis: Body Type
LCV Segment in UK Electric Commercial Vehicle Battery Pack Market
Light Commercial Vehicles (LCVs) have emerged as the dominant segment in the UK electric commercial vehicle battery pack market, commanding approximately 43% market share in 2024. This significant market position is driven by the increasing adoption of electric delivery vans and small commercial vehicles in urban areas. The segment's growth is further supported by the expanding e-commerce sector and last-mile delivery requirements, which have created a strong demand for electric LCVs. Major automotive manufacturers are introducing new electric LCV models with enhanced range and payload capacity, while government incentives and regulations promoting zero-emission vehicles in urban areas have accelerated market adoption. The segment's success is also attributed to the lower total cost of ownership compared to traditional fuel vehicles and the availability of diverse battery pack options tailored to different operational needs.
M&HDT Segment in UK Electric Commercial Vehicle Battery Pack Market
The Medium and Heavy-Duty Truck (M&HDT) segment is experiencing the fastest growth in the UK electric commercial vehicle battery pack market, with a projected growth rate of approximately 43% from 2024 to 2029. This remarkable growth is driven by increasing environmental regulations and the logistics industry's push toward sustainable transportation solutions. The segment is witnessing significant technological advancements in battery technology, enabling longer range capabilities and faster charging times for heavy-duty applications. Fleet operators are increasingly investing in electric truck battery solutions to reduce operational costs and meet sustainability targets. The development of high-capacity charging infrastructure along major transportation routes and the introduction of government incentives specifically targeting the electrification of heavy-duty vehicles are further accelerating the segment's growth.
Remaining Segments in Body Type
The Bus segment, while smaller in market share, plays a crucial role in the UK electric commercial vehicle battery pack market. Electric bus battery solutions are increasingly being adopted by public transportation authorities and private operators as part of urban mobility solutions. The segment is characterized by unique requirements for battery packs, including high-capacity storage for extended operational hours and fast-charging capabilities for minimal downtime. The transition to electric buses is particularly significant in metropolitan areas where air quality improvements are a priority, and many cities are implementing zero-emission zones that favor electric public transportation solutions.
Segment Analysis: Propulsion Type
BEV Segment in UK Electric Commercial Vehicle Battery Pack Market
Battery Electric Vehicles (BEVs) maintain a commanding position in the UK electric commercial vehicle market by propulsion type, holding approximately 99% market share in 2024. This dominance is driven by several factors including superior operational efficiency, lower maintenance costs, and enhanced driving range capabilities. Major automotive manufacturers are increasingly focusing on BEV technology, with companies like Mercedes-Benz, Ford, and Volkswagen expanding their electric commercial vehicle portfolios. The segment's growth is further supported by the UK government's commitment to reducing carbon emissions and the implementation of various incentives and subsidies for BEV adoption. Additionally, improvements in battery technology, including enhanced energy density and faster charging capabilities, have made BEVs more attractive for commercial applications, particularly in urban delivery and logistics operations.
PHEV Segment in UK Electric Commercial Vehicle Battery Pack Market
The Plug-in Hybrid Electric Vehicle (PHEV) segment is experiencing rapid growth in the UK electric commercial vehicle battery pack market, with an expected growth rate of approximately 32% from 2024 to 2029. This accelerated growth is attributed to the segment's ability to offer a transitional solution for businesses not yet ready to fully commit to pure electric vehicles. PHEVs are gaining traction particularly in applications requiring longer operating ranges and flexibility in operations. The segment's expansion is supported by continuous technological advancements in hybrid powertrain systems, improving both electric-only range and overall fuel efficiency. Manufacturers are investing heavily in PHEV technology development, focusing on enhancing battery capacity and charging capabilities while maintaining the operational flexibility that hybrid systems offer.
Segment Analysis: Battery Chemistry
NMC Segment in UK Electric Commercial Vehicle Battery Pack Market
The Nickel Manganese Cobalt (NMC) battery chemistry segment maintains its dominant position in the UK electric commercial vehicle battery pack market, commanding approximately 63% of the total market share in 2024. This substantial market leadership can be attributed to NMC batteries' superior performance characteristics, including high energy density, extended cycle life, and improved thermal stability. The segment's prominence is further reinforced by major automotive manufacturers increasingly adopting NMC chemistry for their commercial electric vehicle lineups, particularly in delivery vans and medium-duty trucks. The growing emphasis on sustainability and performance requirements in commercial applications has led to continuous improvements in NMC battery technology, with manufacturers focusing on reducing cobalt content while maintaining or enhancing performance metrics. The segment's success is also supported by its proven track record in providing reliable power solutions for various commercial vehicle applications, from last-mile delivery vans to heavy-duty trucks.
