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The global electric vehicle lithium-ion battery market size was approximately USD 45.23 billion in 2023. The market is assessed to grow at a CAGR of 22.7% between 2024 and 2032, reaching a value of USD 290.95 billion by 2032.
Recent discoveries of lithium reserves in the USA and India favour the market, helping meet the rising demand for EV batteries. Though lithium mining from clay and hard rock is a challenging process, it is expected to reduce the prices of batteries as lithium processing and refining plants grow in number.
Electric vehicles with a battery capacity of less than 100kWh permit people to travel long distances without suffering from range anxiety. This makes them considerably popular as they reduce the need for regular charging and are extremely suitable for use by city commuters and urban settlers. Hyundai Kona Electric, Tesla Model Y, Lucid Air Pure and Touring, Tesla Model 3, and Hyundai Ioniq 6, are among the latest electric vehicle models with a battery capacity of less than 100kWh that is gaining momentum on the roads of urban cities across the world.
According to the electric vehicle lithium-ion battery market analysis, the Asia Pacific is expected to account for a significant share of the market. In China, lithium mining and refining is done on a large scale to make electric vehicle batteries, making up as much as 70% of the global lithium-ion battery production. South Korea, Japan, and Australia also rank among the top ten countries for producing lithium-ion batteries, contributing nearly 5% to the globe’s production. This makes the Asia Pacific an important centre for lithium-ion battery production.
Europe produces 9% of the total lithium-ion batteries in the world and is another important contributor to the electric vehicle lithium-ion battery market growth. The region is witnessing a surge in adoption of electric mobility and increasing vehicle electrification in order to achieve its net zero emission targets. Most of its production facilities for lithium-ion batteries are concentrated in Hungary, Poland, Germany, Sweden, and the UK.
Global Electric Vehicle Lithium-Ion Battery Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:
Market Breakup by Battery Capacity
Market Breakup by Propulsion
Market Breakup by Vehicle
Market Breakup by Region
The market players are increasingly focusing on the production of electric vehicles with efficient lithium-ion batteries and are also improving their battery production capabilities to meet the rising global demand.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Battery Capacity |
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Breakup by Propulsion |
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Breakup by Vehicle |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*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 Market Snapshot
6.1 Global
6.2 Regional
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle Lithium-ion Battery Market Analysis
8.1 Key Industry Highlights
8.2 Global Electric Vehicle Lithium-ion Battery Historical Market (2018-2023)
8.3 Global Electric Vehicle Lithium-ion Battery Market Forecast (2024-2032)
8.4 Global Electric Vehicle Lithium-ion Battery Market by Battery Capacity
8.4.1 Less than 100 kWh
8.4.1.1 Historical Trend (2018-2023)
8.4.1.2 Forecast Trend (2024-2032)
8.4.2 100 – 300 kWh
8.4.2.1 Historical Trend (2018-2023)
8.4.2.2 Forecast Trend (2024-2032)
8.4.3 300 – 500 kWh
8.4.3.1 Historical Trend (2018-2023)
8.4.3.2 Forecast Trend (2024-2032)
8.4.4 More than 500 kWh
8.4.4.1 Historical Trend (2018-2023)
8.4.4.2 Forecast Trend (2024-2032)
8.5 Global Electric Vehicle Lithium-ion Battery Market by Propulsion
8.5.1 Battery Electric Vehicle
8.5.1.1 Historical Trend (2018-2023)
8.5.1.2 Forecast Trend (2024-2032)
8.5.2 Hybrid Electric Vehicle
8.5.2.1 Historical Trend (2018-2023)
8.5.2.2 Forecast Trend (2024-2032)
8.5.3 Plug-in Hybrid Electric Vehicle (PHEV)
8.5.3.1 Historical Trend (2018-2023)
8.5.3.2 Forecast Trend (2024-2032)
8.5.4 Fuel Cell Electric Vehicle
8.5.4.1 Historical Trend (2018-2023)
8.5.4.2 Forecast Trend (2024-2032)
8.6 Global Electric Vehicle Lithium-ion Battery Market by Vehicle
8.6.1 Passenger Car
8.6.1.1 Historical Trend (2018-2023)
8.6.1.2 Forecast Trend (2024-2032)
8.6.2 Commercial Vehicle
8.6.2.1 Historical Trend (2018-2023)
8.6.2.2 Forecast Trend (2024-2032)
8.7 Global Electric Vehicle Lithium-ion Battery Market by Region
8.7.1 North America
8.7.1.1 Historical Trend (2018-2023)
8.7.1.2 Forecast Trend (2024-2032)
8.7.2 Europe
8.7.2.1 Historical Trend (2018-2023)
8.7.2.2 Forecast Trend (2024-2032)
8.7.3 Asia Pacific
8.7.3.1 Historical Trend (2018-2023)
8.7.3.2 Forecast Trend (2024-2032)
8.7.4 Latin America
8.7.4.1 Historical Trend (2018-2023)
8.7.4.2 Forecast Trend (2024-2032)
8.7.5 Middle East and Africa
8.7.5.1 Historical Trend (2018-2023)
8.7.5.2 Forecast Trend (2024-2032)
9 North America Electric Vehicle Lithium-ion Battery Market Analysis
9.1 United States of America
9.1.1 Historical Trend (2018-2023)
9.1.2 Forecast Trend (2024-2032)
9.2 Canada
9.2.1 Historical Trend (2018-2023)
9.2.2 Forecast Trend (2024-2032)
10 Europe Electric Vehicle Lithium-ion Battery Market Analysis
10.1 United Kingdom
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Germany
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 France
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Italy
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 Asia Pacific Electric Vehicle Lithium-ion Battery Market Analysis
