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 vehicle (PHEV) market, advanced features such as GPS, power train systems, AC systems, power windows, and display drives are increasingly being integrated. These innovations enhance user experience but significantly increase power consumption. Consequently, the need for efficient and optimal battery management systems (BMS) has grown, particularly in the automotive sector. The adoption of high-power density lithium-ion batteries in EVs and PHEVs due to their powertrain systems has driven battery manufacturers to focus on developing sophisticated, high-end BMS solutions. Continuous research and development will be instrumental in introducing advanced BMS technologies in the near future. 

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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 involves various processes such as cell manufacturing, electrode fabrication, and material characterization. Electrochemical impedance analysis and battery health indicators are used for degradation analysis and predicting battery life. Cycle life testing, thermal modeling, and failure mode analysis ensure battery reliability. Prognostics algorithms, battery pack assembly, and energy storage solutions enable grid integration and renewable energy storage. High energy density, fast charging protocols, and wireless charging technology enhance convenience. Safety features, life cycle assessment, sustainability metrics, material sourcing, recycling technologies, and second-life applications focus on environmental responsibility and cost-effectiveness. Energy management strategies, powertrain efficiency, charging station design, and dc fast charging optimize EV performance.

Market Research Overview

The Electric Vehicle (EV) battery market is a significant segment of the larger, global lithium-ion battery industry. This market encompasses businesses specializing in the manufacturing, assembly, and distribution of batteries for electric vehicles, as well as battery management systems, thermal runaway prevention technologies, and fast charging infrastructure. The market's expansion is driven by the burgeoning renewable electricity sector. Favorable government policies and ambitious targets for renewable energy adoption have fueled substantial growth in the independent power production, gas and power marketing, and integrated energy merchants and renewable electricity industries. Consequently, the demand for advanced battery technology in electric vehicles continues to escalate.. 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/