Overview and Scope
Electric vehicle batteries are defined as batteries that are used to power electronic vehicles and are rechargeable in nature. These batteries support the clean energy initiative as they don’t emit any harmful gases which cause damage to the environment.
Sizing and Forecast
The electric vehicle (ev) batteries market size has grown strongly in recent years. It will grow from $27.24 billion in 2023 to $29.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to reduced cost of ev batteries, emerging markets growth, a rise in domestic manufacturing and a rise in disposable income.
The electric vehicle (ev) batteries market size is expected to see strong growth in the next few years. It will grow to $38.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increase in fuel prices, growing demand for electric vehicles, urbanization, and increasing investments by automotive oems. Major trends in the forecast period include vehicle to grid technology, adoption of lithium-ion batteries, partnerships and collaborations and increasing investments in electric vehicle (ev) batteries.
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Segmentation & Regional Insights
The electric vehicle (ev) batteries market covered in this report is segmented –
1) By Battery Type: Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Others
2) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
3) By Propulsion: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicles, Fuel Cell Electric Vehicles.
Asia-Pacific was the largest region in the electric vehicle batteries market in 2023. Western Europe was the second-largest region in the global electric vehicle batteries market share. The regions covered in the electric vehicle (ev) batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
Advances in electric vehicle (EV) batteries and their associated technologies are attracting the interests of individuals to purchase EVs, contributing to the growth of the EV batteries. Recent advancements such as lithium-ion batteries, fast charging, and better mileage have helped the electric cars become more passenger-friendly. According to the United States Department of Energy, the range of average electric car have increased from 73 miles to 400 miles in 2021. Moreover, the technological developments are contributing to reduced prices of the electronic batteries. According to the Bloomberg report, average prices for lithium-ion battery is $151/kWh in 2022. Therefore, the advances in electronic battery and its associated technologies increase the vehicles mileage and draws more customers driving the electric vehicle batteries market.
Key Industry Players
Major companies operating in the electric vehicle (ev) batteries market report are LG Energy Solution Ltd., Samsung SDI Co. Ltd., SK Innovation Co. Ltd., Panasonic Corporation, Contemporary Amperex Technology Co. Ltd., Clarios, BYD Co. Ltd., Narada Power Source Co. Ltd., GS Yuasa Corporation, Tianneng Power International Ltd., SVOLT Energy Technology Co, Ltd., EVTronic, Britishvolt, Aceleron, Williams Advanced Engineering, Zenobe, Northvolt, Verkor, Italvolt, Fortum, ElecSys, Volkswagen, CATL, BMW, Groupe Renault, Cobham, Varta, SAFT, AKOM, InoBat Auto, Ligier Group, Polaris Industries, Skoda Auto, Proterra, BMZ Inc., Microvast, Romeo Power, Quantumscape Corporation, Horwin, Smart Modular Technologies, IntelBras, Tecsys, Byvin, HDK Electric Vehicles, Ingersoll Rand Inc., Shandong Shifeng (Group), Speedway Electric, Eleksa EV, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Jet Motors
The electric vehicle (ev) batteries market report table of contents includes:
1. Executive Summary
2. Electric Vehicle (EV) Batteries Market Characteristics
3. Electric Vehicle (EV) Batteries Market Trends And Strategies
4. Electric Vehicle (EV) Batteries Market – Macro Economic Scenario
5. Global Electric Vehicle (EV) Batteries Market Size and Growth
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31. Electric Vehicle (EV) Batteries Market Other Major And Innovative Companies
32. Global Electric Vehicle (EV) Batteries Market Competitive Benchmarking
33. Global Electric Vehicle (EV) Batteries Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Electric Vehicle (EV) Batteries Market
35. Electric Vehicle (EV) Batteries Market Future Outlook and Potential Analysis
36.Appendix
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