Wilmington, Delaware, United States, May 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. – The global Electric Vehicle Battery Market is anticipated to grow at a 21.9% CAGR from 2023 to 2031. A market valuation of US$ 365.4 billion is anticipated by the end of the forecast period.
The market growth is expected to be driven by the increasing focus of major automakers such as Bayerische Motoren Werke AG, General Motors, and Ford Motors on introducing electric vehicles. Moreover, the growth of the Electric Vehicle Supply Equipment (EVSE) market and the subsequent rise in sales of electric vehicles are also expected to drive market growth during the forecast period.
The market growth is further anticipated to be influenced by policies that facilitate the installation of charging stations in urban areas through both direct investments and public-private partnerships. Multiple charging stations are essential for enabling long-distance travel for electric vehicles. Favorable government policies and investment for the deployment of the public charging infrastructure along with the increasing efficiency of the electric vehicle are anticipated to create a significant opportunity for market expansion in the coming years.
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Key Takeaways from the Market Report
- The global Electric Vehicle Battery Market is expected to be worth US$ 74.64 billion as of 2023.
- From 2023 to 2031, the market is expected to grow with a CAGR of 21.9%.
- By battery type, the lithium-ion battery segment is expected to lead the market in 2023 by accounting for 65.8% market share.
- By vehicle type, the light commercial vehicle segment is expected to grow with an impressive CAGR of 20.4% during the forecast period.
- As per TMR projections, the demand for electric vehicle batteries in China is expected to grow at a significant CAGR of 18.8% throughout the forecast period.
Electric Vehicle Battery Market: Growth Drivers & Trends
- In the past decade, the cost of battery packs for electric vehicles has significantly decreased. For example, lithium-ion batteries, which are widely used in electric vehicles, have seen a price reduction of almost 97% over the last 30 years, according to the Global Change Data Lab. This decrease in battery prices is anticipated to drive the adoption of electric vehicles and present profitable opportunities for revenue growth during the forecast period.
- The e-mobility trend is expected to gain momentum in tandem with the increasing sales of electric vehicles. The continued implementation of integrated charging stations and the establishment of green power-generation capabilities are further anticipated to fuel market growth. Additionally, strategic collaborations between e-mobility providers, battery manufacturers, and energy suppliers are expected to drive sales of electric vehicle batteries. Automakers are also pursuing technological innovations to ensure powerful propulsion for their electric vehicles, which is another trend expected to induce growth in the market.
- The market growth can also be attributed to the increasing automotive production in several countries, including China, Japan, Indonesia, Germany, Mexico, South Korea, Malaysia, and Taiwan. The rising government spending on developing road infrastructure in many countries is also anticipated to contribute to the market growth. Additionally, the growing preference for personal transportation among individuals is another developing factor expected to fuel market expansion
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Electric Vehicle Battery Market: Regional Analysis
- North America is expected to dominate the Electric Vehicle Battery Market by accounting for over 38% market share by end of the forecast period. The market in this region is projected to grow with a CAGR of 18.4% during the forecast period.
- The growing sales of electric cars in North America have resulted in an increasing demand for electric vehicle batteries in the region. Notably, some prominent electric vehicle manufacturers like Tesla Motor Inc. and Ford Motor Company are based in the United States. As a result, this region is expected to take the lead in electric vehicle battery production and sales. Additionally, the ongoing development of electric cars is intensifying competition among market players to offer better and more cost-effective solutions, which is a positive indicator for market growth.
- The Asia Pacific is expected to grow with a CAGR of 19.1% CAGR during the projection period. The rising adoption of electric vehicles in countries like China, Japan, and India, coupled with the growing demand for vehicles due to urbanization and increasing power purchase parity, is expected to drive significant growth in the usage of lithium-ion batteries in the region.
- The commercial and industrial (C&I) sector is receiving more attention from project developers due to favorable policies, including energy efficiency standards, increasing peak demand charges, and technological advancements. This trend is primarily driven by strong growth in China and India, which is expected to propel the demand for lithium-ion-based energy storage systems in the region.
Electric Vehicle Battery Market: Prominent Players
The global Electric Vehicle Battery Market is characterized by the presence of numerous regional as well as global entities. Some key electric vehicle battery providers profiled by TMR include:
- CATL
- Samsung SDI
- Panasonic Holdings Corporation
- LG Chem
- BYD Company Limited
- SK Innovation Co. Ltd.
- Vehicle Energy Japan Inc.
- Toshiba Corporation
- Mitsubishi Corporation
- Enersys
- E-One Moli Energy Corporation
- Altair Nanotechnology Inc.
- Aptiv plc
- Gotion High Tech Co Ltd.
- Envision AESC
- Northvolt AB
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Prominent developments in the electric vehicle battery domain by key players are as follows:
- In July 2022 - Samsung SDI announced plans to invest nearly USD 1.3 billion for building a new battery plant in Malaysia to meet the high demand for electric vehicles and other electric devices powered by cylindrical batteries.
- In January 2021, Chinese battery maker CATL acquired a 10% stake in the Swedish battery startup Northvolt and signed a long-term supply agreement with the company.
Electric Vehicle Battery Market- Key Segments
By Battery Type
- Lead-acid
- Lithium-ion
- Positive Electrode
- Negative Electrode
- Electrolyte
- Separator
- Nickel-metal Hydride
- Sodium-ion
- Solid-state
- Others
By Material Type
- Lithium
- Cobalt
- Manganese
- Natural Graphite
By Propulsion
- BEV
- HEV
- PHEV
- FCEV
By Process
- Wire Bonding
- Laser Binding
By Battery Capacity
- Less than 50 kWh
- 50 kWh-110 kWh
- 111 kWh-200 kWh
- 201 kWh-300 kWh
- More than 300 kWh
By Battery Form
- Prismatic
- Cylindrical
- Pouch
By Vehicle Type
- 2-wheeler & 3-Wheeler
- Passenger Vehicle
- Hatchback
- Sedan
- Utility vehicle
- Light Commercial Vehicle
- Heavy duty truck
- Bus & Coach
- Off-road Vehicle
- Agriculture
- Construction & mining
- Others
By Region
- North America
- Asia Pacific
- South America
- Europe
- Middle East & Africa
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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