One Stop Shop For Reports One Stop Shop For Reports
  • All Reports
  • All Sectors
    • Chemicals & Materials
      • Advanced Materials
      • Bulk Chemicals
      • Coatings | Paints and Additives
      • Composites
      • Renewable | Speciality chemicals
    • Consumer Goods
      • Baby Products
      • Consumer Electronics
      • Consumer Packaging
      • Cosmetics & Personal Care
      • Homecare & Decor
      • Luxury & premium products
    • Energy and Power
      • Energy Efficiency and Conservation
      • Green | Renewable Energy
      • Non Renewable | Conventional Energy
      • Power Equipment and Devices
    • Life Science
      • Biotechnology
      • Diagnostics
      • Healthcare
      • Healthcare IT
      • Medical Devices & Supplies
      • Pharmaceuticals
    • Food and Beverage
      • Agriculture & Agri Products
      • Beverages
      • Food Ingredients
      • Food Services and Hospitality
      • Nutraceutical | Wellness Food
      • Processed & Frozen Foods
    • Automotive and Transportation
      • Automotive components
      • Automotive Logistics
      • Automotive systems and accessories
    • Information and Communications Technology
      • E Commerce and Outsourcing
      • Entertainment & Media
      • High Tech | Enterprise & Consumer IT
      • Information & Network Security
      • Mobility | Telecom & Wireless
      • Software and Services
    • Semiconductor and Electronics
      • Semiconductor Materials and Components
      • Display Technology
      • Electronics System and Components
      • Emerging technologies
      • Security and Surveillance
      • Sensors and Controls
    • Building and Construction
      • Construction Materials
      • HVAC
      • Residential Construction and Improvement
      • Roads & Highways
    • Manufacturing
      • Manufacturing Services
      • Heavy Manufacturing
      • Packaging
      • Engineering | Equipment and Machinery
  • Report Library
  • Who Trust Us
  • Datafeature
  • [email protected]
  • +1 718 618 4351 (International)
  • +91 78878 22626 (Asia)

More Results

One Stop Shop For Reports One Stop Shop For Reports
  • All Reports
  • All Sectors
    • Chemicals & Materials
      • Advanced Materials
      • Bulk Chemicals
      • Coatings | Paints and Additives
      • Composites
      • Renewable | Speciality chemicals
    • Consumer Goods
      • Baby Products
      • Consumer Electronics
      • Consumer Packaging
      • Cosmetics & Personal Care
      • Homecare & Decor
      • Luxury & premium products
    • Energy and Power
      • Energy Efficiency and Conservation
      • Green | Renewable Energy
      • Non Renewable | Conventional Energy
      • Power Equipment and Devices
    • Life Science
      • Biotechnology
      • Diagnostics
      • Healthcare
      • Healthcare IT
      • Medical Devices & Supplies
      • Pharmaceuticals
    • Food and Beverage
      • Agriculture & Agri Products
      • Beverages
      • Food Ingredients
      • Food Services and Hospitality
      • Nutraceutical | Wellness Food
      • Processed & Frozen Foods
    • Automotive and Transportation
      • Automotive components
      • Automotive Logistics
      • Automotive systems and accessories
    • Information and Communications Technology
      • E Commerce and Outsourcing
      • Entertainment & Media
      • High Tech | Enterprise & Consumer IT
      • Information & Network Security
      • Mobility | Telecom & Wireless
      • Software and Services
    • Semiconductor and Electronics
      • Semiconductor Materials and Components
      • Display Technology
      • Electronics System and Components
      • Emerging technologies
      • Security and Surveillance
      • Sensors and Controls
    • Building and Construction
      • Construction Materials
      • HVAC
      • Residential Construction and Improvement
      • Roads & Highways
    • Manufacturing
      • Manufacturing Services
      • Heavy Manufacturing
      • Packaging
      • Engineering | Equipment and Machinery
  • Report Library
  • Who Trust Us
  • Datafeature
Home ➤ Energy and Power ➤ Transmission | Storage and Distribution ➤ Electric Vehicle Battery Market
Electric Vehicle Battery Market
Electric Vehicle Battery Market
Published date: May 2022 • Formats:
Request Sample
  • Home ➤ Energy and Power ➤ Transmission | Storage and Distribution ➤ Electric Vehicle Battery Market

