Global Electric Vehicles Battery Market

Electric Vehicles Battery Market Size, Share, Growth Analysis, By Battery(Lithium-ion, Lead Acid), By Vehicle(Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs)), By Propulsion Type(BEV, PHEV) - Industry Forecast 2024-2031

Report ID: SQMIG25A2277 | Region: Global | Published Date: April, 2024
Pages: 224 | Tables: 90 | Figures: 70

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Electric Vehicles 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).

The competitive environment of the 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 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. 'Contemporary Amperex Technology Co., Ltd. (CATL)', 'LG Energy Solution', 'BYD Company Ltd.', 'Panasonic Corp.', 'Samsung SDI Co., Ltd.', 'SK Innovation Co., Ltd.', 'Toshiba Corporation', 'EnerSys, Inc.', 'Hitachi, Ltd.', 'Mitsubishi Corp.', 'Narada Power Source Co. Ltd', 'East Penn Manufacturing Company', 'GS Yuasa Corporation', 'Clarios'

Reduce Electric Car Battery Costs to Boost Growth

Trend of Electrification to Boost Market Growth: Electrification is one of the trends in the electric vehicle battery market. The government’s focus on EV charging stations and a strong EV ecosystem to adopt emission-free mobility is expected to impact the growth of the electric vehicles' battery market. Besides, the ability of OEMs to absorb electricity, the atom giant is also affecting the market.

Asia Pacific region dominated the market and accounted for over 51.0% of 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.

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