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

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.