Global Electric Vehicle Battery Market By Battery Type (Lead Acid Battery, Nickel-Metal Hydride Battery, Lithium-Ion Battery, and Others), By Vehicle Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)), By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032

  • Published date: May 2022
  • Report ID: 62157
  • Number of Pages: 257
  • Format:
  • Overview
  • Table of Contents
  • Major Market Players
  • Request a Sample
  • Quick Navigation

    • Report Overview
    • Driving Factors
    • Restraining Factors
    • COVID-19 Impact Analysis
    • Battery Type Analysis
    • Vehicle Type Analysis
    • Key Market Segments
    • Growth Opportunity
    • Latest Trends
    • Regional Analysis
    • Market Share & Key Players Analysis
    • Recent Developments
    • Report Scope

    Report Overview

    In 2022, the global Electric Vehicle Battery Market was valued at USD 50.5 Billion. Between 2023 and 2032, this market is estimated to register the highest CAGR of 26.5%. It is expected to reach USD 500 billion in the forecast period.

    The emergence of the technology of Lithium-ion has increased the demand for growth of batteries, which has been a primary solution for automobile manufacturer which can give power to battery electric vehicles, which are also called BEVs and Plug-in Hybrid Electric Vehicles (PHEVs). Some benefits that have helped in the growth of Li-ion as a battery technology are charge retention capacity, High-energy density, and low maintenance. BEVs and PHEVs in the Electric vehicle battery market, which the automobile manufacturers introduce, are expected to offer Li-ion power as a primary solution to their vehicles’ power source.

    Electric Vehicle Battery Market Size

    With the increasing sales of electric vehicles, the e-mobility trend is assumed to gain traction for the forecasted period. The establishment of green power generation capability and the continued rollout of the charging station is an add-on to the market’s growth. The strategic collaboration between e-mobility providers, energy suppliers, and battery manufacturer is the major trend that drives the growth of the electric vehicle market globally. Developing countries such as India, China, Mexico, and South Africa have been experiencing significant growth in electric vehicle registration.

    Driving Factors

    Reducing the cost of lithium-ion batteries helps drive the market’s growth globally.

    The lithium-ion is the main source of electric vehicles at present. Lithium-ion batteries hold 70% of the rechargeable battery market globally. The battery prices, which are charged kWh, are dropped from 1,000 USD to 200 USD. Due to the advancements in battery packs and the cell chemistry techniques of manufacturing, the prices of batteries are expected to drop in the coming years.

    Therefore the decrease in the cost of the battery is the main key driver of the growth of the market globally. Electric vehicles are more important than fuel-based automobiles, which release low emissions and have the potential to develop and utilize renewable energy resources.

    The government regulatory bodies implement rigorous fuel economy regulations due to the growing awareness about climate change, which resulted in electric vehicle development by providing subsidies. Therefore the concern about the emission emitted by the vehicles is likely to boost the growth of the market globally.

    Restraining Factors

    Lack of charging stations to restrain the market growth globally.

    Several minerals are essential to store and utilize electricity as a fuel, namely nickel, graphite, cobalt, manganese, and rare elements such as neodymium. The supplies of these minerals are geographically determined, and the alternatives for the battery are limited or do not exist.

    The increase in the demand for electric vehicles results in a short-term lack of supply of these battery components. The lack of charging infrastructure is also the key restraint to the market’s growth. The lack of charging infrastructure will eventually decrease the adoption of electric vehicles in emerging economies. Also, the cost of installing the charging infrastructure is high, and the cost per charge of the electric vehicles is low, which can restrain the market growth.

