EV Battery Market

Market Snapshot

EV Battery Market: By Battery Capacity, Form, Propulsion, Type, Material, Vehicle Type, and Region

Market Synopsis

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.

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.

Market Segmentation

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.

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.

Key Players

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.