| Status : Published | Published On : Apr, 2024 | Report Code : VRAT9630 | Industry : Automotive & Transportation | Available Format :
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Page : 198 |
Global EV Battery Market
By Battery Type (Lead-Acid, Solid-State, Lithium-Ion, Sodium-Ion, Nickel-Metal Hydride and Others), By Propulsion (BEV, PHEV, HEV and FCEV), By Battery Form (Prismatic, Pouch and Cylindrical), By Vehicle Type (Light Trucks, Passenger Cars, Medium Heavy Trucks, Buses and Off-Highway Vehicles), By Material Type (Cobalt, Lithium, Natural Graphite, Iron, Manganese, Phosphate, Nickel and Others), By Li-Ion Battery (Positive Electrode, Negative Electrode, Electrolyte and Separator), By Battery Capacity (<50 kWh, 50-100 kWh, 111-200 kWh, 201-300 kWh and >300 kWh) and By Geography (North America, Europe and Asia-Pacific)
Industry Overview
The Global EV Battery Market is anticipated to grow from USD 131.7 billion in 2023 to USD 312.8 billion in 2030 at a CAGR of 13.5 % during the forecast period from 2025 to 2030.
In the present scenario, various countries' government prioritize cleaner transportation options. Hence, there is a growing demand for zero-emission vehicles which ultimately increases the EV battery market growth. Growing population and awareness regarding environmental issues and an inclination for eco-friendly transportation are boosting consumer attraction to electric vehicles. As the electric vehicle market continues to develop there is growth in its battery market too. Customers are giving importance for the factors like quicker charging, extended battery life, and expanded driving ranges. Major automotive manufacturers are joining hands with battery producers to enhance their capabilities in developing high-performance electric vehicle batteries. This partnership focuses on creating batteries that have reduced charging times which is a main factor driving the market's growth.
Market Segmentation
Insight by Battery Type
Based on battery type, the EV Battery Market is divided into Lead-Acid, Solid-State, Lithium-Ion, Sodium-Ion, Nickel-Metal Hydride, and Others. Among these, the lithium-ion battery category has the largest share of the revenue due to the progression in technology and decreasing production costs.
Insight by Propulsion
Based on propulsion, the EV Battery Market is segmented into BEV, PHEV, HEV, and FCEV where the BEV division dominates the market as there is an increase in consumer interest and environmental consciousness. Furthermore, government regulations are promoting clean energy and zero-emission vehicles.
Insight by Battery Form
The EV Battery Market is classified into Prismatic, Pouch, and Cylindrical based on battery form. The pouch segment accounted for the largest share and is anticipated to dominate the market during the forecast period.
Insight by Vehicle Type
EV Battery Market is segregated into Light Trucks, Passenger Cars, Medium Heavy Trucks, Buses, and Off-Highway Vehicles based on vehicle type. Passenger Cars segment played a major role in boosting the market during the forecast period. Nowadays, there is increased consumer demand for electric passenger cars along with the awareness of environmental concerns and government incentives. Also, key automakers have been investing heavily in electric vehicle development.
Insight by Material Type
Based on material type, the EV Battery Market is divided into Cobalt, Lithium, Natural Graphite, Iron, Manganese, Phosphate, Nickel, and Others. The Manganese division dominated the market during the forecast period.
Insight by Li-Ion Battery
Based on Li-Ion Battery Components, the EV Battery Market is segmented into Positive Electrode, Negative Electrode, Electrolyte, and Separator. Among these separator segment dominated the market.
Insight by Battery Capacity
The EV Battery Market is classified into <50 kWh, 50-100 kWh, 111-200 kWh, 201-300 kWh and >300 kWh. 50-100 kWh division dominated the market during the forecast period.
