Global Electric Vehicle Battery Market Size To Grow At A CAGR Of 19.2% In The Forecast Period Of 2023-2028
The ‘Global Electric Vehicle Battery Market Size, Share, Growth, Analysis, Report and Forecast 2023-2028’ by Expert Market Research gives an extensive outlook of the global electric vehicle battery market, assessing the market on the basis of its segments like battery type, vehicle type, propulsion type, and major regions.
The key highlights of the report include:
Market Overview (2018-2028)
• Forecast CAGR (2023-2028): 19.2%
Governments worldwide are developing strategies to lower pollution levels and overall carbon emissions to combat the problem of global warming. This is leading to developments like electric vehicles that use renewable and sustainable energy as an alternative to traditional fuels and crude oil. It is anticipated that this will drive up demand for electric vehicle batteries globally.
The key factors propelling the growth of the electric vehicle battery market are the increasing consumer awareness of the advantages of electric vehicles, the surging popularity of advanced electric vehicles, and the expanding production volumes of the leading automakers. Additionally, manufacturers are attempting to create batteries with higher energy densities that increase battery range and use nanowires to shorten charging times in order to fulfil the fast-expanding market demand.
Furthermore, it is anticipated that the electric vehicle battery market expansion in the coming years will be aided by rapid technological improvements. For instance, the world’s first silicon-dominant battery prototype, which can be recharged in ten minutes, was recently introduced by StoreDot, an Israeli developer of fast-charging batteries for electric vehicles. In the upcoming years, these improvements are predicted to fuel market expansion.
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Electric Vehicle Battery Industry Definition and Major Segments
An electric vehicle battery is a type of battery used to power electric vehicles using the chemical energy stored in rechargeable battery packs so that the vehicles do not require any combustion to start the engine. Due to their high energy per unit mass compared to other electrical energy storage systems, the batteries are typically rechargeable and are available in lithium-ion, lead-acid, and nickel-metal-hydride types, among others. They are generally made for systems with high kilowatt-hour capacities. Since electric vehicles have become more common, these batteries are in more demand.
Based on battery type, the market is divided into:
• Lithium-Ion
• Lead-Acid
• Nickel-Metal-Hydride
• Others
On the basis of vehicle type, the market is segmented into:
• Passenger Car
• Commercial Vehicle
• Two Wheeler
By propulsion type, the market is divided into:
• Battery Electric Vehicle (BEV)
• Plug in Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
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Electric Vehicle Battery Market Trends
According to battery type, it is anticipated that the lithium-ion segment will dominate the electric vehicle battery market. The increased use of lithium-ion in the manufacture of batteries, which are increasingly used for the propulsion of electric cars, is responsible for this expansion. In comparison to other electrical energy storage technologies, it has a high energy per unit mass. They also feature a good temperature range, high power to weight ratio, high power efficiency, and low self-discharge. Additionally, these batteries can be completely recycled. These elements are anticipated to support market expansion in the coming years.
During the forecast period, Asia Pacific is anticipated to account for a significant share of the global electric vehicle battery market. This development can be attributed to the region’s rising demand for electric vehicles, particularly in China, as a result of lower labour and maintenance costs. Improvement in living conditions and increased disposable incomes are also contributing to the market’s expansion. Additionally, the market is benefiting from the swiftly evolving environmental rules put forth to reduce carbon emissions in the region.
Key Market Players
The major players in the global electric vehicle battery market report are
• BYD Company Ltd.
• Samsung SDI Co. Ltd.
• Contemporary Amperex Technology Co., Limited.
• Mitsubishi Electric Corporation
• Panasonic Corporation
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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