    COVID-19 Impact Analysis

    The pandemic has badly affected the growth of the electric vehicles market, resulting in a restraint in the growth of the electric vehicle batteries market. The pandemic created a bottleneck for the battery supply in the electric vehicle automotive industry. For example, Audi cites the issue related to the battery, which halted the production of the electric E-Tron SUV, which resulted in the reduction in the production of nearly 1600 to 4100 electric vehicles. The covid-19 pandemic has affected the profitability of the electric vehicle automotive industries. Hence the efforts required to diversify the supply chain of the crucial element needed for the manufacturing of electric vehicle batteries are expected to increase in the production of the electric vehicle battery market.

    Battery Type Analysis

    The lithium-ion battery segment dominates the market growth globally.

    Based on the battery type, the segment is classified into Lead-acid, nickel-metal hydride, lithium-ion, sodium-ion, and others. The lithium-ion segment is dominating the market globally. Lithium-ion batteries have high energy density and are used in applications that require lightweight.

    These batteries are widely used in automotive applications, including hybrid and electric vehicles, due to their high energy density per weight. Lead-acid batteries are used in applications where weight is not a constraint and where economical batteries are required. Lead acid batteries can be preferred as an alternative to lithium-ion batteries.

    Vehicle Type Analysis

    The Battery Electric Vehicle (BEV) segment dominates the market’s growth globally.

    The battery electric vehicle dominates the growth of the market. It holds the largest market share during the forecasted period. The rise in electric vehicle adoption due to cost-saving and zero carbon emission is driving the market’s growth. The increase in technological advancement is also the reason for the market’s growth.

    Electric Vehicle Battery Market Share

    The continuous advancement in technologies, which will initially decrease the price of the batteries of the electric vehicle, is one of the major reasons for the global growth of the market. The advantages of zero-emission and the ability to not emit toxic gases is the main factor driving the growth of the market.

    Key Market Segments

    Based on the Battery Type

    • Lead Acid Battery
    • Nickel-Metal Hydride Battery
    • Lithium-Ion Battery
    • Others

    Based on Vehicle Type

    • Battery Electric Vehicle (BEV)
    • Plug-In Hybrid Electric Vehicle (PHEV)
    • Hybrid Electric Vehicle (HEV)

    Growth Opportunity

    Adopting electric vehicles, which can swap or change batteries, is a major opportunity.

    Key major players in the market are coming up with innovative ideas and new business models such as batter-as-a-service, also called BaaS, and battery swapping, allowing the user to change or swap electric batteries once the battery is discharged. This can save the users time spent on charging the batteries, which results in customer satisfaction and can be the main reason for consumers to adopt electric vehicles.

    Latest Trends

    The development of advanced battery chemistry is the major trend in the market.

    Recently, lithium-nickel-manganese-cobalt-oxide, also called NMC is used in the construction of electric vehicle batteries. Eventually, the adoption of new battery chemistries for electric vehicles is growing significantly. This chemistry offers high energy density and a longer life cycle of the batteries, as compared to the equivalent batteries like NMC and NCA material. Therefore the development of advanced battery chemistry is a positive trend that drives the growth of the market globally.

    Regional Analysis

    APAC region dominates the market growth globally.

    Asia-Pacific dominates the global electric vehicle battery market and holds the majority of the market share at 38.8%. Most of the production of electric vehicles is represented by Japan, China, and South Korea. The electric vehicles produced by the European countries use batteries made by Japan and South Korea due to the similar electric grid of the European average.

    The domestic market of China uses most of the electric batteries manufactured by China. North America is the leading consumer of electric vehicle batteries, and integrating battery storage with renewables systems offers significant growth in the electric vehicle battery market for lithium-ion batteries. Europe will face significant growth in the market as the major factor for the growth is the plug-in electric vehicles and the incentive funds by the green recovery funds. Also, some of the major factories are planned across Europe to boost electric vehicle demand.

