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Global Electric Vehicle Battery Market: By Battery Type: Lithium-Ion, Lead-Acid, Nickel-Metal-Hydride, Others; By Vehicle Type: Passenger Car, Commercial Vehicle, Two Wheeler; By Propulsion Type; Regional Analysis; Historical Market and Forecast (2018-2028); Market Dynamics; Competitive Landscape; Industry Events and Developments

Global Electric Vehicle Battery Market Outlook

The global electric vehicle battery market stood at a value of around USD 38.0 billion in 2020. The market is further expected to grow at a CAGR of 19.2% in the forecast period of 2023-2028 to attain a value of USD 109 billion by 2026.

 

Global Electric Vehicle Battery Market

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Lithium-Ion Segment to Account for a Significant Market Share of the Global Electric Vehicle Battery Industry

Based on battery type, the lithium-ion segment is predicted to hold a significant market share in the electric vehicle battery industry. This growth can be attributed to the heightened utilisation of lithium-ion in the production of batteries, increasingly utilised for the propulsion of electric vehicles. It is because of the high energy per unit mass relative to other electrical energy storage systems. In addition, they also have a high power-to-weight ratio, suitable temperature, and power efficiency and low self-discharge. Moreover, these batteries can also be fully recycled. These factors are predicted to aid the market growth in the coming years.

 

The Asia Pacific to Account for a Significant Market Share in the Global Electric Vehicle Battery Industry

The Asia Pacific is estimated to hold a significant share of the electric vehicle battery industry in the forecast period. This growth can be attributed to the increased demand for electric vehicles in the region, especially in China, owing to reduced labour and maintenance expenditure. The rising disposable incomes and the improved living standards are also aiding the market growth. In addition, the rapid urbanisation with renewed purchasing parity is also significantly contributing to the industry growth. Moreover, the rapid development of environment-oriented policies brought forward to cut down the carbon emissions in the region is also aiding the market growth.

 

Electric Vehicle Battery: Market Segmentation

A battery is a secondary power source. An electric vehicle battery is used to power battery-operated electric vehicles using the chemical energy stored in rechargeable battery packs; thus, it does not require any combustion to start the engine. The batteries are rechargeable and usually made of lithium-ion, owing to their high energy per unit mass relative to other electrical energy storage systems. They are primarily designed for high kilowatt-hour capacity. These batteries are increasingly in demand with the advent of electric vehicles.

 

Global Electric Vehicle Battery Market by Segment

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By battery type, the market is divided into:

  • Lithium-Ion 
  • Lead-Acid
  • Nickel-Metal-Hydride
  • Others

On the basis of vehicle type, the market can be segmented into:

  • Passenger Car 
  • Commercial Vehicle
  • Two Wheeler

Based on propulsion type, the industry can be categorised into:

  • Battery Electric Vehicle (BEV)
  • Plug in Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)

The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

 

Global Electric Vehicle Battery Market by Region

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Increasing Demand for Electric Vehicles to Control Escalating Pollution Levels to Propel the Global Market for Electric Vehicle Battery

According to the World Bank, pollution is the number one cause of cardiovascular diseases, with 9 million deaths yearly caused as a direct result of air, water, and land pollution. In addition, air pollution alone accounts for health damage costing USD 5.7 trillion, increasing the economic burden due to premature mortality and morbidity. As a result, governments are devising ways to reduce pollution levels and global carbon emissions in order to counter the issue of global warming. This is resulting in innovations such as electric vehicles that utilises sustainable and renewable energy, posing as an alternative to conventional crude oil and fuels. This is predicted to spearhead the demand for electric vehicle batteries worldwide. Furthermore, the rapid technological advancements are also expected to aid the market growth in the coming years. For instance, StoreDot, an Israeli manufacturer of fast-charging batteries for electric vehicles, recently launched the world's first silicon-dominant battery prototype, which is capable of getting recharged in ten minutes. Such developments are anticipated to propel the market growth in the coming years.

 

Key Industry Players in the Global Electric Vehicle Battery Market

The report gives a detailed analysis of the following key players in the global electric vehicle battery market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:

  • BYD Company Ltd.
  • Samsung SDI Co. Ltd.
  • Contemporary Amperex Technology Co., Limited.
  • Mitsubishi Electric Corporation
  • Panasonic Corporation
  • Others

The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.