NCM Segment in UK Electric Commercial Vehicle Battery Pack Market
The Nickel Cobalt Manganese (NCM) battery chemistry segment is emerging as the fastest-growing segment in the market, projected to expand at approximately 23% CAGR from 2024 to 2029. This remarkable growth trajectory is driven by several factors, including technological advancements in NCM chemistry that have led to enhanced energy density and improved safety features. The segment's growth is further accelerated by increasing investments in research and development, focusing on optimizing the ratio of nickel, cobalt, and manganese to achieve better performance characteristics. Commercial vehicle manufacturers are particularly attracted to NCM batteries due to their balanced approach to power delivery, thermal management, and cost-effectiveness. The segment's expansion is also supported by the development of advanced manufacturing processes that enable more efficient production of NCM batteries, making them increasingly competitive in the commercial vehicle market.
Remaining Segments in Battery Chemistry
The other significant segments in the battery chemistry market include Lithium Iron Phosphate (LFP), Nickel Cobalt Aluminum (NCA), and other emerging chemistries. LFP batteries have gained traction due to their enhanced safety features and cost-effectiveness, making them particularly suitable for specific commercial vehicle applications where safety is paramount. NCA batteries continue to play a crucial role in the market, offering high energy density and strong performance characteristics, though their adoption is more selective due to cost considerations. The emergence of new battery chemistries and hybrid combinations represents ongoing innovation in the sector, with manufacturers exploring various combinations to optimize performance, safety, and cost-effectiveness for different commercial vehicle applications. These segments collectively contribute to the market's diversity, offering vehicle manufacturers a range of options to meet specific operational requirements and cost targets.
Segment Analysis: Battery Form
Prismatic Segment in UK Electric Commercial Vehicle Battery Pack Market
The prismatic battery segment has emerged as the dominant force in the UK electric commercial vehicle battery pack market, commanding approximately 59% of the total market share in 2024. This segment's leadership position can be attributed to several key advantages that prismatic batteries offer, including superior energy density, compact size, and enhanced thermal management capabilities. These batteries are particularly well-suited for commercial vehicles that require higher power output and extended driving ranges. The segment is also experiencing the fastest growth trajectory, projected to expand at nearly 22% through 2029, driven by continuous technological advancements in battery chemistry and manufacturing processes. The superior temperature control and enhanced safety features of prismatic batteries have made them increasingly attractive for commercial applications, while their efficient packaging design allows for optimal space utilization in electric commercial vehicles.
Remaining Segments in Battery Form
The pouch and cylindrical battery segments represent significant alternatives in the UK electric commercial vehicle battery pack market, each offering unique advantages for different applications. Pouch batteries are gaining traction due to their flexible design and lightweight characteristics, making them particularly suitable for applications where weight optimization is crucial. These batteries also demonstrate excellent thermal management properties and can be efficiently packaged in various configurations. Meanwhile, cylindrical batteries continue to maintain their relevance in the market, particularly valued for their durability and standardized manufacturing processes. Their established production methods and proven reliability make them a preferred choice for certain commercial vehicle applications where consistent performance and cost-effectiveness are primary considerations. Both segments contribute to the market's diversity by offering manufacturers different options to meet specific vehicle requirements and operational needs.
Segment Analysis: Method
Laser Segment in UK Electric Commercial Vehicle Battery Pack Market
The laser segment has emerged as the dominant force in the UK electric commercial vehicle battery pack market, commanding approximately 63% of the market share in 2024. This method utilizes advanced laser beam technology for welding battery cells, offering superior precision and control during the manufacturing process. The segment's prominence can be attributed to several key advantages, including higher precision welding capabilities, improved energy efficiency, and enhanced overall performance of battery packs. The laser method's ability to create stronger and more reliable connections between battery cells has made it particularly attractive to manufacturers. Furthermore, this segment is experiencing remarkable growth and is projected to maintain its upward trajectory with an estimated growth rate of about 25% from 2024 to 2029. This growth is driven by increasing demand for high-quality battery packs, technological advancements in laser welding techniques, and the method's ability to support the production of lightweight and efficient battery systems for electric commercial vehicles.
