USD 44.69 Billion
Electric Vehicles (EV) Battery Market Size, Share, Growth Analysis, By Battery(Lithium-ion, Lead Acid, Nickel-metal Hydride, and Others), By Vehicle(Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs)), By Propulsion Type(BEV, PHEV), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG25A2277 |
Region:
Global |
Published Date: April, 2024
Pages:
224
|Tables:
90
|Figures:
70
Electric Vehicles (EV) Battery Market Insights
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.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Two-Wheeler
Fastest Growth
Growth Rate
21.1% CAGR
Global Electric Vehicles Battery Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Electric Vehicles (EV) Battery Market Segmental Analysis
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.
Global Electric Vehicles Battery Market By Vehicle
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Electric Vehicles (EV) Battery Market Regional Insights
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.
Global Electric Vehicles Battery Market By Region
- Largest
- Fastest
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Electric Vehicles (EV) Battery Market Dynamics
Drivers
- Reduce Electric Car Battery Costs to Boost Growth
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.
- Rapid Expansion in the Electric Vehicles
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
- China supplies three-quarters of all lithium-ion batteries, 70% of the capacity for cathodes and 85% for anodes. Additionally, Europe is responsible for more than a quarter of global production but has relatively small resources aside from 20% of cobalt production. Additionally, the South Korean and Japanese economies have a larger supply chain under the raw materials category, especially in the more industrial production of cathode and anode materials.
Lack of Standardization
- Furthermore, standardized recycling methods and lack of local regulations make it difficult to recycle and dispose of electric vehicle batteries. To meet these challenges requires a concerted effort by governments, manufacturers and recycling companies to develop effective recycling technologies, establish robust recycling programs and end year at it will continue to be used forever. life battery practices.
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Electric Vehicles (EV) Battery Market Competitive Landscape
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
- 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
Recent Developments
- In April 2023, SK On Co. Ltd., a joint venture between Hyundai Motor Group and SK Innovation Co. Ltd. the battery industry unveiled plans for a joint venture to manufacture EV battery cells in the US. The new plant is expected to begin producing battery cells by the end of 2025, with an annual capacity of 35 gigawatt hours. This capacity will be sufficient to power approximately 300,000 electric vehicles.
- In October 2022, Contemporary Amperex Technology Co., Limited, and Chinese automaker SAIC entered a joint venture with two oil companies, Sinopec and China National Petroleum (CNPC), aiming to provide battery electric vehicles adaptability has improved.
- In July 2022, Samsung SDI announced an $11 billion investment in cylindrical battery lines in Malaysia. This will be the second manufacturing facility to incorporate modern technology in the new EV batteries. Building a new battery plant is the right decision to meet the growing demand for EV batteries.
Electric Vehicles (EV) Battery Key Market Trends
- Trend of Electrification to Boost Market Growth: Electrification is one of the trends in the global 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 global electric vehicles' battery market. Besides, the ability of OEMs to absorb electricity, the atom giant is also affecting the global market.
Electric Vehicles (EV) Battery Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
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 |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Electric Vehicles (EV) Battery Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Electric Vehicles (EV) Battery Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
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.
Analyst Support
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:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Electric Vehicles (EV) Battery Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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