EV battery separator market to grow 14% by 2023

London, England – The global battery separator market should increase at a 14% compound annual growth rate (CAGR) from 2019 through 2023, according to Technavio.

Rising environmental concerns and increased greenhouse gas (GHG) emissions have compelled several countries to rethink the use of fossil fuels in the transportation sector. Electric vehicles (EVs) are the only possible replacement for fossil-powered vehicles. Thus, several countries are introducing directives to moderate the shift in the automotive industry from diesel and petrol vehicles to EVs. Increasing sales of EVs are driving the demand for batteries, which will significantly contribute to the growth of the battery separator market during the forecast period.

The decline in lithium-ion battery cost will have a positive impact on the market and contribute to its growth significantly throughout the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth from 2019 to 2023.

Lithium-ion batteries are comparatively costlier than lead-acid batteries and account for a significant portion of the cost for end-users. However, the manufacturing cost of lithium-ion batteries and battery packs have declined substantially in the past few years due to the improved production scale and manufacturing efficiency.

This decline is also attributed to the increased adoption of battery technology by the automotive industry and the development of cost-effective production methods. Thus, the decline in cost will positively impact the growth of the battery separator market value during the forecast period.

“Apart from the decline in lithium-ion battery cost, other factors such as the increasing adoption of microgrids, and the high uptake rate for wet separators in the automotive industry will boost the battery separator market growth during the forecast period,” says a senior analyst at Technavio.

The Asia Pacific (APAC) region led the market in 2018; followed by the Americas; and Europe, the Middle East, and Africa (EMEA), respectively. The growth of the battery separator market share in APAC is driven by the rising demand for automobiles and consumer electronics devices, along with strong demand for battery separator from the industrial sector in the region.