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

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.