Wire Segment in UK Electric Commercial Vehicle Battery Pack Market
The wire method represents a significant portion of the UK electric commercial vehicle battery pack market, serving as a traditional and reliable approach to battery pack manufacturing. This method involves the use of welding wires to establish connections between individual battery cells, offering a proven and cost-effective solution for manufacturers. The wire method continues to be valued for its flexibility in design and implementation, making it particularly suitable for various battery pack configurations and sizes. The segment maintains its relevance through continuous improvements in wire technology, including enhanced conductivity materials and improved welding techniques. Manufacturers appreciate the wire method for its straightforward implementation, lower initial investment requirements, and established track record in the industry. The method's adaptability to different production scales and its compatibility with existing manufacturing processes ensure its continued presence in the market, particularly among manufacturers who prioritize proven technologies and cost-effectiveness in their production processes.
Segment Analysis: Component
Cathode Segment in UK Electric Commercial Vehicle Battery Pack Market
The cathode segment dominates the UK electric commercial vehicle market by component, commanding approximately 66% market share in 2024. This significant market position can be attributed to cathode materials' crucial role in determining battery performance, energy density, and overall efficiency. Major manufacturers are investing heavily in advanced cathode materials development, focusing on improving energy density and reducing cobalt content while maintaining performance. The segment's growth is further supported by increasing partnerships between cathode material suppliers and battery manufacturers, ensuring stable supply chains and consistent quality. Additionally, the rising demand for high-performance batteries in commercial vehicles has led to increased research and development activities in cathode technology, particularly in developing materials that offer enhanced thermal stability and longer cycle life.
Separator Segment in UK Electric Commercial Vehicle Battery Pack Market
The separator segment is emerging as the fastest-growing component in the UK electric commercial vehicle market by component, with an expected growth rate of approximately 17% from 2024 to 2029. This growth is primarily driven by technological advancements in separator materials, focusing on enhanced thermal stability and improved mechanical strength. Manufacturers are increasingly investing in research and development of advanced separator technologies, including ceramic-coated and composite separators, which offer better safety and performance characteristics. The segment is also witnessing innovation in sustainable and eco-friendly separator materials, addressing environmental concerns while maintaining high performance standards. The development of thinner separators with improved porosity and ion conductivity is expected to further drive market growth, as these advancements contribute to overall battery efficiency and performance in commercial electric vehicles.
Remaining Segments in Component
The anode and electrolyte segments also play vital roles in the UK electric commercial vehicle battery pack market. The anode segment continues to evolve with developments in silicon-based materials and graphite alternatives, focusing on improving energy density and charging capabilities. Manufacturers are exploring various anode materials to enhance battery performance while reducing costs. The electrolyte segment is witnessing innovations in both liquid and solid-state technologies, with research focusing on developing more stable and safer electrolyte formulations. These segments are crucial in determining the overall performance, safety, and reliability of electric commercial vehicle battery packs, with ongoing developments in both areas contributing to the advancement of battery technology in the commercial vehicle sector.
Segment Analysis: Material Type
Natural Graphite Segment in UK Electric Commercial Vehicle Battery Pack Market
Natural graphite has emerged as a dominant material in the UK electric commercial vehicle battery pack market, commanding approximately 32% market share in 2024. This significant market position can be attributed to natural graphite's excellent electrical conductivity, thermal stability, and cost-effectiveness compared to other materials. The material's superior performance characteristics, including an average particle size of 25 1⁄4m and tap density of 1.7 g/cm3, make it particularly suitable for high-energy applications in commercial electric vehicles. Major automotive manufacturers and battery producers are increasingly favoring natural graphite due to its ability to enhance battery efficiency and longevity while maintaining competitive pricing structures. The material's sustainable sourcing options and established supply chains have further strengthened its market position, with several UK-based manufacturers incorporating natural graphite into their battery production processes.
Manganese Segment in UK Electric Commercial Vehicle Battery Pack Market
The manganese segment is experiencing remarkable growth in the UK electric commercial vehicle battery pack market, with projections indicating a robust expansion rate of approximately 23% from 2024 to 2029. This growth trajectory is driven by manganese's crucial role in enhancing battery performance and stability, particularly in commercial vehicle applications. The material's favorable electrochemical properties and ability to improve battery efficiency have made it increasingly attractive to manufacturers. Technological advancements in manganese-based cathode materials are contributing to improved energy density and overall battery performance, further accelerating adoption rates. The segment's growth is also supported by ongoing research and development initiatives focused on optimizing manganese content in battery chemistries, with manufacturers exploring innovative ways to leverage its benefits while maintaining cost-effectiveness.
