Chicago, Jan. 05, 2023 (GLOBE NEWSWIRE) -- EV Battery Market is projected to grow at a CAGR of 19.0% from USD 56.4 billion in 2022 to USD 134.6 billion by 2027, according to a new report by MarketsandMarkets™.
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| Report Attributes | Details |
| Market size value in 2022: | USD 56.4 Billion |
| Projected to reach 2027: | USD 134.6 Billion |
| CAGR: | 19.0% |
| Base Year Considered: | 2021 |
| Forecast Period: | 2022-2027 |
| Largest Market: | Asia Pacific |
| Region Covered: | Asia Oceania, Europe, North America, and RoW |
| Segments Covered: | Battery Type, Li-Ion Battery Component, Propulsion, Vehicle Type, Method, Battery Capacity, Material Type, Battery Form, And Region |
| Companies Covered: | CATL (China), Panasonic Holdings Corporation (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea). A total of 23 major company profiles covered and provided |
The automotive industry places a strong emphasis on efficiency, emission-free propulsion, and cutting-edge technologies as a result of the government's increasingly strict regulations regulating emissions created by vehicles. In the upcoming years, it is anticipated that the market for EV batteries would grow due to the rising popularity of electric vehicles and enhanced network, charging technology, and capacity infrastructure across various nations.
Lithium segment is expected to capture the largest market share during the forecast period.
In the EV Battery Market, by material type, the lithium segment is expected to capture the largest market share during the forecast period. Alongside the expansion of existing facilities, large-scale projects are being planned and implemented in other countries, such as Canada, Europe and other regions. In addition, Asian battery manufacturers such as CATL (China), Samsung SDI (South Korea) in particular have secured large quotas by entering into long-term supply contracts and acquiring stakes in companies.
By propulsion, the BEVs segment is projected to lead during the forecast period
In the EV Battery Market, by propulsion, the BEVs segment is projected to lead during the forecast period. BEVs have an increasing demand due to concerns about emission reductions worldwide. Due to the low availability of charging stations and the high cost of EV batteries, BEVs had a low demand. However, the demand for BEVs has been rising significantly due to the decreasing cost of EV batteries at a fast and steady rate coupled with increasing EV range and a growing EV charging network worldwide Some new EVs launched in 2021, and upcoming in early 2022 include Aspark Owl, Audi A6 e-Tron, Audi Q4 e-Tron, BMW i4, BMW iX, Cadillac Lyriq, Chevrolet Silverado Electric, Hyundai Ioniq 5, Kia EV6, Lucid Air, Mazda MX-30, Mercedes Benz (EQA, EQB, EQC, EQE, EQS), Nissan Ariya, Tesla Cybertruck, Tesla Roadster, Volkswagen ID Space, Volvo C40 recharge, Volvo C30 recharge, etc.
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Asia pacific is expected to be the largest EV Battery Market in the forecast
As the largest market for EV batteries during the projection period, Asia Pacific offers a substantial scope for growth. Along with leading manufacturers like Panasonic, LG Chem, Samsung, and CATL, the region is also home to other OEMs that are reshaping the global EV market. In the Asia Pacific, Japan also had a significant impact on battery technology. The Japanese EV battery industry is anticipated to expand thanks to developments in technology like BEVs and PHEVs. Regulators and industries bodies in Japan are aiming for a tenfold increase in domestic global battery output capacity to 600 GWh by 2030 as it has lost considerable market share to competitors from China and South Korea. OEMs have also joined the race by entering battery manufacturing and are focusing on sold state batteries. Honda is developing its own solid-state batteries, which are estimated to be in the market in between 2025-2030.
Europe is anticipated to be the second-largest EV Battery Market
The European region has seen major network expansion by major battery producers, which has contributed to the enormous growth of EVs and batteries. Manufacturers including Renault, Audi, BMW, Mercedes, and others are based in the area. By 2030–2035, Europe has set an extremely aggressive goal of cutting CO2 emissions by 80% and has developed a plan to achieve it. Governments in several European nations are funding the infrastructure for electric vehicles, and the long-term emphasis is anticipated to remain on electric vehicles.
Key Market Players:
The EV Battery Market comprises major companies such as players CATL (China), Panasonic Holdings Corporation (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).
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