Global Electric Vehicles (EV) Battery Market

Electric Vehicles 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

Name: Global 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
Brand: SkyQuest Technology
Price: 5300 USD
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Report ID: SQMIG25A2277 | Region: Global | Published Date: April, 2024
Pages: 224 | Tables: 90 | Figures: 70

Electric Vehicles (EV) Battery Market News

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 Market Report Snapshots

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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).

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. '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 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.

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.

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Electric Vehicles (EV) Battery Market News

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