EVE Energy’s cylindrical batteries will help meet global EV demand of 62.74 million units by 2030, says Globaldata

Following the news that China-based EVE Energy achieved the production of one millionth 4695 cylindrical battery;

Sumit Das, Senior Automotive Analyst at GlobalData, a leading data and analytics company, offers his view:

“EVE Energy, being one of the pioneers in developing 4695 cylindrical cell type technology, also produces different types of cells such as pouch, prismatic, and other variants of cylindrical cells. Its new 4695 cylindrical cell type is claimed to increase energy density by 27% when compared with the EVE 4680 cell type and holds the capacity to store more energy in the same amount of space with fast charging and safety features. After commencing production of 4695 cells in the fourth quarter of 2022, EVE Energy is currently mass producing them and expects to be able to produce 100 Gwh per year by 2025. This production capacity is expected to help meet the growing demand for battery electric vehicles (BEVs).

“As per the estimates by GlobalData, the electric vehicle market, including BEVs and hybrid vehicles (HEVs), will reach 62.74 million units by 2030, recording a compound annual growth rate (CAGR) of 16% during 2022-30. In addition, the advanced automotive cylindrical lithium-Ion battery market for BEVs and HEVs is estimated to be 6.24 million units by 2030.  

“In 2022, EVE Energy signed an agreement to become the main supplier of battery cells for BMW's new series of electric vehicles to be launched from 2025. The Chinese company also announced that it will build a cylindrical battery production plant in Debrecen, Hungary, with an estimated investment of $1.4 billion. In addition, it plans to invest over $ 2.3 billion in new battery plants in China. Cylindrical cell types such as 1865, 2170, and 46XX are small in size and are considered to be safer than pouch and prismatic cell types. Companies like  LG Energy Solutions,  Panasonic, Samsung SDI and EVE Energy are the leaders in manufacturing, innovation and technology of this type of cells.”