Electric Vehicle Battery Market worth USD 192.29 Billion by 2030, registering a CAGR of 33.68% - Report by Market Research Future (MRFR)


New York, Nov. 12, 2021 (GLOBE NEWSWIRE) -- Electric Vehicle Battery Market Overview: According to a comprehensive research report by Market Research Future (MRFR), Electric Vehicle Battery Market Research Report, Battery Type, Vehicle Technology, End Market and Region - Forecast till 2030”, the market size is projected to be worth USD 192.29 Billion by 2030, registering a CAGR of 33.68% during the forecast period (2022 - 2030), The market was valued at USD 37.72 Billion in 2021.

List of the companies profiled in the electric vehicle battery market research report are –

  • Automotive Energy Supply Corporation (Japan)
  • LG Chem Ltd (South Korea)
  • Panasonic Corporation (Japan)
  • BYD Company Limited (China)
  • Quallion (US)
  • Boston-Power (US)
  • GS Yuasa Corporation (Japan)
  • Johnson Controls International (US)
  • Crown Battery Corporation (US)
  • Narada Power Source (China)
  • Tianneng Power International (China)
  • Hitachi Chemical Company (Japan).
  • Among others.

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Market Research Future’s Review on Electric Vehicle Battery Market

Multiple Factors to Augment Market Growth

An electric vehicle battery is a rechargeable battery. It does not use a combustion engine for propulsion and instead relies on chemical energy stored in rechargeable batteries. As a result, these are zero-emission automobiles. These are in high demand due to their compactness and low cost.

The spike in demand for electric vehicles, government efforts, rising fuel prices, and global automakers' expansion into new emerging countries are the primary driving forces in the global electric vehicle battery market. Growing demand for electric vehicles may move the market forward. People's awareness of eco-friendly vehicles is growing, which is helping the industry.

Browse In-depth Market Research Report (188 pages) on Electric Vehicle Battery


The Global Market to Witness Growth Post COVID-19 Pandemic

Most business sectors have been severely impacted as a result of the COVID-19 pandemic. The imposition of lockdowns halted the total production and sales of new automobiles. Despite the difficult pandemic condition, the electric vehicle battery market is positively impacted. Electric vehicle sales increased in 2020 compared to 2019. However, manufacturing units throughout the world were closed down, and production was halted. By the second quarter of 2020, new global deliveries of BEVs and PHEVs grew the electric vehicle battery market industry's demand by 43 percent year on year.

From 2019 to 2020, the worldwide electric vehicle market share increased from 2.5 percent to 4.2 percent. In Europe, over 1.47 million plug-in EVs were sold in 2020, a 137 percent increase over 2019. This expansion is the result of the launch of new models as well as incentive boosts from green recovery funds. Despite the fact that popular companies like Panasonic and Samsung saw their profitability and demand for their products fall at the end of March 31, 2020, and the pandemic harmed the main players' revenues, total electric car sales climbed in many nations in 2020. Furthermore, pending supply contracts and new product improvements are expected to assist the electric vehicle battery market rebound post-2020.

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Market Segmentation

The worldwide electric vehicle battery market has been segmented into battery type, vehicle technology, and end market.

By battery type, the global electric vehicle battery market has been segmented into Lithium-Ion Battery, Lead Acid Battery, Nickel Hydride Battery, and others.

By vehicle technology, the global electric vehicle battery market has been segmented into Hybrid Electric Vehicles, Battery Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Others.

By end market, the global electric vehicle battery market has been segmented into OEMs and Aftermarket.

Regional Analysis

APAC to Spearhead the Global Market

Due to the existence of rising countries such as China, South Korea, Japan, and India, Asia Pacific has the biggest market share. The rising sales of new electric vehicles have increased the demand for electric vehicle batteries in the APAC region.

Segmentation of Market covered in the research:

Electric Vehicle Battery Market Information Report, By Battery Type (Lithium-Ion Battery, Lead Acid Battery, Nickel Hydride Battery and others), By Vehicle Technology (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles and Others), by End Market (OEMs and Aftermarket) and By Region - Forecast To 2030

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