USD 44.69 Billion
Report ID:
SQMIG25A2277 |
Region:
Global |
Published Date: April, 2024
Pages:
224
|Tables:
90
|Figures:
70
Global Electric Vehicles (EV) Battery Market size was valued at USD 44.69 Billion in 2022 and is poised to grow from USD 54.12 Billion in 2023 to USD 250.33 Billion by 2031, growing at a CAGR of 21.1% in the forecast period (2024-2031).
As the demand for electric vehicles (EVs) increases globally, so does the demand for electric vehicle batteries. Government's focus on accelerating electrification to reduce reliance on fossil fuel imports and combat climate change are some of the key factors affecting the global use of electric vehicles. Besides, the environmental concerns of the global population are expected to affect green mobility adoption. According to International Energy Agency (IEA) Global EV Outlook, 2023 report, increasing emphasis by major automakers on proliferation of electric vehicles, increasing battery demand for EVs are the major market drivers is developed. According to the International Energy Agency (IEA) Global EV Outlook, 2023 report the reason for the increase is that it has led to an estimated 65% increase in demand, estimated from 330 GWh by 2021 in to 550 GWh by 2022.
Several types of batteries are used in electric vehicles depending on their performance and type. Batteries used in electric vehicles include lithium-ion, lead acid, nickel metal hydride, and other batteries. The introduction of new vehicles with higher battery capacity by leading automakers and their emphasis on early EV development and adoption is expected to boost the demand for EV batteries globally.
Global Market Size
USD 44.69 Billion
Largest Segment
Two-Wheeler
Fastest Growth
Growth Rate
21.1% CAGR
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Based on battery type, the market is segmented into lithium-ion, lead acid, nickel-metal hydride, and others. Based on vehicle type, the market is segmented into Battery Electric Vehicles (BEVs), Two-wheeler, Passenger Car Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs). Based on propulsion type, the market is segmented into BEV, PHEV. Based on region, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa.
Analysis by Vehicle Type
The passenger car segment accounted for more than 40.0% of the market by 2022. This is driven by the growing sales of electric passenger vehicles such as sedans, hatchbacks, SUVs, etc. (XUV, station wagon, minivan). This segment grows according to the IEA, the global electric vehicles battery market witness's exponential growth as sales exceeds 10 million by 2022. Electric cars sales are expected to remain strong through 2023. More than 2.3 million electric cars are sold in the first quarter of this year, representing an increase of almost 25% compared to the same period in 2022.
The two-wheeler segment is expected to grow at the highest CAGR during the forecast period. Currently, two-wheelers are one of the most electrified products on the market. For example, due to the size of the two-wheeler market, India is one of the first countries to promote two-wheeler electric vehicles, which are backed by state and local governments. On the other hand, it is expected that the light commercial vehicle segment will grow at the second highest CAGR during the forecast period. Commercial and light vehicles are also seeing an increase in electrification. Globally, electric light commercial vehicle (LCV) sales increased by more than 90% by 2022, reaching 310,000 vehicles.
Analysis by Propulsion Type
The battery electric vehicle (BEV) segment dominated the market and accounted for over 71.0% of the global revenue by 2022. The segment is also expected to grow at the highest CAGR during the forecast period BEV types are fully electric vehicles, with rechargeable battery packs. The increasing popularity of removable rechargeable EV batteries can be attributed to government-sponsored policies aimed at achieving zero emissions soon to enhance consumer satisfaction with BEV types are great. These batteries can be reused many times, thus reducing waste, extending their life, which is necessary to achieve a zero-carbon footprint
The plug-in hybrid electric vehicle (PHEV) segment is expected to grow at a significant CAGR during the forecast period. PHEVs combine electric motors with batteries and other fuel sources to power an internal combustion engine or alternative fuels, such as diesel or gasoline, passenger cars. Although many are hybrid electric vehicles, they are plug-in though, but also available in a variety of commercial products, such as buses, vans and motorcycles, Trucks, Trains, and Military Vehicles.
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Asia Pacific region dominated the market and accounted for over 51.0% of global revenue by 2022 and is expected to grow at the highest CAGR during the forecast period coupled with growing demand for electric vehicles in Asia Pacific, especially in China, India and South Korea Demand has increased in recent years. Battery concentration has increased significantly in China due to lower maintenance and labor costs, ultimately driving the market growth gains momentum in the region. Furthermore, the presence of manufacturers, such as Contemporary Amperex Technology Co., is a major factor in the development of the region. Ltd.(CATL); LG Energy Solutions; BYD Corporation Organized; The Panasonic Corporation; and Samsung SDI Company, Ltd.; support market development.
In North America, demand for EV batteries is also growing as electric vehicle sales rise in these regions. Some of the leading manufacturers of electric vehicles, such as Ford Motor Company, Byrische-Moren-Werke AG, and Teslamotor Inc., have already manufactured electric vehicles in the U.S. and Germany, so the U.S. and Germany led the way in the development and sale of electric car batteries. Furthermore, the development of electric vehicles intensifies the competition among market companies to provide improved and cost-effective solutions.
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Drivers
The cost of electric car batteries has fallen over the past decade. For example, according to the Global Change Data Lab, the cost of lithium-ion batteries has fallen by about 97% over the past 30 years. Lithium-ion batteries are one of the most widely used batteries in electric vehicles; Thus, the declining price of these batteries is expected to influence EV adoption, generating revenue growth opportunities beneficial for market growth in the coming years.
The rapidly expanding electric vehicle acts as a key driver for the growth of the global electric vehicle battery market. As the auto industry is experiencing a major shift to electrification, with environmental sustainability concerns and regulations to reduce greenhouse gas emissions, electricity the demand for energy vehicles continues to grow. The key component of an electric car is the battery that provides the energy needed to run it. The increasing adoption of electric vehicles in various industries including passenger cars, commercial vehicles and two-wheelers is providing advanced batteries that can provide better performance, energy consumption the demand for efficiency and detail has increased dramatically.
Restraints
Raw Material Shortages that may Hinder Market Growth
Lack of Standardization
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The competitive environment of the Global Electric Vehicles Battery Market is dynamic and characterized by the presence of a mix of well-established brands, emerging players, and niche producers. Innovation is a key competitive factor. The global electric vehicle battery market witnesses a highly competitive environment characterized by the presence of leading battery manufacturers, automotive OEMs and technical supplier's. Key players in the market are actively engaged in R&D activities to provide battery performance increased, durable, powerful and cost-cutting Yanti, which offers better energy efficiency, faster charging times and wider driving range.
Top Player’s Company Profiles
Recent Developments
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The strategic partnership between battery manufacturers, e-mobility providers and energy suppliers is also expected to boost sales over the forecast period. Suppliers provide market-leading use of advanced technology to improve battery durability and life during use. These suppliers are using strategies and advanced methods to meet their zero emissions goals, and to increase battery efficiency. These efforts have extended lifespan, reduced electronic waste and reduced the environmental impact associated with their manufacture and operation.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 44.69 Billion |
Market size value in 2031 | USD 250.33 Billion |
Growth Rate | 21.1% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Electric Vehicles (EV) Battery Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Vehicles (EV) Battery Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Vehicles (EV) Battery Market:
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Report ID: SQMIG25A2277