EV Battery Market
EV Battery Market Size, Share & Trends Analysis Report by Battery Capacity (<50, 50-110, 111-200, 201-300), by Battery Form (Wire, Laser), by Propulsion (BEV, PHEV, PHEV, FCEV), by Region (North America, Europe, Asia Pacific, Middle East & Africa), by Battery Material (Lithium -ion) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)
|EV Battery Market Forecast Year:||2022 - 2028|
|EV Battery Market Historical Year:||2016 - 2021|
|EV Battery Market 2021:||26.8 USD Billion|
|EV Battery Projected Market 2028:||129.95 USD Billion|
|EV Battery Market CAGR:||25.3%|
|Fastest Growing Region:||Asia Pacific|
|Largest Region:||Asia Pacific|
EV Battery Market: By Battery Capacity, Form, Propulsion, Type, Material, Vehicle Type, and Region
Global EV Battery market is valued at 26.8 USD Billion in 2021 and is projected to attain a value of 129.95 USD Billion by 2028 at a CAGR of 25.3% during the forecast period, 2022–2028.
Electric vehicles are becoming increasingly popular as people become more environmentally conscious. One of the main factors that determines the popularity of electric vehicles is the battery capacity. The demand for electric vehicle batteries is growing due to a number of factors, including increased environmental awareness, improved battery technology, government subsidies, improved infrastructure, and increased awareness of health hazards. This is good news for the environment and for human health, as it will help to promote the adoption of electric vehicles.
Market Size Provided for Years
Region & Counties Covered
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST
analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market
attractiveness analysis by segments and North America, company market share analysis, and COVID-19
Some of the Key Factors Driving Growth of EV Battery Market
1. Increased environmental awareness: People are increasingly aware of the harmful effects of traditional fuel sources on the environment and are looking for alternatives. Electric vehicles produce zero emissions, making them a more environmentally friendly option.
2. Improved battery technology: Recent advancements in battery technology have made electric vehicles more practical for everyday use. The latest batteries are cheaper to manufacture and have a longer lifespan than earlier versions.
3. Government subsidies: Governments around the world are offering subsidies and tax breaks for those who purchase electric vehicles. This makes them more affordable for consumers and helps to promote their adoption.
4. Improved infrastructure: The development of charging infrastructure is making it easier for people to charge their electric vehicles. This makes it more practical for people to own an electric vehicle and helps to reduce range anxiety.
Global EV Battery Market is Segmented by Battery Capacity (<50, 50-110, 111-200, 201-300 and >300), Battery Form (Wire, Laser), Propulsion (BEV, PHEV, PHEV, FCEV), Battery Type, Material Type, Li-ion Battery Component, Method, Vehicle Type, and Region.
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Lithium-ion Batteries to Dominate Electric Vehicles Battery Market
The growing demand for electric vehicles is one of the main drivers for the increasing demand for lithium-ion batteries. Electric vehicles are powered by rechargeable batteries, and as their popularity increases, so does the demand for batteries that can store more energy and last longer. Lithium-ion batteries are a good choice for this purpose, because they are lightweight and have a high energy density. In addition, lithium-ion batteries can be charged quickly and have a long lifespan. This combination of features makes them well-suited for use in electric vehicles. As the electric vehicle market continues to grow, the demand for lithium-ion batteries is likely to increase as well.
Asia Pacific to Dominate EV Battery Market
Despite the current dominance of Chinese companies, it's important to note that the United States is also a major player in the EV Battery market. In fact, the US has the second-largest production capacity for EV batteries, with a market share of 17.8%. Some of the largest players in this market include Tesla (14.5%), Johnson Controls (7.9%), and Samsung SDI (6.5%).
What's behind this growth? There are several factors at play, but one key driver is government support for electric vehicles. For example, China and the United States both have strong policies in place to incentivize EV adoption. This has helped to create a healthy demand for EV batteries, which in turn has driven growth in the battery manufacturing sector.
CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).
The study also found that the Chinese company BYD is currently the largest producer of EV batteries, with a market share of 23.8%. Other major players in the EV Battery market include Panasonic (15.5%), Samsung SDI (11.4%), and LG Chem (10.2%). While these companies are currently leading the pack, it's likely that the competitive landscape will continue to shift as new technologies and applications emerge.
Frequently Asked Questions
the global demand for EV Battery
in terms of revenue?
The global EV Battery valued at 26.8 USD Billion in 2020 and is expected to reach 129.95 USD Billion in 2028 growing at a CAGR of 25.3%
are the prominent players
in the market?
The prominent players in the market are CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea)..
At what CAGR is the market projected to grow within the forecast period?
The market is project to grow at a CAGR of 25.3% between 2021 and 2028.
the driving factors
fueling the growth of the market.
The driving factors of the EV Battery include
- Increasing demand for electric vehicles
region accounted for the
largest share in the market?
Asia Pacific was the leading regional segment of the EV Battery in 2020.