11.1 China
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Japan
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 India
11.3.1 Historical Trend (2018-2023)
11.3.2 Forecast Trend (2024-2032)
11.4 ASEAN
11.4.1 Historical Trend (2018-2023)
11.4.2 Forecast Trend (2024-2032)
11.5 Australia
11.5.1 Historical Trend (2018-2023)
11.5.2 Forecast Trend (2024-2032)
11.6 Others
12 Latin America Electric Vehicle Lithium-ion Battery Market Analysis
12.1 Brazil
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Argentina
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Mexico
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Others
13 Middle East and Africa Electric Vehicle Lithium-ion Battery Market Analysis
13.1 Saudi Arabia
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 United Arab Emirates
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Nigeria
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 South Africa
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
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 Competitive Landscape
15.1 Market Structure
15.2 Company Profiles
15.2.1 Contemporary Amperex Technology Co., Limited (CATL)
15.2.1.1 Company Overview
15.2.1.2 Product Portfolio
15.2.1.3 Demographic Reach and Achievements
15.2.1.4 Certifications
15.2.2 Panasonic Corporation
15.2.2.1 Company Overview
15.2.2.2 Product Portfolio
15.2.2.3 Demographic Reach and Achievements
15.2.2.4 Certifications
15.2.3 LG Electronics
15.2.3.1 Company Overview
15.2.3.2 Product Portfolio
15.2.3.3 Demographic Reach and Achievements
15.2.3.4 Certifications
15.2.4 Samsung Electronics Co. Ltd.
15.2.4.1 Company Overview
15.2.4.2 Product Portfolio
15.2.4.3 Demographic Reach and Achievements
15.2.4.4 Certifications
15.2.5 BYD Motors Inc.
15.2.5.1 Company Overview
15.2.5.2 Product Portfolio
15.2.5.3 Demographic Reach and Achievements
15.2.5.4 Certifications
15.2.6 SK Innovation Co
15.2.6.1 Company Overview
15.2.6.2 Product Portfolio
15.2.6.3 Demographic Reach and Achievements
15.2.6.4 Certifications
15.2.7 CALB Group Co.,Ltd
15.2.7.1 Company Overview
15.2.7.2 Product Portfolio
15.2.7.3 Demographic Reach and Achievements
15.2.7.4 Certifications
15.2.8 Mitsubishi Electric Corporation
15.2.8.1 Company Overview
15.2.8.2 Product Portfolio
15.2.8.3 Demographic Reach and Achievements
15.2.8.4 Certifications
15.2.9 Grinntech Motors & Services Pvt. Ltd.
15.2.9.1 Company Overview
15.2.9.2 Product Portfolio
15.2.9.3 Demographic Reach and Achievements
15.2.9.4 Certifications
15.2.10 Others
16 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle Lithium-ion Battery Market: Key Industry Highlights, 2018 and 2032
2. Global Electric Vehicle Lithium-ion Battery Historical Market: Breakup by Battery Type (USD Billion), 2018-2023
3. Global Electric Vehicle Lithium-ion Battery Market Forecast: Breakup by Battery Type (USD Billion), 2024-2032
4. Global Electric Vehicle Lithium-ion Battery Historical Market: Breakup by Vehicle Type (USD Billion), 2018-2023
