Global Electric Vehicle (EV) Battery Market to grow by USD 53626.86 Mn through 2023-2027  

The rising demand for EVs and their expanded applications, followed by the shift of the automotive industry toward EVs, along with technological advances occurring in EV batteries is fueling the market advancement of the Electric Vehicle Battery Market. It is estimated the market for Electric Vehicle Battery will grow by USD 53,626.86 million accelerating at a CAGR of 19.57%. Our market report captures the growth trajectory of the market and is traced through a detailed analysis of the prevalent market forces, trends, and drivers along with competitive benchmarking. 

Electric Vehicle (EV) Battery Market at a Glance

Navigating through the growth drivers of the Electric Vehicle (EV) Battery Market it has been observed that 

• The rising demand for EVs and their expanded applications is a major electric vehicle (EV) battery market driver, as The market is primarily driven by the increasing sales of BEVs and PHEVs.

As per data, Global EV battery sales surpassed 6.5 million units in 2021, marking a 109% growth compared to 2020. China led in EV battery sales in 2022, followed by Europe and the US.

• Technological advancements in EV  expansion of charging infrastructure, and improving socio-economic conditions also fueling the market expansion and demand for EVs.
• Environmental concerns and Shift towards green cars as a solution to reduce fuel and GHG emissions, followed by implementation of stringent emission norms globally to address global warming.
• Government incentives and tax benefits to promote the adoption of green vehicles.

These factors are anticipated to drive the global electric vehicle battery market in the forecast period. Get a comprehensive report summary describing the market landscape in our data-backed report that captures the growth trajectory of the market.

Vendors Analysis: Our report includes qualitative and quantitative analyses of vendors with a wider understanding of the business ecosystem.

For instance, Samsungsdi offers electric vehicle batteries such as lithium-ion PHEV, EV, and HEV.

A123 Systems LLC, Ballard Power Systems Inc., BYD Co. Ltd., Clarios, Crown Battery Manufacturing Co., Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Enertech International Inc.Envision Group, Exide Industries Ltd.GS Yuasa Corp. are some prominent vendors worth mentioning, get all the insights, request for a sample report today.

The report provides insights into the following FAQs:

1. What is the market CAGR?
   The market is accelerating at a CAGR of over 19.57%.
    
2. What is the incremental growth of the market?
   The market is expected to grow by USD 53626.86 mn through 2023-2027.
    
3. What is a key factor driving this market?
   increasing demand for EVs and their expanded applications will drive market growth over the forecast period.
    
4. What are the key regions covered in this market research report?
   APAC, Europe, North America, South America, and the Middle East and Africa are the key regions featured in this research report.
    
5. Which is the leading geographic region for this market:
   48% growth will originate from APAC
    
6. What are the market segments covered in this report?
   The market is segmented by Type (Lithium-ion battery, Lead-acid battery, and Others) and Geography (APAC, Europe, North America, South America, and Middle East and Africa)

Related Report: "The Electric Vehicle Battery Recycling Market to exhibit growth at a CAGR of 38.68% between 2022 and 2027 and the size of the market is forecast to increase by USD 1,862.56 million.” Request for a sample copy of this report.