Electric Vehicle Battery Market Size to Grow Worth USD 154.90 Billion at a CAGR of 28.1% by 2028 | Fortune Business Insights

According to Fortune Business Insights, the global electric vehicle battery market size is projected to grow from USD 21.95 billion in 2020 to USD 154.90 billion in 2028, at CAGR of 28.1% during forecast period. Rising Government initiatives to promote usage of EVs will aid growth

Pune, India, Sept. 20, 2022 (GLOBE NEWSWIRE) -- The global electric vehicle battery market size is expected to gain momentum by reaching USD 154.90 billion by 2028 while exhibiting a CAGR of 28.1% between 2021 to 2028. In its report titled “Electric Vehicle Battery Market, 2021-2028,” Fortune Business Insight mentions that the market stood at USD 21.95 billion in 2020.

According to our expert analysts, the increasing focus of crucial vehicle manufacturers, involving Ford Motors, General Motors (GM), as well as BMW AG on developing and presenting Electric Vehicles (EVs) is projected to fuel the market growth.  The vital element for declining the price of EVs and elevating the driving range behind every recharge is the progression of EV batteries. In order to make EV batteries compacter and lower its weight, as well as to preserve more energy, novel cell chemistries are under development. This would further empower electric vehicles to contest with the conservative fuel-grounded automobiles.

Industry Development

  • March 2020: BYD officially launched its latest blade-shaped battery for eliminating the rising concerns about battery safety in electric vehicles. The company unveiled the new product at an online event called the ‘Blade Battery – Unsheathed to Safeguard the World.’
  • February 2020: Lucid Motors joined hands with LG Chem, a renowned electric vehicle battery supplier for its Lucid Air pure-electric sedan. The full production of this latest sedan is set to begin in late 2020 at the company’s modernized factory in Casa Grande.

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Report Scope & Segmentation:

Report CoverageDetails
Forecast Period2021-2028
Forecast Period 2021 to 2028 CAGR21.8%
2028 Value ProjectionUSD 154.90 Billion
Base Year2020
Market Size in 2021USD 27.30 Billion
Historical Data for2017-2019
No. of Pages200
Segments coveredBy Battery Type, By Vehicle Type
Growth DriversIncreasing Availability of EV Batteries to Position Asia Pacific at the Forefront
Dropping Cost of Lithium-Ion Batteries to Thrust Market Growth

Regional Insights

Increasing Availability of EV Batteries to Position Asia Pacific at the Forefront

In 2019, Asia Pacific earned USD 35.39 billion in terms of revenue. The region is anticipated to dominate the market throughout the forthcoming years because of the major contributions of South Korea, Japan, and China. These countries are considered to be the significant manufacturing hubs for electric vehicle batteries. In North America, the original equipment manufacturers (OEMs) are mainly focusing on removing the concerns regarding battery sourcing from a single region. This factor would help the region to grow in the near future.

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Market Drivers

Dropping Cost of Lithium-Ion Batteries to Thrust Market Growth

Currently, the prime foundation of power for electric vehicles is lithium-ion batteries. According to an assessment report presented by the U.S. International Trade Commission (USITC) in 2018, Li-ion batteries are responsible for more than 70% of the rechargeable battery market.

Additionally, the battery costs per kilowatt-hour (kWh) have plummeted to less than USD 200 in 2019 from that of 2010, which was USD 1000. This is projected to bolster the electric vehicle battery market growth during the mentioned timeframe.

SegmentationBy Battery Type
  • Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Electric Vehicle Battery
  • Others
By Vehicle Type
  • Battery Electric Vehicle (BEV)
  • Plug-In Hybrid Electric Vehicle (PHEV)
  • Hybrid Electric Vehicle (HEV)

Competitive Landscape

Collaborations and Procurements Initiated by Companies to Hike their Presence

Prominent companies have confidence in in executing tactics that would reinforce their brand value in the market. Several tactics, such as introducing exclusive products and forming mergers with other crucial companies or end-users for better reach of their products are employed by the company. Partnering up with or attaining numerous corporations is another fundamental tactic used to refine one’s existence in the universal market.

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Companies Profiled in the Electric Vehicle Battery Market Research Report:

  • Panasonic Corporation (Osaka, Japan)
  • LG Chem (Seoul, South Korea)
  • BYD Company Ltd. (Shenzhen, China)
  • GS Yuasa International Ltd. (Kyoto, Japan)
  • Samsung SDI CO., LTD (Seoul, South Korea)
  • Hitachi Chemical Co., Ltd. (Tokyo, Japan)
  • Contemporary Amperex Technology Co., Limited (CATL) (Ningde, China)
  • SK INNOVATION CO. LTD. (Seoul, South Korea)
  • East Penn Manufacturing Company (Pennsylvania, U.S.)

Table of content:

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

4.1 Merger, Acquisitions, and Partnerships

4.2 Porter’s Five Forces Analysis

4.3 SWOT Analysis

4.4 Technological Developments

4.5 Impact of COVID-19

5. Global Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028

5.1. Key Findings / Summary

5.2. Market Analysis, Insights and Forecast – By Battery Type

5.2.1 Lead Acid Battery

5.2.2 Nickel-Metal Hydride Battery

5.2.3 Lithium-Ion Battery

5.2.4 Others

5.3. Market Analysis, Insights and Forecast – By Vehicle Type

5.3.1 Battery electric vehicle (BEV)

5.3.2 Plug-in hybrid electric vehicle (PHEV)

5.3.3 Hybrid electric vehicle (HEV)

5.4. Market Analysis, Insights and Forecast – By Region

5.4.1 North America

5.4.2 Europe

5.4.3 Asia Pacific

5.4.4 Rest of the World

6. North America Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028

6.1. Key Findings / Summary

6.2. Market Analysis – By Battery Type

6.2.1 Lead Acid Battery

6.2.2 Nickel-Metal Hydride Battery

6.2.3 Lithium-Ion Battery

6.2.4 Others

6.3. Market Analysis – By Vehicle Type

6.3.1 Battery electric vehicle (BEV)

6.3.2 Plug-in hybrid electric vehicle (PHEV)

6.3.3 Hybrid electric vehicle (HEV)

6.4. Market Analysis – By Country

6.4.1 U.S. By Vehicle Type

6.4.2 Canada By Vehicle Type

6.4.3 Mexico By Vehicle Type


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