Global Electric Vehicle Battery Market to Grow at a CAGR of 19.2% During 2024-2032, Aided by the Rising Environmental Concerns

The heightened demand for electric vehicles is driving the growth of the global electric vehicle battery industry. The rapidly increasing global population and the subsequent requirement for transportation are contributing to the demand for electric vehicles. Moreover, in terms of propulsion type, the plug in hybrid electric vehicle (PHEV) is expected to observe a considerable market growth. This increase can be attributed to the rising focus on fuel economy. Furthermore, the increasing demand for commercial vehicles such as trucks and cabs is expected to aid the market growth. In addition, the rising issue of pollution around the globe is compelling the governments to promote the use of sustainable and renewable resources to reduce the dependency on fossil fuels. These factors are anticipated to aid the industry growth.

The demand for electric vehicles is driving the leading players to invest in quality battery production by utilising advanced technologies while also reducing the production and sales cost of electric vehicles. This is predicted to aid the industry growth in the coming years. For instance, recently, Tesla, Inc. (NASDAQ: TSLA) announced its plans to develop tabless batteries in-house that would help to improve the range and power of electric cars. This would also reduce the production cost for the company, allowing the company to sell electric vehicles at the same price as gasoline vehicles. Furthermore, in a press release dated August 2021, Romeo Power, Inc. (NYSE: RMO) announced its long-term agreement with LG Energy Solution, Ltd. to supply lithium-ion battery cells until 2028. Romeo power plans to utilise the batteries in the production of battery packs for approximately 29000 electric vehicles of their company. Such developments are expected to significantly impact the growth of the electric vehicle battery industry in the forecast period.

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Market Breakup by Battery Type, Vehicle Type, Propulsion Type, and Region:

• The market is divided based on battery type into lithium-ion, lead-acid, nickel-metal-hydride, and others.

• Based on vehicle type, the market can be categorised into passenger car, commercial vehicle, and two wheeler.

• On the basis of propulsion type, the industry can be segmented into battery electric vehicle (BEV), plug in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV).

• Region-wise, the global market for electric vehicle battery can be divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for electric vehicle battery is being driven by the increased demand for electric vehicles.

• The rapidly growing pollution levels have significantly contributed to the market expansion.

• The increased investments in the automotive industry are also aiding the industry growth.

• The technological innovations by the leading market players are expected to further propel the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for electric vehicle battery for the periods (2018-2023) and (2024-2032).

• The report also offers historical (2018-2023) and forecast (2024-2032) market information for the battery types, vehicle types, propulsion types, and regions of electric vehicle battery.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global electric vehicle battery market are BYD Company Ltd., Samsung SDI Co. Ltd., Contemporary Amperex Technology Co., Limited., Mitsubishi Electric Corporation, Panasonic Corporation, and others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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