 

REPORT FEATURES DETAILS
Base Year 2022
Historical Period 2018-2022
Forecast Period 2023-2028
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Battery Type, Vehicle Type, Propulsion Type, Region
Breakup by Battery Type Lithium-Ion, Lead-Acid, Nickel-Metal-Hydride, Others
Breakup by Vehicle Type Passenger Car, Commercial Vehicle, Two Wheeler
Breakup by Propulsion Type Battery Electric Vehicle (BEV), Plug in Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)
Breakup by Region North America, Europe, Asia Pacific, Latin America, Middle East and Africa
Market Dynamics SWOT, Porter's Five Forces, Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered BYD Company Ltd., Samsung SDI Co. Ltd., Contemporary Amperex Technology Co., Limited., Mitsubishi Electric Corporation, Panasonic Corporation, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    Global
    6.2    Regional
7    Opportunities and Challenges in the Market
8    Global Electric Vehicle Battery Market Analysis

    8.1    Key Industry Highlights
    8.2    Global Electric Vehicle Battery Historical Market (2018-2022) 
    8.3    Global Electric Vehicle Battery Market Forecast (2023-2028)
    8.4    Global Electric Vehicle Battery Market by Battery Type
        8.4.1    Lithium-Ion
            8.4.1.1    Market Share
            8.4.1.2    Historical Trend (2018-2022)
            8.4.1.3    Forecast Trend (2023-2028)
        8.4.2    Lead-Acid
            8.4.2.1    Market Share
            8.4.2.2    Historical Trend (2018-2022)
            8.4.2.3    Forecast Trend (2023-2028)
        8.4.3    Nickel-Metal-Hydride
            8.4.3.1    Market Share
            8.4.3.2    Historical Trend (2018-2022)
            8.4.3.3    Forecast Trend (2023-2028)
        8.4.4    Others
    8.5    Global Electric Vehicle Battery Market by Vehicle Type
        8.5.1    Passenger Car
            8.5.1.1    Market Share
            8.5.1.2    Historical Trend (2018-2022)
            8.5.1.3    Forecast Trend (2023-2028)
        8.5.2    Commercial Vehicle
            8.5.2.1    Market Share
            8.5.2.2    Historical Trend (2018-2022)
            8.5.2.3    Forecast Trend (2023-2028)
        8.5.3    Two Wheeler
            8.5.3.1    Market Share
            8.5.3.2    Historical Trend (2018-2022)
            8.5.3.3    Forecast Trend (2023-2028)
    8.6    Global Electric Vehicle Battery Market by Propulsion Type
        8.6.1    Battery Electric Vehicle (BEV)
            8.6.1.1    Market Share
            8.6.1.2    Historical Trend (2018-2022)
            8.6.1.3    Forecast Trend (2023-2028)
        8.6.2    Plug in Hybrid Electric Vehicle (PHEV)
            8.6.2.1    Market Share
            8.6.2.2    Historical Trend (2018-2022)
            8.6.2.3    Forecast Trend (2023-2028)
        8.6.3    Hybrid Electric Vehicle (HEV)
            8.6.3.1    Market Share
            8.6.3.2    Historical Trend (2018-2022)
            8.6.3.3    Forecast Trend (2023-2028)
    8.7    Global Electric Vehicle Battery Market by Region       
        8.7.1    North America
            8.7.1.1    Market Share
            8.7.1.2    Historical Trend (2018-2022) 
            8.7.1.3    Forecast Trend (2023-2028)
        8.7.2    Europe
            8.7.2.1    Market Share
            8.7.2.2    Historical Trend (2018-2022) 
            8.7.2.3    Forecast Trend (2023-2028)
        8.7.3    Asia Pacific
            8.7.3.1    Market Share
            8.7.3.2    Historical Trend (2018-2022) 
            8.7.3.3    Forecast Trend (2023-2028)
        8.7.4    Latin America
            8.7.4.1    Market Share
            8.7.4.2    Historical Trend (2018-2022) 
            8.7.4.3    Forecast Trend (2023-2028)
        8.7.5    Middle East and Africa
            8.7.5.1    Market Share
            8.7.5.2    Historical Trend (2018-2022) 
            8.7.5.3    Forecast Trend (2023-2028) 
9    North America Electric Vehicle Battery Market Analysis
    9.1    United States of America 
        9.1.1    Market Share
        9.1.2    Historical Trend (2018-2022) 
        9.1.3    Forecast Trend (2023-2028)
    9.2    Canada
        9.2.1    Market Share
        9.2.2    Historical Trend (2018-2022) 
        9.2.3    Forecast Trend (2023-2028)
10    Europe Electric Vehicle Battery Market Analysis
    10.1    United Kingdom
        10.1.1    Market Share
        10.1.2    Historical Trend (2018-2022) 
        10.1.3    Forecast Trend (2023-2028)
    10.2    Germany
        10.2.1    Market Share
        10.2.2    Historical Trend (2018-2022) 
        10.2.3    Forecast Trend (2023-2028)
    10.3    France
        10.3.1    Market Share
        10.3.2    Historical Trend (2018-2022) 
        10.3.3    Forecast Trend (2023-2028)
    10.4    Italy
        10.4.1    Market Share
        10.4.2    Historical Trend (2018-2022) 
        10.4.3    Forecast Trend (2023-2028)
    10.5    Others
11    Asia Pacific Electric Vehicle Battery Market Analysis
    11.1    China
        11.1.1    Market Share
        11.1.2    Historical Trend (2018-2022) 
        11.1.3    Forecast Trend (2023-2028)
    11.2    Japan
        11.2.1    Market Share
        11.2.2    Historical Trend (2018-2022) 
        11.2.3    Forecast Trend (2023-2028)
    11.3    India
        11.3.1    Market Share
        11.3.2    Historical Trend (2018-2022) 
        11.3.3    Forecast Trend (2023-2028)
    11.4    ASEAN
        11.4.1    Market Share
        11.4.2    Historical Trend (2018-2022) 
        11.4.3    Forecast Trend (2023-2028)
    11.5    Australia
        11.5.1    Market Share
        11.5.2    Historical Trend (2018-2022) 
        11.5.3    Forecast Trend (2023-2028)
    11.6    Others
12    Latin America Electric Vehicle Battery Market Analysis
    12.1    Brazil
        12.1.1    Market Share
        12.1.2    Historical Trend (2018-2022) 
        12.1.3    Forecast Trend (2023-2028)
    12.2    Argentina
        12.2.1    Market Share
        12.2.2    Historical Trend (2018-2022) 
        12.2.3    Forecast Trend (2023-2028)
    12.3    Mexico
        12.3.1    Market Share
        12.3.2    Historical Trend (2018-2022) 
        12.3.3    Forecast Trend (2023-2028)
    12.4    Others
13    Middle East and Africa Electric Vehicle Battery Market Analysis
    13.1    Saudi Arabia
        13.1.1    Market Share
        13.1.2    Historical Trend (2018-2022) 
        13.1.3    Forecast Trend (2023-2028)
    13.2    United Arab Emirates
        13.2.1    Market Share
        13.2.2    Historical Trend (2018-2022) 
        13.2.3    Forecast Trend (2023-2028)
    13.3    Nigeria
        13.3.1    Market Share
        13.3.2    Historical Trend (2018-2022) 
        13.3.3    Forecast Trend (2023-2028)
    13.4    South Africa
        13.4.1    Market Share
        13.4.2    Historical Trend (2018-2022) 
        13.4.3    Forecast Trend (2023-2028)
    13.5    Others
14    Market Dynamics
    14.1    SWOT Analysis
        14.1.1    Strengths
        14.1.2    Weaknesses
        14.1.3    Opportunities
        14.1.4    Threats
    14.2    Porter’s Five Forces Analysis
        14.2.1    Supplier’s Power
        14.2.2    Buyer’s Power
        14.2.3    Threat of New Entrants
        14.2.4    Degree of Rivalry
        14.2.5    Threat of Substitutes
    14.3    Key Indicators for Demand
    14.4    Key Indicators for Price
15    Value Chain Analysis
16    Competitive Landscape