Global EV Battery Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018 - 2023 |
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Base Year Considered |
2024 |
|
Forecast Period |
2025 - 2030 |
|
Market Size in 2023 |
U.S.D. 131.7 Billion |
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Revenue Forecast in 2030 |
U.S.D. 312.8 Billion |
|
Growth Rate |
13.5% |
|
Segments Covered in the Report |
By Battery Type, By Propulsion, By Battery Form, By Vehicle Type, By Material Type, By Li-Ion Battery and Battery Capacity |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe and Asia-Pacific |
Industry Dynamics
Growth Drivers
Increased adoption of EVs is set to decrease greenhouse gas (GHG) emissions and harmful pollutants from road transportation. In the European Union (EU), there is a substantial rise in the electrification of vans, passenger cars, and buses. This is mainly due to EU regulations establishing CO2 emission standards for vehicle manufacturers and minimum targets for clean vehicle procurement by Member States. Furthermore, this drive in electric vehicle growth is expected to extend to residential services such as energy storage and heating, which contribute to additional emission reductions. The declining cost of EV batteries also plays a main role in advancing the global EV battery market. NITI Aayog stated that the battery-swapping model holds the potential for future reductions in battery prices, thereby boosting the adoption of electric vehicles in India. This approach shall help to ease concerns associated with range anxiety and could reduce the initial cost of EVs.
Restraints
Factors such as fluctuations in raw material prices and elevated import taxes on EV batteries may hamper electric vehicle battery market growth. Hydrogen vehicles use fuel cells which generate electricity through a chemical reaction between oxygen and hydrogen. They do not rely on traditional batteries like those in electric vehicles. These vehicles might impact the EV battery market in competence with the investment and infrastructural development in the clean transport sector.
Geographic Overview
- North America
- Europe
- Asia Pacific (APAC)
Asia Pacific dominates the EV Battery Market during the forecast period. The presence of top manufacturers in the region has assisted with the huge volume of production of electric vehicles and EV batteries. The presence of a huge consumer base in the region, rising investments in development of charging infrastructure, growing demand for electric passenger and commercial vehicles, and government initiatives to promote the adoption of electric vehicles are the major factors driving the Asia Pacific EV battery market.
Key Players Covered in the Report
Some of the key players in this market are LG Energy Solution, Panasonic Holdings Corporation, BYD Company Limited, SK Innovation Co. Ltd., Contemporary Amperex Technology Co. Limited, Mitsubishi Corporation, Sunwoda Electronic Co. Ltd., EnerSys, Farasis Energy (Ganzhou) Co. Ltd., Samsung SDI Co. Ltd., Gotion Inc.
Recent Developments by Key Players
Panasonic Energy collaborated with NOVONIX Limited, a renowned battery materials and technology company. This partnership focuses on the provision of synthetic graphite, a crucial element in the anodes of lithium-ion batteries used in electric vehicles.
BYD shall invest USD 1.3 bn in an electric vehicle factory in Indonesia to expand its global footprint. The site would be the sixth auto plant outside China, as it expands its manufacturing footprint closer to overseas markets.
LG Energy Solution has invested in a U.S. lithium metal battery technology startup that shall solidify its position in next-generation battery technology.
Segments Covered in the Report
- By Battery Type
- Lead-Acid
- Solid-State
- Lithium-Ion
- Sodium-Ion
- Nickel-Metal Hydride
- Others
- By Propulsion
- BEV
- PHEV
- HEV
- FCEV
- By Battery Form
- Prismatic
- Pouch
- Cylindrical
- By Vehicle Type
- Light Trucks
- Passenger Cars
- Medium Heavy Trucks
- Buses
- Off-Highway Vehicles
- By Material Type
- Cobalt
- Lithium
- Natural Graphite
- Iron
- Manganese
- Phosphate
- Nickel
- Others
- By Li-Ion Battery
- Positive Electrode,
- Negative Electrode
- Electrolyte
- Separator - Acid
- By Battery Capacity
- <50 kWh
- 50-100 kWh
- 111-200 kWh
- 201-300 kWh
- >300 kWh Cobalt
Region Coveed in the Report
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
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EV Battery Market