New York, Jan. 10, 2024 (GLOBE NEWSWIRE) -- The electric vehicle (EV) battery market is expected to grow by USD 53.62 billion from 2022 to 2027. In addition, the growth momentum of the market will progress at a CAGR of 19.57% during the forecast period, according to Technavio. The market is segmented by type (lithium-ion battery, lead-acid battery, and others), vehicle type (battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle), and geography (APAC, Europe, North America, South America, and Middle East and Africa). We provide a detailed analysis of 20 companies operating in the electric vehicle (EV) battery market including A123 Systems LLC, Ballard Power Systems Inc., BYD Co. Ltd., Clarios, Crown Battery Manufacturing Co., Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Enertech International Inc., Envision Group, Exide Industries Ltd., GS Yuasa Corp., Hitachi Ltd., LG Chem Ltd., OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., SK Innovation Co. Ltd., Solid Power Inc., Tianneng Battery, and Zhejiang Narada Power Source Co. Ltd. The report offers an up-to-date analysis of the market, and to know the exact growth variance and the Y-O-Y growth rate, Request a Free Sample Report
Electric Vehicle (EV) Battery Market 2023-2027: Company Analysis
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Electric Vehicle (EV) Battery Market 2023-2027: Segmentation
Type
- The electric vehicle battery market share growth by the lithium-ion battery segment will be significant during the forecast period. Increasing demand for lithium-ion batteries from the electric vehicle sector and falling prices of battery technology are contributing to this growth. Compared to other battery technologies, lithium-ion batteries have higher current density, longer current holding periods, and longer shelf life.
- Other segments include vehicle type (battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle)
Market Dynamics
Driver - The expanding Electric Vehicle (EV) Battery Market is driven by amplified demand for EVs and their diversified applications. The rise is influenced by various factors including lithium and nickel utilization, enhancing Battery Energy Density, developing Charging Infrastructure, and Fast Charging Technology. Advancements in Battery Management Systems, Cathode and Anode Materials, Electrolyte Solutions, Battery Recycling, and the emergence of Battery Swapping Stations further boost the market growth.
Trend - The evolving trend in the Electric Vehicle (EV) Battery Market involves the extensive utilization of software and sensors to facilitate intelligent Battery Management Systems (BMS). This trend is further fueled by innovations in Graphene Batteries, Sustainability Practices, advanced Thermal Management Systems, and innovative Battery Pack Designs. Additionally, the integration of Wireless Charging, Battery Cell Chemistry enhancements, Regenerative Braking Systems, and innovative Energy Storage Solutions contributes significantly to this progressive market shift.
Challenge - The rising global power crisis is a significant hurdle for the Electric Vehicle (EV) Battery Market, impacting its market share. This challenge affects EV Battery Manufacturers, Supply Chain Management, and intensifies concerns regarding Battery Degradation, Lifespan, and Consumer Adoption Rates. Additionally, uncertainties in Market Forecast and Trends, fluctuations in Government Incentives, Raw Material Sourcing complexities, and the stringent compliance with Battery Safety Standards further compound the challenges faced by the industry.
Geography
- APAC is estimated to contribute 48% to the growth of the global market during the forecast period. The shift from fossil fuels to electric vehicles has been actively promoted by governments in countries such as China, Japan, India, and South Korea on the basis of targets, reforms, and incentives. R&D activities are focused on enhancing EV technology in the APAC market.
- Other regions include Europe, North America, South America, and Middle East and Africa
Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a Free PDF Sample Report
Electric Vehicle (EV) Battery Market 2023-2027: Key Highlights
- Historic Market Size 2017-2021
- CAGR of the market during 2023-2027
- Detailed information on factors that will assist electric vehicle (EV) battery market growth during the next five years
- Estimation of the electric vehicle (EV) battery market size and its contribution to the parent market
- Forecasts on upcoming trends and changes in consumer behavior
- The growth of the electric vehicle (EV) battery market
- Analysis of the competitive landscape and detailed information on companies
- Comprehensive details of factors that will impede the growth of electric vehicle (EV) battery market companies
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