    16.1    Market Structure
    16.2    Company Profiles
        16.2.1    BYD Company Ltd.
            16.2.1.1    Company Overview
            16.2.1.2    Product Portfolio
            16.2.1.3    Demographic Reach and Achievements
            16.2.1.4    Certifications
        16.2.2    Samsung SDI Co. Ltd.
            16.2.2.1    Company Overview
            16.2.2.2    Product Portfolio
            16.2.2.3    Demographic Reach and Achievements
            16.2.2.4    Certifications
        16.2.3    Contemporary Amperex Technology Co., Limited.
            16.2.3.1    Company Overview
            16.2.3.2    Product Portfolio
            16.2.3.3    Demographic Reach and Achievements
            16.2.3.4    Certifications
        16.2.4    Mitsubishi Electric Corporation
            16.2.4.1    Company Overview
            16.2.4.2    Product Portfolio
            16.2.4.3    Demographic Reach and Achievements
            16.2.4.4    Certifications
        16.2.5    Panasonic Corporation
            16.2.5.1    Company Overview
            16.2.5.2    Product Portfolio
            16.2.5.3    Demographic Reach and Achievements
            16.2.5.4    Certifications
        16.2.6    Others
17    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Global Electric Vehicle Battery Market: Key Industry Highlights, 2018 and 2028
2.    Global Electric Vehicle Battery Historical Market: Breakup by Battery Type (USD Billion), 2018-2022
3.    Global Electric Vehicle Battery Market Forecast: Breakup by Battery Type (USD Billion), 2023-2028
4.    Global Electric Vehicle Battery Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2022
5.    Global Electric Vehicle Battery Market Forecast: Breakup by Vehicle Type (USD Billion), 2023-2028
6.    Global Electric Vehicle Battery Historical Market: Breakup by Propulsion Type (USD Billion), 2018-2022
7.    Global Electric Vehicle Battery Market Forecast: Breakup by Propulsion Type (USD Billion), 2023-2028
8.    Global Electric Vehicle Battery Historical Market: Breakup by Region (USD Billion), 2018-2022
9.    Global Electric Vehicle Battery Market Forecast: Breakup by Region (USD Billion), 2023-2028
10.    North America Electric Vehicle Battery Historical Market: Breakup by Country (USD Billion), 2018-2022
11.    North America Electric Vehicle Battery Market Forecast: Breakup by Country (USD Billion), 2023-2028
12.    Europe Electric Vehicle Battery Historical Market: Breakup by Country (USD Billion), 2018-2022
13.    Europe Electric Vehicle Battery Market Forecast: Breakup by Country (USD Billion), 2023-2028
14.    Asia Pacific Electric Vehicle Battery Historical Market: Breakup by Country (USD Billion), 2018-2022
15.    Asia Pacific Electric Vehicle Battery Market Forecast: Breakup by Country (USD Billion), 2023-2028
16.    Latin America Electric Vehicle Battery Historical Market: Breakup by Country (USD Billion), 2018-2022
17.    Latin America Electric Vehicle Battery Market Forecast: Breakup by Country (USD Billion), 2023-2028
18.    Middle East and Africa Electric Vehicle Battery Historical Market: Breakup by Country (USD Billion), 2018-2022
19.    Middle East and Africa Electric Vehicle Battery Market Forecast: Breakup by Country (USD Billion), 2023-2028
20.    Global Electric Vehicle Battery Market Structure