    Electric Vehicle Battery Market Region

    Key Regions and Countries Covered in this Report:

    • North America
      • The US
      • Canada
      • Mexico
    • Western Europe
      • Germany
      • France
      • The UK
      • Spain
      • Italy
      • Portugal
      • Ireland
      • Austria
      • Switzerland
      • Benelux
      • Nordic
      • Rest of Western Europe
    • Eastern Europe
      • Russia
      • Poland
      • The Czech Republic
      • Greece
      • Rest of Eastern Europe
    • APAC
      • China
      • Japan
      • South Korea
      • India
      • Australia & New Zealand
      • Indonesia
      • Malaysia
      • Philippines
      • Singapore
      • Thailand
      • Vietnam
      • Rest of APAC
    • Latin America
      • Brazil
      • Colombia
      • Chile
      • Argentina
      • Costa Rica
      • Rest of Latin America
    • Middle East & Africa
      • Algeria
      • Egypt
      • Israel
      • Kuwait
      • Nigeria
      • Saudi Arabia
      • South Africa
      • Turkey
      • United Arab Emirates
      • Rest of MEA

    Market Share & Key Players Analysis

    Major players in the electric vehicle battery market are LG, Samsung SDI, BYD company, Panasonic, and others. The cost of the batteries is the main restraint on the growth of the battery market. Companies like Panasonic and LG chem are heavily investing in Research and Development to lower the cost of batteries by reducing the use of expensive materials used for the electric vehicle battery market manufacturing.

    Market Key Players:

    Listed below are some of the most prominent bio-based surface disinfectant industry players:

    • ATLASBX Co.
    • Sony
    • Hitachi
    • NEC Corporation
    • Panasonic Corporation
    • TCL Corporation
    • Huanyu New Energy Technology
    • Duracell
    • NorthStar
    • Crown Battery Manufacturing
    • GS Yuasa Corp
    • East Penn Manufacturing Co.
    • C&D Technologies, Inc.
    • B. Battery Co., Ltd.
    • Narada Power Source Co., Ltd.
    • CSB Battery Company Ltd.
    • EnerSys, Inc.
    • Coslight Technology International Group Co., Ltd.
    • Zibo Torch Energy Co., Ltd.
    • Other Key Players

    Recent Developments

    • In June 2021- Nissan Motors announced an announcement of building gigafactories of electric batteries in the United Kingdom, along with a China-based technology company known as Envision AESC.
    • In March 2021- A lithium metal battery startup was done by the partnership of General Motors and SolidEnergy systems. This partnership aimed to boost the development of the U.S. automobile manufacturer’s battery, which allows for an increase in the driving range and a smaller package.

    Report Scope

    Report FeaturesDescription
    Market Value (2022)US$ 50.5 Bn
    Forecast Revenue (2032)US$ 500.0 Bn
    CAGR (2023-2032)26.5%
    Base Year for Estimation2022
    Historic Period2016-2022
    Forecast Period2023-2032
    Report CoverageRevenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments
    Segments CoveredBy Battery Type: Liquid, Spray, and Wipe; By Vehicle Type: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), and Hybrid Electric Vehicle (HEV)
    Regional AnalysisNorth America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA
    Competitive LandscapeATLASBX Co., Sony, Hitachi, NEC Corporation, Panasonic Corporation, TCL Corporation, Huanyu New Energy Technology, Duracell, NorthStar, Crown Battery Manufacturing, GS Yuasa Corp, East Penn Manufacturing Co., C&D Technologies, Inc., B.B. Battery Co., Ltd., Narada Power Source Co., Ltd., CSB Battery Company Ltd., EnerSys, Inc., Coslight Technology International Group Co., Ltd., Zibo Torch Energy Co., Ltd., and Other Key Players.
    Customization ScopeCustomization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements.
    Purchase OptionsWe have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF)

    Frequently Asked Questions (FAQ)

    What is an electric vehicle battery?

    An electric vehicle battery is a rechargeable battery used to power the electric motor of an electric vehicle (EV). These batteries are different from traditional internal combustion engine (ICE) batteries as they are designed to provide high power and energy density to support the high-performance requirements of EVs.

