According to MarkNtel Advisors who is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. Recently released a report on EV Battery Market - Industry Trends and Forecast to 2030 and provides a comprehensive analysis of the current and future market conditions. The market research insights offered in this report enhance understanding of the market landscape, potential challenges, and strategies to establish a strong brand presence. With detailed market segmentation, in-depth analysis of key players, examination of consumer and supply chain trends, and exploration of new geographic markets, the insights presented in this report simplify the effective marketing of products and services.
Global EV Battery Market Analysis and Size
The Global EV Battery Market size was valued at USD 132.5 billion in 2023 & is projected to reach USD 495.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 14.4% during the forecast period, i.e., 2024-30.
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Some of the major players operating in the EV Battery Market are Contemporary Amperex Technology Co., Limited, LG Energy Solutions, BYD Company Limited, Panasonic Corporation, Toshiba Corporation, Mitsubishi Corporation, Enersys, SK Inc., CALB, Gotion Inc, Sunwoda Electronic Co. Ltd, Farasis Energy, Vehicle Energy Japan, Inc, Exide Industries, Primearth EV Energy Co., Ltd, Others.
EV Battery Market Growth Driver:
Rising Government Initiatives Promoting EV Adoption Among Consumers – The surging government policies & plans towards adopting alternative fuel vehicles worldwide are emerging as a significant driving factor in the EV battery industry. Conventional vehicles running on fossil fuels have been a pivotal source of GHG emissions. Moreover, the global CO2 emissions due to transportation activities grew by more than 250Mt CO2 to nearly 8Gt CO2 in 2022 making the transport sector a major contributor to overall emissions. Hence, official authorities across the globe have been trying to reduce the emission rates by providing subsidies, incentives, and tax reductions on electric automobiles. Countries like Thailand, India, Germany, the US, etc., have offered subsidies and financial incentives such as value-added tax (VAT) and exemptions from car registration taxes for higher EV Adoption. For instance:
In 2022, under its Internal Revenue Code Section 30D, the US government stated that credit up to USD 7,500 is provided to consumers if they buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV).
These exemptions from taxes coupled with subsidies and incentives have resulted in the increasing adoption of electric vehicles due to increased affordability and cost-effectiveness for consumers. As a result, the demand for reliable battery solutions powering these electric vehicles is also increasing, which is surging the demand for electric vehicle batteries and propelling the growth of the Global EV Battery Market.
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Market Segment and Geographical Analysis
By Battery Type
Lithium-Ion- Market Size & Forecast 2019-2030F, (Thousand Units)
Lead-Acid- Market Size & Forecast 2019-2030F, (Thousand Units)
Nickel-Metal Hydride- Market Size & Forecast 2019-2030F, (Thousand Units)
Others (Sodium Ion, Solid-State)- Market Size & Forecast 2019-2030F, (Thousand Units)
By Battery Capacity
<50 KWh- Market Size & Forecast 2019-2030F, (Thousand Units)
50-110 KWh- Market Size & Forecast 2019-2030F, (Thousand Units)
111-200 KWh- Market Size & Forecast 2019-2030F, (Thousand Units)
201-300 KWh- Market Size & Forecast 2019-2030F, (Thousand Units)
>300 KWh- Market Size & Forecast 2019-2030F, (Thousand Units)
By Battery Form
Prismatic- Market Size & Forecast 2019-2030F, (Thousand Units)
Pouch- Market Size & Forecast 2019-2030F, (Thousand Units)
Cylindrical - Market Size & Forecast 2019-2030F, (Thousand Units)
By Propulsion Type
Battery Electric Vehicle (BEV)- Market Size & Forecast 2019-2030F, (Thousand Units)
Plug-In Hybrid Electric Vehicle (PHEV)- Market Size & Forecast 2019-2030F, (Thousand Units)
Fuel-Cell Electric Vehicle- Market Size & Forecast 2019-2030F, (Thousand Units)
Hybrid Vehicle- Market Size & Forecast 2019-2030F, (Thousand Units)
By Vehicle Type
Two-wheeler- Market Size & Forecast 2019-2030F, USD Million
Passenger Cars- Market Size & Forecast 2019-2030F, USD Million
Commercial Vehicles- Market Size & Forecast 2019-2030F, USD Million
Vans/Light Trucks- Market Size & Forecast 2019-2030F, USD Million
Medium & Heavy Trucks- Market Size & Forecast 2019-2030F, USD Million
Buses- Market Size & Forecast 2019-2030F, USD Million
Off-Highway Vehicles- Market Size & Forecast 2019-2030F, USD Million
By Method
Wire Bonding- Market Size & Forecast 2019-2030F, (Thousand Units)
Laser Bonding- Market Size & Forecast 2019-2030F, (Thousand Units)
Ultrasonic Bonding - Market Size & Forecast 2019-2030F, (Thousand Units)
By Region
North America
South America
Europe
The Middle East & Africa
Asia-Pacific
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