Electric Vehicle Battery Market Key Opportunity, Analysis, Growth, Trends 2

With a promising CAGR of 8.5% and an expected revenue of USD 18.09 billion in 2032, the global electric vehicle battery market is expected to solidify its position in the industry. In 2022, the market is expected to be worth USD 8.68 billion.

Growing Demand for Electric Vehicles and Advancements in Battery Technology Expected to Drive the Electric Vehicle Battery Market

The demand for vehicles powered by some type of electric power, including HEV, PHEV, and BEV, with a greater operating range, has increased in the current automotive industry environment. Manufacturers of traction batteries have been forced by end-user demand to concentrate more on boosting energy density, which can offer a long range of travel. Additionally, the demand for electric vehicles has propelled battery producers to increase their output, which aids in maintaining economies of scale and lowering operational costs, hence lowering the cost of electric batteries.

Additionally, the cost of operating automobiles per kilometre has fallen thanks to improved battery technology, which is pushing the general public to switch from IC engine-driven vehicles to battery-driven ones.

Among battery types, the lithium ion battery segment in the electric vehicle battery market is expected to expand at a CAGR of more than 8.5% in terms of value over the forecast period.

In this report, FMI throws light on the drivers and restraints likely to impact the electric vehicle battery market during this period.

For more information:

https://www.futuremarketinsights.com/reports/electric-vehicle-battery-market

Electric Vehicle Battery Market: Segmentation Analysis

The electric vehicle battery market is segmented on the basis of battery type, battery capacity, vehicle type, and vehicle technology.

  • Lithium ion battery is expected to continue to dominate the market in terms of volume and value over the forecast period. The lithium ion battery sub-segment of the electric vehicle battery market is estimated to grow at a significant CAGR of 9.4% over the forecast period. It is expected to represent a total incremental opportunity of US$ 13.8 Bn between 2017 and 2027 in the electric vehicle battery market. The nickel hydride battery is projected to grow at a relatively low CAGR as compared to the lithium ion battery over the forecast period

  • Hybrid electric vehicles are projected to be the most prominent vehicle technology in the electric vehicle battery market. The hybrid electric vehicle segment is estimated to grow at a significant CAGR in terms of value over the forecast period in the electric vehicle battery market

  • The passenger car segment is the most prominent vehicle type segment in the electric vehicle battery market. It is estimated to hold more than 80% of the electric vehicle battery market.

Electric Vehicle Battery Market: Regional Market Projections

The electric vehicle battery market in Asia Pacific Excluding Japan (APEJ) is expected to represent a significantly high incremental opportunity between 2017 and 2027. The electric vehicle battery market in APEJ is expected to represent a total incremental opportunity of US$ 6.9 Bn between 2017 and 2027.

Electric Vehicle Battery Market: Participants

This report highlights some of the top companies operating in the electric vehicle battery market, which include:

Automotive Energy Supply Corporation; Panasonic Corporation; BYD Company Limited; GS Yuasa Corporation; LG Chem Ltd.; Samsung SDI Co., Ltd.; Tesla Motors, Inc.; Hitachi Chemical Company, Ltd.; Narada Power Source Co. Ltd.; Johnson Controls International Plc.; Tianneng Power International Co., Ltd.; Crown Battery Corporation; Furukawa Electric Co., Ltd.; EnerSys, Wanxiang Group Corporation; East Penn Manufacturing Co.; Toshiba Corporation and Leoch International Technology Ltd., among others.

Key segments covered in electric vehicle battery market report

On the basis of battery capacity, the electric vehicle battery market can be segmented into:

  • Less than 20 kWh

  • 21-40 kWh

  • More than 41 kWh

On the basis of vehicle technology, the electric vehicle battery market can be segmented into:

  • HEV

  • PHEV

  • BEV

On the basis of vehicle type, the electric vehicle battery market can be segmented into:

  • Passenger Cars

  • Light Commercial Vehicles

  • Heavy Commercial Vehicles

  • Others

On the basis of battery type, the electric vehicle battery market can be segmented into:

  • Lithium Ion

  • Lead Acid

  • Nickel Hydride

  • Others