"Electric Vehicle Battery Pack Market to Grow to 200 Trillion Won by 2025"

On the 17th, visitors attending 'InterBattery 2022' held at COEX in Samseong-dong, Gangnam-gu, Seoul, are examining a POSCO battery pack model for electric vehicles made with composite materials at the POSCO Chemical exhibition hall. Photo by Hyunmin Kim kimhyun81@

[Asia Economy Reporter Oh Hyung-gil] The global market size for battery packs used in Battery Electric Vehicles (BEV) and Plug-in Hybrid Electric Vehicles (PHEV) is projected to grow to $159 billion (approximately 200.9 trillion KRW) by 2025.

According to a report released on the 25th by energy-focused market research firm SNE Research, the electric vehicle (BEV+PHEV) market size is expected to increase about 2.2 times from 9.74 million units this year to 21.72 million units in 2025.

Accordingly, the global market size for battery packs used in BEVs and PHEVs is also expected to grow about 2.1 times from $75 billion this year to $159 billion in 2025.

The market size of major components that make up battery packs is also estimated to grow to $42.4 billion in 2025, about 2.1 times this year’s level.

Through the application of technologies such as material lightweighting and reduction of connecting parts, the price per kilowatt-hour (kWh) of battery packs is expected to fall to around $123 in 2025. This represents a decrease of approximately 15% compared to last year.

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