Remaining Segments in Material Type
The other significant materials in the UK electric commercial vehicle battery pack market include cobalt, lithium, nickel, and various other specialized materials. Cobalt continues to play a vital role in ensuring battery stability and performance, despite efforts to reduce its content due to supply chain considerations. Lithium remains fundamental to battery chemistry, with manufacturers exploring different lithium-based compounds to optimize performance and cost. Nickel is gaining importance in high-energy density applications, particularly in premium commercial vehicle segments. These materials collectively contribute to the diverse material ecosystem necessary for advancing battery technology, with each offering unique properties that cater to specific performance requirements and application needs in the commercial electric vehicle sector.
Competitive Landscape
Top Companies in UK Electric Commercial Vehicle Battery Pack Market
The UK electric commercial vehicle battery pack market features established global players like CATL, BYD, Samsung SDI, LG Energy Solution, and SK Innovation, alongside emerging domestic manufacturers such as Britishvolt and Ilika Technologies. These companies are actively pursuing product innovation through advanced battery chemistries, enhanced energy density solutions, and improved thermal management systems. Operational agility is demonstrated through the vertical integration of supply chains, localized manufacturing facilities, and strategic partnerships with automotive OEMs. Companies are expanding their presence through significant investments in research and development centers, manufacturing facilities, and technical collaboration with universities and research institutions. Strategic moves include joint ventures for battery recycling, partnerships for scaling up production, and the development of specialized battery solutions for different commercial vehicle segments.
Market Dominated by Global Battery Specialists
The UK electric commercial vehicle battery pack market exhibits a consolidated structure dominated by global battery technology specialists, particularly from Asian countries like China, South Korea, and Japan. These companies leverage their extensive experience in battery manufacturing, established supply chains, and significant research capabilities to maintain market leadership. While global conglomerates maintain dominance, domestic players are emerging through government support, technological partnerships, and a focus on specialized battery solutions for commercial applications. The market is characterized by high entry barriers due to its capital-intensive nature, technical expertise requirements, and established relationships with automotive manufacturers.
The market is witnessing increased consolidation through strategic partnerships, joint ventures, and technology-sharing agreements. Major battery manufacturers are forming alliances with automotive OEMs to secure long-term supply contracts and develop customized solutions. Local players are partnering with global technology providers to enhance their manufacturing capabilities and expand market presence. The industry is seeing vertical integration trends as companies seek to control critical aspects of the supply chain, from raw material sourcing to battery pack assembly and recycling operations.
Innovation and Sustainability Drive Future Success
For incumbent players to maintain and increase their market share, focus needs to be placed on continuous innovation in battery technology, particularly in areas of energy density, charging speed, and safety features. Companies must invest in sustainable manufacturing practices, establish robust recycling programs, and develop cost-effective solutions while maintaining quality standards. Building strong relationships with commercial vehicle manufacturers, expanding local production capabilities, and offering comprehensive after-sales support will be crucial. Additionally, developing specialized solutions for different commercial vehicle segments and maintaining flexibility in production to meet varying customer requirements will be essential.
Emerging players can gain ground by focusing on niche market segments, developing innovative battery chemistries, and establishing a strong local presence through strategic partnerships. Success will depend on the ability to navigate regulatory requirements, secure stable supply chains, and demonstrate product reliability through rigorous testing and certification. Companies must also consider potential impacts of evolving environmental regulations, changing customer preferences, and technological advancements in alternative energy storage solutions. Building strong relationships with local authorities, investing in skilled workforce development, and maintaining transparent sustainability practices will be crucial for long-term success in this market.
UK Electric Commercial Vehicle Battery Pack Industry Leaders
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BYD Company Ltd.
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Contemporary Amperex Technology Co. Ltd. (CATL)
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LG Energy Solution Ltd.
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Samsung SDI Co. Ltd.
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SK Innovation Co. Ltd.
- *Disclaimer: Major Players sorted in no particular order
Recent Industry Developments
- January 2023: Ilika is leading an £8.2 million collaboration with industry experts to deliver its solid-state battery ready for automotive level performance.
- November 2022: AMTE Power PLC has received a conversion notice in respect of GBP150,000 worth of convertible loan notes from Arena Investors LP, resulting in the issue of 245,514 new shares at a conversion price of 61.10 pence each.
- October 2022: AMTE Power has agreed on a production contract with the UK Battery Industrialisation Centre for its Ultra High Power cells.
