Latest News- Electric Vehicle (EV) Battery Market: Lithium-ion battery is expected to lead the Type segment during 2025-2029

The Electric Vehicle (EV) Battery Market is being driven by Increasing demand for EVs and their expanded applications

The Electric Vehicle (EV) Battery Market is expected to grow at a CAGR of 20% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 75359.7 million. In the rapidly evolving Electric Vehicle (EV) and Plug-in Hybrid Electric Vehicle (PHEV) market, advanced features such as Global Positioning Systems (GPS), modern power train systems, air conditioning (AC), power windows, and real-time display drives are increasingly being integrated. These features significantly boost the consumer experience but also consume substantial power, leading to faster depletion of battery power in EVs and PHEVs. Consequently, there is a pressing need for efficient and optimal work cycles of rechargeable batteries. This demand has fueled the growth of intelligent Battery Management Systems (BMS) in the automotive sector. Furthermore, the increasing adoption of high-power density lithium-ion batteries for powertrain systems in EVs and PHEVs necessitates advanced high-end BMS solutions. Battery manufacturers are responding by investing heavily in research and development to create innovative, intelligent BMS solutions that cater to the evolving needs of the EV and PHEV market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Lithium-ion battery
  • Lead-acid battery
  • Others
• Vehicle Type
  • Battery electric vehicle
  • Plug-in hybrid electric vehicle
  • Hybrid electric vehicle
• Capacity
  • Medium capacity batteries
  • High capacity batteries
  • Low capacity batteries
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Norway
  • North America
    • US
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for EVs and their expanded applications
• Shift of automotive industry toward EVs
• Advances in EV batteries and associated technologies

However, the market also witnesses some limitations, which are as follows:

• Growing global power crisis
• Safety concerns regarding lithium-ion batteries
• Demand-supply gap of battery components

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Market Scope in Electric Vehicle (EV) Battery Market Research Report

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Research Analysis Overview

The Electric Vehicle (EV) battery market is experiencing significant growth, driven by the increasing popularity of electric vehicles (EVs) such as electric cars. Battery life, charging times, and driving ranges are key considerations for EV buyers. Lithium-ion batteries, including solid-state varieties, dominate the market in the EV technology sector. The Lithium-ion segment accounts for the majority of the Gigawatt hours consumed by Electric Vehicles, surpassing both Lead acid and Nickel-metal hydride batteries. EV battery technology advances continue to address concerns around charging times and driving ranges, enhancing energy security and reducing reliance on Internal Combustion Engines.

Market Research Overview

The Electric Vehicle (EV) battery market is a significant segment of the larger global renewable electricity market, encompassing businesses involved in the manufacturing and supply of batteries for electric vehicles. Factors driving market growth include increasing demand for EVs due to supportive policies and ambitious targets for reducing carbon emissions. Key battery technologies include lithium-ion and emerging solid-state batteries. Improvements in battery life, charging times, and driving ranges are crucial to increasing consumer adoption. The renewable electricity market, which includes independent power producers, gas and power marketing and trading specialists, integrated energy merchants, and raw material and equipment manufacturers, is projected to expand substantially due to the increasing adoption of renewable energy sources.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/