Demand for Electric Vehicle (EV) Battery Is Projected to Reach USD 900 Billion by 2031

PRESS RELEASE
Published April 22, 2023

By the end of 2031, it is projected that the market for electric vehicle (EV) batteries would have expanded to USD 900 billion, exhibiting a CAGR of 25%, from its estimated value of USD 91 billion in 2021. The customer-centric business is likely to perform better in the longer term which is an essential step for keeping competitive advantages. With the right market research companies can find what works and what does not. Without an understanding of your customers, you cannot successfully establish a customer-centric firm. The Electric Vehicle (EV) Battery market study report is the best resource for gaining the deepest level of market understanding and discovering the best market opportunities in the targeted markets.

The structure of the report comprises the systematic collection and analysis of information from social and opinion research about certain people or organizations. Various definitions, industry segmentations or categories, industry applications, and value chain topologies are included in the report. With careful research and analysis, the market report covers a variety of sectors linked to the Automotive industry. When creating a Electric Vehicle (EV) Battery Market research document for a customer, FactMR staff adheres attentively to all market-related factors.

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The study covers all of the market shares and business plans of significant market participants. The competitive environment in the global Electric Vehicle (EV) Battery market is analysed based on the top manufacturers, trends, opportunities, marketing strategy analysis, market effect factor analysis, and consumer needs, taking into account the industry’s past, present, and future circumstances.

Market Players: –

  • Bayerische Motoren Werke AG
  • Daimler AG
  • Ford Motor Company
  • General Motors
  • Honda Motor Company Limited
  • Mitsubishi Heavy Industries Ltd.
  • Nissan Motor Corporation Limited
  • Renault SA
  • Tesla Motors Inc.
  • Toyota Motor Corporation
  • Volkswagen AG, Toshiba Corporation
  • Delphi Automotive LLC (Aptiv)
  • Samsung SDI Co. Ltd.

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Key Segments Covered

  • Power Source
    • Stored Electricity Electric Vehicle Battery
    • On-board Electric Generator Electric Vehicle Battery
  • Powertrain
    • Series Hybrid Electric Vehicle Battery
    • Parallel Hybrid Electric Vehicle Battery
    • Combined Hybrid Electric Vehicle Battery
  • Vehicle Type
    •  Passenger Cars
    • Commercial Vehicles
    • Two Wheelers
    • Others (Golf Carts etc.)

How are Surging Emobility Trends Expected to Widen EV Battery Sales?

Surging emobility trends are expected to widen EV battery sales by increasing the demand for electric vehicles. As electric vehicles become more popular, the demand for EV batteries will rise as well. This increased demand will create more opportunities for battery manufacturers to expand their production capabilities and product offerings. Additionally, the expected growth in EV sales may lead to the development of new battery technologies that are more efficient and costeffective. Lastly, the increased demand for EV batteries will lead to increased competition between battery manufacturers, which could lead to lower prices and improved technology.

Strategic alliances between e-mobility providers, battery makers, and energy suppliers are another trend that is predicted to promote sales of electric vehicle batteries. At the same time, automakers are pushing technology advancements to ensure that their electric vehicles have robust propulsion.

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Regional analysis includes

  • North America (U.S., Canada)
  • Latin America (Brazil, Mexico, Argentina, Chile, Peru, Rest of LATAM)
  • EU – (Germany, France, Italy, Spain), UK, BENELUX (Belgium, Netherlands, Luxemburg), NORDIC (Norway, Denmark, Iceland, Sweden), Eastern Europe (Poland, Ukraine, Czech Rep. etc.), Rest of Europe
  • CIS & Russia
  • Japan
  • Asia Pacific Excluding Japan (Greater China, India, S. Korea, ASEAN Countries, Rest of APEJ)

Competitive Landscape

In forthcoming years, manufacturers in the electric vehicle battery industry will primarily focus on strategic acquisitions, collaborations, and product introductions.

  • In May 2019, Panasonic Corporation announced the launch of ‘Nymbus’ – the first of its kind smart EV charging service in India. The new service combines various physical components such as charging stations, telematics systems, and others with virtual components including AI, cloud service, and analytics to deliver a one-stop solution.
  • As more people switch to electric vehicles, Hitachi High-Tech predicts a rise in demand for used lithium-ion batteries. According to the business, the annual global market for testing batteries is expected to reach between 500 billion ($4.8 billion) and 1 trillion yen by 2030

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