UK Electric Commercial Vehicle Battery Pack Market Report Scope
Bus, LCV, M&HDT are covered as segments by Body Type. BEV, PHEV are covered as segments by Propulsion Type. LFP, NCA, NCM, NMC, Others are covered as segments by Battery Chemistry. 15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh are covered as segments by Capacity. Cylindrical, Pouch, Prismatic are covered as segments by Battery Form. Laser, Wire are covered as segments by Method. Anode, Cathode, Electrolyte, Separator are covered as segments by Component. Cobalt, Lithium, Manganese, Natural Graphite, Nickel are covered as segments by Material Type.| Bus |
| LCV |
| M&HDT |
| BEV |
| PHEV |
| LFP |
| NCA |
| NCM |
| NMC |
| Others |
| 15 kWh to 40 kWh |
| 40 kWh to 80 kWh |
| Above 80 kWh |
| Less than 15 kWh |
| Cylindrical |
| Pouch |
| Prismatic |
| Laser |
| Wire |
| Anode |
| Cathode |
| Electrolyte |
| Separator |
| Cobalt |
| Lithium |
| Manganese |
| Natural Graphite |
| Nickel |
| Other Materials |
| Body Type | Bus |
| LCV | |
| M&HDT | |
| Propulsion Type | BEV |
| PHEV | |
| Battery Chemistry | LFP |
| NCA | |
| NCM | |
| NMC | |
| Others | |
| Capacity | 15 kWh to 40 kWh |
| 40 kWh to 80 kWh | |
| Above 80 kWh | |
| Less than 15 kWh | |
| Battery Form | Cylindrical |
| Pouch | |
| Prismatic | |
| Method | Laser |
| Wire | |
| Component | Anode |
| Cathode | |
| Electrolyte | |
| Separator | |
| Material Type | Cobalt |
| Lithium | |
| Manganese | |
| Natural Graphite | |
| Nickel | |
| Other Materials |
Market Definition
- Battery Chemistry - Various types of battery chemistry considred under this segment include LFP, NCA, NCM, NMC, Others.
- Battery Form - The types of battery forms offered under this segment include Cylindrical, Pouch and Prismatic.
- Body Type - Body types considered under this segment include, LCV (light commercial vehicle), M&HDT (medium & heavy duty trucks)and buses.
- Capacity - Various types of battery capacities inldude under theis segment are 15 kWH to 40 kWH, 40 kWh to 80 kWh, Above 80 kWh and Less than 15 kWh.
- Component - Various components covered under this segment include anode, cathode, electrolyte, separator.
- Material Type - Various material covered under this segment include cobalt, lithium, manganese, natural graphite, nickel, other material.
- Method - The types of method covered under this segment include laser and wire.
- Propulsion Type - Propulsion types considered under this segment include BEV (Battery electric vehicles), PHEV (plug-in hybrid electric vehicle).
- ToC Type - ToC 2
- Vehicle Type - Vehicle type considered under this segment include commercial vehicles with various EV powertrains.
| Keyword | Definition |
|---|---|
| Electric vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all electric vehicles as well as plug-electric vehicles as well as plug-in hybrids. |
| Battery-as-a-Service | A business model in which the battery of an EV can be rented from a service provider or swapped with another battery when it runs out of charge |
| Battery Cell | The basic unit of an electric vehicle's battery pack, typically a lithium-ion cell, that stores electrical energy. |
| Module | A subsection of an EV battery pack, consisting of several cells grouped together, often used to facilitate manufacturing and maintenance. |
| Battery Management System (BMS) | An electronic system that manages a rechargeable battery by protecting the battery from operating outside its safe operating area, monitoring its state, calculating secondary data, reporting data, controlling its environment, and balancing it. |
| Energy Density | A measure of how much energy a battery cell can store in a given volume, usually expressed in watt-hours per liter (Wh/L). |
| Power Density | The rate at which energy can be delivered by the battery, often measured in watts per kilogram (W/kg). |
| Cycle Life | The number of complete charge-discharge cycles a battery can perform before its capacity falls under a specified percentage of its original capacity. |
| State of Charge (SOC) | A measurement, expressed as a percentage, that represents the current level of charge in a battery compared to its capacity. |
| State of Health (SOH) | An indicator of the overall condition of a battery, reflecting its current performance compared to when it was new. |
| Thermal Management System | A system designed to maintain optimal operating temperatures for an EV's battery pack, often using cooling or heating methods. |
| Fast Charging | A method of charging an EV battery at a much faster rate than standard charging, typically requiring specialized charging equipment. |
| Regenerative Braking | A system in electric and hybrid vehicles that recovers energy normally lost during braking and stores it in the battery. |
Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: To build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built based on these variables.
- Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. Market revenue is calculated by multiplying the volume demand with volume-weighted average battery pack price (per kWh). Battery pack price estimation and forecast takes into account various factors affecting ASP, such as inflation rates, market demand shifts, production costs, technological developments, and consumer preferences, providing estimations for both historical data and future trends.
- Step-3: Validate and Finalize: In this important step, all market numbers, variables, and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
- Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
