Fort Collins, Colorado, Oct. 20, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Electric Vehicle Battery Market size was valued at USD 61.1 Billion in 2022 and is expected to reach USD 370.6 Billion by 2032 at a CAGR of 19.9%.
Advances in battery technology, particularly lithium-ion batteries, have significantly increased energy density, reduced costs, and improved performance. These advancements have led to long driving ranges, faster charging times, and enhanced overall efficiency, making electric vehicles more appealing to consumers. The cost of EV batteries has been decreasing rapidly over the past decade. This reduces the battery costs and makes electric vehicles more affordable, narrowing the price gap with internal combustion engine vehicles. As battery costs continue to decline, it further drives the growth of the electric vehicle battery market.
Consumer preferences are shifting towards electric vehicles due to their environmental benefits, lower operating costs (compared to gasoline-powered vehicles), and improved charging infrastructure. The growing demand for electric vehicles directly translates to an increased demand for EV batteries. Additionally, many countries have implemented policies and regulations to promote the adoption of electric vehicles as part of efforts to reduce greenhouse gas emissions and combat climate change.
Governments offer incentives such as tax credits, subsidies, and grants to encourage consumers to purchase EVs, which drives the demand for EV batteries. Developing a robust charging infrastructure network is crucial for adopting electric vehicles. Governments, private companies, and utilities are investing in installing charging stations, including fast-charging networks, making it more convenient for EV owners to charge vehicles.
Request Sample Report:
https://datahorizzonresearch.com/request-sample-pdf/electric-vehicle-battery-market-2435
Segmentation Overview:
The global electric vehicle battery market has been segmented into battery type, vehicle type, battery capacity, propulsion type, and region. Lithium-ion batteries held the largest share of the electric vehicle battery market. Lithium-ion batteries are currently the most widely used type of battery in electric vehicles. They offer high energy density, longer driving ranges, and faster charging times than other battery technologies. Asia Pacific dominates the EV battery market, particularly China, which has been a leader in the EV battery market. China has a significant market share in EV sales and battery production. The Chinese government has been actively promoting the adoption of electric vehicles, leading to a high demand for EV batteries. Other countries in the region, such as Japan and South Korea, also have a strong presence in the EV battery market.
Buy This Research Report:
https://datahorizzonresearch.com/checkout-page/electric-vehicle-battery-market-2435
Electric Vehicle Battery Market Report Highlights:
- The global electric vehicle battery market growth is anticipated at a CAGR of 19.6% by 2032.
- The growing demand for electric bikes and cars propels the market share for electric vehicle batteries. Moreover, the growth in charging infrastructure for electric vehicles is expected to propel the market growth.
- The battery capacity segment is again subdivided into < 50 kWh, 50-110 kWh, and > 110 kWh, in which the 50-110 kWh segment is accounted for the major market share. Most battery-operated electric vehicles have 50-110 kilowatt-hours (kWh) battery capacity.
- Some prominent players in the electric vehicle battery market report include Atlasbx Co. Ltd., Bb Battery Co., BYD Company Ltd., C&D Technologies, Inc., Contemporary Ampere Technology Co., Ltd, Crown Battery Manufacturing, Duracell, East Penn Manufacturing Company, Enersys, Inc., EV Battery Market, Exide Industries Limited, Gs Yuasa Corp., Hitachi Chemical Co., Ltd, Huanyu New Energy Technology, LG Chem, Narada Power Source Co., Ltd, NEC Corporation, North Star, Panasonic Corporation, Samsung SDI, SK Innovation Co. Ltd, Sony, and TCL Corporation..
Industry Trends and Insights:
- In 2023, Nyobolt a battery technology company, partnered with design and engineering business firm Callum. Under this collaboration, the products offer a minimal charge time for electric cars. Nyobolt is working on its patented fast-charging battery technology to develop high-power battery solutions and make recharging EV batteries as easy as refueling a petrol or diesel car.
- In 2023, Stellantis and Samsung plan to invest more than USD 3.2 billion in a new electric vehicle battery plant in Kokomo, Indiana.
Looking Exclusively For Region/Country Specific Report?
https://datahorizzonresearch.com/ask-for-customization/electric-vehicle-battery-market-2435
OR
Ask For Discount
https://datahorizzonresearch.com/ask-for-discount/electric-vehicle-battery-market-2435
Electric Vehicle Battery Market Segmentation:
- By Battery Type: Lead acid battery, nickel metal hydride battery, lithium-ion battery, others
- By Vehicle Type: Passenger cars and commercial vehicles, two-wheeler.
- By Battery Capacity: 50kWh, 50-110 kWh, 110 kWh
- By Propulsion Type: Electric battery vehicles, plug-in hybrids, fuel-cell electric vehicles.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
Contact:
Mail: sales@datahorizzonresearch.com
Ph: +1-970-672-0390
Website: https://datahorizzonresearch.com/
Follow Us: LinkedIn
Recent Publications
Stirling Engine Generator Market 2023 to 2032
Lithium-Ion Battery Market 2023 to 2032
Silicon Battery Market 2023 to 2032
Recloser Market 2023 to 2032
Heat Exchanger Market 2023 to 2032