5. Global Electric Vehicle Lithium-ion Battery Market Forecast: Breakup by Vehicle Type (USD Billion), 2024-2032
6. Global Electric Vehicle Lithium-ion Battery Historical Market: Breakup by Capacity (USD Billion), 2018-2023
7. Global Electric Vehicle Lithium-ion Battery Market Forecast: Breakup by Capacity (USD Billion), 2024-2032
8. Global Electric Vehicle Lithium-ion Battery Historical Market: Breakup by Region (USD Billion), 2018-2023
9. Global Electric Vehicle Lithium-ion Battery Market Forecast: Breakup by Region (USD Billion), 2024-2032
10. North America Electric Vehicle Lithium-ion Battery Historical Market: Breakup by Country (USD Billion), 2018-2023
11. North America Electric Vehicle Lithium-ion Battery Market Forecast: Breakup by Country (USD Billion), 2024-2032
12. Europe Electric Vehicle Lithium-ion Battery Historical Market: Breakup by Country (USD Billion), 2018-2023
13. Europe Electric Vehicle Lithium-ion Battery Market Forecast: Breakup by Country (USD Billion), 2024-2032
14. Asia Pacific Electric Vehicle Lithium-ion Battery Historical Market: Breakup by Country (USD Billion), 2018-2023
15. Asia Pacific Electric Vehicle Lithium-ion Battery Market Forecast: Breakup by Country (USD Billion), 2024-2032
16. Latin America Electric Vehicle Lithium-ion Battery Historical Market: Breakup by Country (USD Billion), 2018-2023
17. Latin America Electric Vehicle Lithium-ion Battery Market Forecast: Breakup by Country (USD Billion), 2024-2032
18. Middle East and Africa Electric Vehicle Lithium-ion Battery Historical Market: Breakup by Country (USD Billion), 2018-2023
19. Middle East and Africa Electric Vehicle Lithium-ion Battery Market Forecast: Breakup by Country (USD Billion), 2024-2032
20. Global Electric Vehicle Lithium-ion Battery Market Structure
In 2023, the market reached an approximate value of USD 45.23 billion.
The market is estimated to grow at a CAGR of 22.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 290.95 billion by 2032.
The market is driven by the growing use of lithium-ion batteries due to their benefits like good weight to power ratio, high energy efficiency, and better life cycle.
The key trends aiding the market expansion include the discovery of lithium reserves around the world, increasing research and development around battery technologies, and an increase in the sales of electric vehicles.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
On the basis of battery range, the market can be segmented into less than 100kWh, 100-300kWh, 300-500 kWh, and more than 500 kWh.
The major players in the market are Contemporary Amperex Technology Co., Limited (CATL), Panasonic Corporation, LG Electronics, Samsung Electronics Co. Ltd., BYD Motors Inc., SK Innovation Co, CALB Group Co., Ltd, Mitsubishi Electric Corporation, and Grinntech Motors & Services Pvt. Ltd., among others.
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