    What types of electric vehicle batteries are available in the market?

    The most common types of electric vehicle batteries in the market are lithium-ion batteries, nickel-metal hydride batteries, and lead-acid batteries. However, lithium-ion batteries are the most popular and widely used type of EV battery due to their high energy density, low self-discharge rate, and long cycle life.

    How long do electric vehicle batteries last?

    The lifespan of an electric vehicle battery depends on various factors such as the battery chemistry, usage patterns, and environmental conditions. On average, the lifespan of an electric vehicle battery is around 8-10 years or 100,000-200,000 miles, after which it may need to be replaced.

    What is the future of the electric vehicle battery market?

    The electric vehicle battery market is expected to grow significantly in the coming years due to the increasing demand for EVs and the development of advanced battery technologies. The market is expected to be driven by the growing need for clean and sustainable transportation solutions and the increasing investment in battery research and development to improve battery performance, reduce costs, and increase energy density.

    Electric Vehicle Battery Market
    Electric Vehicle Battery Market
    Published date: May 2022
    add_shopping_cartBuy Now get_appDownload Sample
    keyboard_arrow_up
    • ATLASBX Co.
    • Sony
    • Hitachi Ltd. Company Profile
    • NEC Corporation
    • Panasonic Corporation Company Profile
    • TCL Corporation
    • Huanyu New Energy Technology
    • Duracell
    • NorthStar
    • Crown Battery Manufacturing
    • GS Yuasa Corp
    • East Penn Manufacturing Co.
    • C&D Technologies, Inc.
    • B. Battery Co., Ltd.
    • Narada Power Source Co., Ltd.
    • CSB Battery Company Ltd.
    • EnerSys, Inc.
    • Coslight Technology International Group Co., Ltd.
    • Zibo Torch Energy Co., Ltd.
    • Other Key Players
  • settingsSettings

Related Reports

  • Lithium Hexafluorophosphate Market
  • Liquid Packaging Board Market
  • Lithium Tantalate Crystal Market
  • Indocyanine Green Market
  • Hesperidin Market
  • FRP Tank Market

Our Clients

  • Our Clients
Inquiry Before Buying

Electric Vehicle Battery Market
  • 62157
  • May 2022
    • ★★★★★
      ★★★★★
    • (43)
  • US $5,999
    US $2,999
  • US $7,999
    US $3,499
  • US $12,999
    US $4,499
Buy Now
Unlock Hidden Market Insights

✖
Request a Sample Report
We'll get back to you as quickly as possible

Single User
$5,999
$2,999
USD / per unit
save 50%
Multi User
$7,999
$3,499
USD / per unit
save 55%
Corporate User
$12,999
$4,499
USD / per unit
save 65%
e-Access
Report Library Access
Data Set (Excel)
Print
Company Profile Library Access
Interactive Dashboard
Free Custumization No up to 10 hrs work up to 30 hrs work
Accessibility 1 User 2-5 User Unlimited
Analyst Support up to 20 hrs up to 40 hrs up to 50 hrs
Benefit Up to 20% off on next purchase Up to 25% off on next purchase Up to 30% off on next purchase
Buy Now ($ 2,999)Buy Now ($ 3,499)Buy Now ($ 4,499)
  • location_on420 Lexington Avenue, Suite 300 New York City, NY 10170,
    United States
  • phone+1 718 618 4351 (International)
  • phone+91 78878 22626 (Asia)
  • email[email protected]
  • Facebook Logo
  • Twitter Logo
  • LinkedIn Logo
Find Help
  • Contact Us
  • How to Order
Legal
  • Privacy Policy
  • Refund Policy
  • Frequently Asked Questions
  • Terms and Conditions
Explore
  • About Us
  • All Reports
  • All Sectors
  • Infographics
  • Statistics and Facts
  • Companies
  • Report Library
Secured Payment Options
Secured Payment Options

© 2023 Market.Us. All Rights Reserved.