Newark, Aug. 03, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the USD 49.0 billion electric vehicle battery market will reach USD 421.1 billion by 2032. Globally renowned automakers such as General Motors, BMW, Volkswagen, and Ford Motors are increasing their focus on introducing various types of electric vehicles to the market. The significant factors driving the global EV battery market are expanding awareness of the benefits of electric vehicles, expanding the popularity of advanced electric vehicles, and increasing production volumes by top automakers. The expanding government attempts to promote the use of EVs by rewarding manufacturers and providing customer subsidies are favourably influencing EV sales. Government regulations encouraging the installation of charging stations through public-private partnerships are projected to stimulate market growth in the coming years.
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| Report Coverage | Details |
| Forecast Period | 2023-2032 |
| Base Year | 2022 |
| Market Size in 2022 | USD 49.0 Billion |
| Market Size in 2032 | USD 421.1 Billion |
| CAGR | 24% |
| No. of Pages in Report | 236 |
| Segments Covered | Battery Type, Vehicle Type |
| Drivers | Rising Need for Electric Vehicles |
| Opportunities | Rising Uses of Battery Swapping |
| Restraints | High Cost |
Asia Pacific to account for the largest market size during the forecast period.
Asia Pacific is expected to have the essential electric vehicle battery market share. China is one of the major markets for electric vehicles, and the country's increasing acceptance of electric vehicles has been consistent with the country's clean energy programme. Furthermore, the Chinese government has been offering financial and non-financial incentives to encourage the adoption of electric vehicles. Lithium-ion batteries are primarily employed in electric vehicles in India. India is a significant importer of lithium-ion batteries in the Asia-Pacific region, having imported approximately 548.6 million units of lithium-ion batteries between April and November 2022 and approximately 616.8 million units of lithium-ion batteries worth USD 1.83 billion between 2021 and 2022.
The lithium-ion battery segment dominated the market with the most significant revenue of USD 20.5 billion.
The lithium-ion battery segment dominated the market with the most significant revenue of USD 20.5 billion. The lithium-ion batteries' increased energy density and lightweight are the most significant features that have accelerated their acceptance in electric vehicles. Lithium-ion batteries are widely utilised in hybrid and electric automobiles around the world. The increased popularity and sales of hybrid and electric vehicles worldwide have resulted in this category dominating the global EV battery market.
The commercial vehicles segment dominated the market with the most significant revenue of USD 28.4 billion.
The commercial vehicles segment dominated the market with the most significant revenue of USD 28.4 billion. The demand for commercial electric vehicles is fastly increasing, particularly in developing nations. Because the emissions from standard commercial cars are higher than those from passenger vehicles, the government intends to increase the use of commercial electric vehicles to minimise carbon emissions. Increasing attempts to electrify the commercial vehicle industry will likely boost growth during the forecast period.
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Market Dynamics:
Drivers: Falling Prices of Lithium-ion Battery
At the moment, lithium-ion batteries are the dominant power source for electric vehicles. According to a 2018 US International Trade Commission study, Li-ion batteries account for more than 70% of the market for rechargeable batteries. Furthermore, batteries per kilowatt-hour (kWh) have dropped below $200. Battery prices are also expected to fall below USD 100/kWh in the following years as cell chemistry and battery pack production methods improve. As a result, it is expected that a decrease in the price of battery packs, which account for between 35% and 45% of the expenditures associated with manufacturing electric vehicles, will accelerate market growth.
Restraint: High Cost
The cost of EV production is also substantially higher than that of ICE autos due to the costly manufacturing process. Producing extended-range electric vehicles is significantly more expensive due to the necessity for higher standard batteries, sophisticated manufacturing techniques, and costly components used in the vehicles. According to one study, the cost of producing electric vehicles is rising. Currently, the raw material cost of each car is roughly $8,255. These costs include the cobalt, nickel, and lithium required to manufacture EV batteries. Compared to the raw material cost of $3,381 for an electric vehicle in March 2020, the price has climbed by more than 140%.
Opportunity: Rising Urbanisation
Government regulations encouraging the installation of charging stations through public-private partnerships are projected to stimulate market growth in the coming years. Rising urbanisation investments and rising government investments in infrastructure development are projected to drive the growth of the EV battery market in the near future. Rising technological developments and falling battery prices are expected to accelerate the global adoption of EVs.
Challenge: Regulatory Issues
Stringent lead pollution regulations, volatile raw material pricing, and hefty import taxes on EV batteries are all projected to stymie market expansion.
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Some of the major players operating in the electric vehicle battery market are:
● ATLASBX Co.
● Sony
● Hitachi
● NEC Corporation
● Panasonic Corporation
● TCL Corporation
● Huanyu New Energy Technology
● Duracell
● NorthStar
● Crown Battery Manufacturing
● GS Yuasa Corp
● East Penn Manufacturing Co.
● C&D Technologies, Inc.
● B.B. Battery Co., Ltd.
● Narada Power Source Co., Ltd.
● CSB Battery Company Ltd.
● EnerSys, Inc.
● Coslight Technology International Group Co., Ltd.
● Zibo Torch Energy Co., Ltd.
Key Segments cover in the market:
By Battery Type:
● Lead-acid Battery
● Lithium-ion Battery
● Others
By Vehicle Type:
● Passenger Vehicles
● Commercial Vehicles
About the report:
The global electric vehicle battery market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter's five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.
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