Electric Vehicle (Ev) Battery Market Size to grow by USD 65228.7 million between 2024-2028
According to a research report “ Electric Vehicle (Ev) Battery Market” by Type (Lithium-ion battery, Lead-acid battery, Others) Vehicle Type (Battery electric vehicle, Plug-in hybrid electric vehicle, Hybrid electric vehicle) Geography (APAC, Europe, North America, South America, Middle East and Africa)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 65228.7 million, at a CAGR of 20.2% during the forecast period. The Electric Vehicle (EV) battery market is experiencing substantial growth, primarily driven by the increasing sales of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). In 2022, China led the market in EV battery sales, with Europe and the US following closely. Factors such as advancements in EV technologies, enhancements in charging infrastructure, and improving socio-economic conditions are anticipated to further fuel the demand for BEVs throughout the forecast period. The shift towards green cars, including BEVs and other vehicles powered by electricity, solar, wind, and biofuels, is a critical solution for reducing fuel emissions and greenhouse gas (GHG) emissions, thereby contributing significantly to the revenue generation of the EV battery market..
Browse market data tables, figures, and in-depth TOC on “Electric Vehicle (Ev) Battery Market” by Type (Lithium-ion battery, Lead-acid battery, Others) Vehicle Type (Battery electric vehicle, Plug-in hybrid electric vehicle, Hybrid electric vehicle) Geography (APAC, Europe, North America, South America, Middle East and Africa) Global Forecast to 2028. Download Free Sample
By Type, the Lithium-ion battery segment is projected to dominate the market size in 2024
The lithium-ion batteries segment is poised for significant expansion in the Electric Vehicle (EV) battery market during the forecast period. This growth is attributable to the burgeoning demand for lithium-ion batteries from the EV industry, coupled with the ongoing cost reduction trend in battery technology. Lithium-ion batteries, which fall under the category of lithium-metal chemistries, are manufactured using various anode and cathode materials. In transportation applications, popular cathode combinations include lithium-nickel-cobalt-aluminum oxide (NCA), lithium nickel manganese cobalt oxide (NCM), lithium-manganese spinel (LMO), lithium titanate (LTO), and lithium-ion phosphate (LFP). Each of these combinations offers unique safety, cost, and performance benefits. Consistently, the anode is composed of carbon in all these batteries.
By Vehicle Type, Battery electric vehicle segment is expected to hold the largest market size for the year 2024
The electric vehicle (EV) battery market is experiencing robust growth due to escalating environmental concerns and the compelling benefits of battery electric vehicles (BEVs). Notable automakers, such as Tesla, Nissan, BMW, and Volkswagen, have entered the BEV market with offerings like the Tesla Model S, Model X, Model 3, and Model Y, Tesla Model 3, Nissan Leaf, BMW i3, and Volkswagen ID. Governments worldwide are incentivizing BEV adoption through initiatives like tax credits and rebates, including the US federal government's tax credit of up to USD7,500 and additional state incentives. These factors collectively contribute to the expanding demand for BEVs and the subsequent growth of the EV battery market.
APAC is forecasted to hold the largest market size by region in 2024
The Electric Vehicle (EV) battery market is experiencing significant growth due to increasing global focus on reducing carbon emissions and promoting sustainable transportation. Key players in this market include Panasonic, LG Chem, and CATL. These companies are investing heavily in research and development to improve battery efficiency, reduce costs, and enhance performance. The market is expected to reach USD129.3 billion by 2027, growing at a CAGR of 20.2% from 2020 to 2027. This growth is driven by government incentives, advancements in battery technology, and rising consumer demand for EVs.
The Electric Vehicle (Ev) Battery Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:
.
For insights on company offerings- Request a sample report!
Research Analysis Overview
The Electric Vehicle (EV) battery market is witnessing significant growth with the increasing adoption of Hybrid Electric Vehicles (HEVs), Battery Electric Vehicles (BEVs), and Plug-in Hybrid Electric Vehicles (PHEVs). The market can be segmented into Lead-acid and Lithium-ion segments. Lead-acid batteries, used in traditional hybrid vehicles, are expected to dominate the market due to their low cost and availability. However, the Lithium-ion segment, used in BEVs and EREVs (Extended Range Electric Vehicles), is projected to grow at a faster rate due to their superior energy density, longer driving ranges, and shorter charging times. Automakers are investing heavily in EV technology, with companies like Northvolt leading the way in lithium-ion battery production. Lithium, a key component in these batteries, is becoming increasingly important in energy security. The driving ranges and battery life of electric cars continue to improve, making them a viable alternative to Internal Combustion Engine (ICE) vehicles. The market is also witnessing the emergence of new battery technologies like solid-state batteries, which promise even better performance and longer driving ranges. The EV battery market is expected to reach Gigawatt hours in the coming years, making it a significant contributor to the global energy landscape.
Market Research Overview
The Electric Vehicle (EV) battery market is experiencing significant growth as automakers shift towards producing more electric vehicles (EVs), including Hybrid Electric Vehicles (HEVs) and Battery Electric Vehicles (BEVs). Key players in the market include LG Energy Solutions, Northvolt, and various other manufacturers. Battery chemistries such as Lead-acid, Nickel-metal hydride batteries, and Lithium-ion batteries dominate the market. Lithium-ion batteries, specifically, are popular due to their high energy density and superior battery performance. LG Energy Solutions, for instance, uses Lithium Iron Phosphate batteries in its EV batteries. Manufacturing capacity is a crucial factor in the EV battery market. Companies like Northvolt are investing heavily in expanding their manufacturing capabilities to meet the increasing demand for batteries. The cell-to-chassis and cell-to-pack processes are becoming more common in battery manufacturing, reducing battery pack prices and improving energy density. Battery prices are influenced by various factors, including the supply chain, refining, and mining of raw materials like nickel, cobalt, lithium, manganese, and graphite. The Internal Combustion Engine (ICE) industry's shift towards EVs, including EREVs (Extended Range Electric Vehicles), BEVs (Battery Electric Vehicles), PHEVs (Plug-in Hybrid Electric Vehicles), SUVs, and electric cars, is driving the demand for batteries. New battery technologies, such as sodium-ion batteries and solid-state batteries from companies like Solid Power and QuantumScape, are also gaining attention for their potential to improve battery performance, driving ranges, charging times, and battery life. However, the transition to these new battery technologies may face challenges due to their current high battery prices and limited manufacturing capacity. The EV battery market's growth is also influenced by factors such as energy security, driving ranges, charging times, battery life, and the development of new EV models like the Cadillac Lyriq and its lithium-ion battery. The construction of gigafactories for EV battery manufacturing is a significant development in the market, with Tesla's Gigafactory being a pioneer in this area. The future of the EV battery market looks promising, with ongoing advancements in battery technology and increasing demand for electric vehicles.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