Key Questions Answered in the Report

In 2020, the global electric vehicle battery market attained a value of nearly USD 38.0 billion.

The market is projected to grow at a CAGR of 19.2% between 2021 and 2026.

The market is estimated to witness a healthy growth in the forecast period of 2023-2028 to reach USD 109 billion by 2026.

The major drivers of the industry, such as the increased demand for electric vehicles, rapid technological advancements, heightened demand for electric vehicle batteries, and the rising investments in the R&D of electric vehicle battery technology by the leading manufacturers, are expected to aid the market growth.

The key market trends guiding the growth of the industry include the increasing environmental concerns and the rising pollution levels.

The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.

The significant battery types include lithium-ion, lead-acid, nickel-metal-hydride, and others.

Passenger car, commercial vehicle, and two wheeler are the significant vehicle types considered within the market report.

The major segments based on propulsion type include battery electric vehicle (BEV), plug in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV).

The major players in the industry are BYD Company Ltd., Samsung SDI Co. Ltd., Contemporary Amperex Technology Co., Limited., Mitsubishi Electric Corporation, Panasonic Corporation, and others.

Analyst Review

The global electric vehicle battery market attained a value of USD 38.0 billion in 2020, driven by the increased demand for electric vehicles. Aided by the favourable government policies, the market is expected to witness a further growth in the forecast period of 2023-2028, growing at a CAGR of 19.2%. The market is projected to reach a value of USD 109 billion by 2026.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. On the basis of battery type, the market can be distributed into lithium-ion, lead-acid, nickel-metal-hydride, and others. By vehicle type, the industry can be segmented into passenger car, commercial vehicle, and two wheeler. The market can be categorised based on propulsion type into battery electric vehicle (BEV), plug in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV). The major regional markets for electric vehicle battery are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. The key players in the above market include BYD Company Ltd., Samsung SDI Co. Ltd., Contemporary Amperex Technology Co., Limited., Mitsubishi Electric Corporation, Panasonic Corporation, and others.

EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with market insights that are accurate, actionable, and help them remain ahead of their competition.

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