Pune, India., April 18, 2023 (GLOBE NEWSWIRE) -- The electric vehicle battery market size to hit USD 98.97 billion by 2029. The global market size was valued USD 37.91 billion in 2021 and USD 49.22 billion in 2022. Growing demand for electric vehicles is driving the electric vehicle (EV) battery industry. Technological advancements, including the development of advanced battery technologies, government policies and incentives, and cost reduction, are also fueling industry growth. Additionally, the industry is focusing on sustainability through recycling and second-life applications for used batteries. As EVs become more practical and affordable, the industry is poised for significant expansion in the coming years. Fortune Business Insights presents this information in their report titled "Global Electric Vehicle Battery Market, 2022–2029."
Key Industry Development:
July 2022 - Samsung SDI announced an investment of nearly USD 1.3 billion for building a new battery plant in Malaysia to cater to the growing demand for electric vehicles and other electric devices powered by cylindrical batteries.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2022-2029 |
| Forecast Period 2022 to 2029 CAGR | 10.5% |
| 2029 Value Projection | USD 98.97 billion |
| Base Year | 2021 |
| Market Size in 2022 | USD 49.22 billion |
| Historical Data for | 2018-2020 |
| No. of Pages | 261 |
Market Drivers & Restraints:
Falling Electric Vehicle Battery Prices will Accelerate Market Growth
Over the decade, the price of battery packs for electric vehicles has decreased. For instance, according to the Global Change Data Lab, the price of lithium-ion batteries decreased over the past 30 years by almost 97%. Since lithium-ion batteries are among the most frequently used in electric vehicles, it is expected that their falling price would have an impact on the uptake of EVs and produce profitable chances for revenue development in the next years. The International Energy Agency (IEA) reported in its Global EV Forecast Study that consumers spent USD 250 billion on electric car purchases in 2021, an increase of 108% from 2020, which signifies that the electric vehicle battery growth would be significant. On the contrary, political disputes between economies having significant shares of electric vehicle batteries may create a shortage of supply of raw materials, thereby hampering the market growth.
The demand for electric car batteries is rising along with the demand for Electric Vehicles (EVs) around the world. Some of the key factors influencing the adoption of electric vehicles globally include government emphasis on rapid electrification to reduce reliance on imports of fossil fuels and to combat climate change. The adoption of electric vehicles is also being influenced by environmental concerns among the general public globally, which is expected to boost the global electric vehicle battery market growth over the forecast period.
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Segments Analysis:
Demand for Lightweight, High Energy Density Batteries to Drive Lithium-ion Battery Growth
Based on battery type, the market is segmented into lithium-ion, lead acid, nickel-metal hydride, and others.
In 2001, the lithium-ion segment had the biggest market share, and it is anticipated that it will hold that position for the foreseeable future. The lithium-ion segment growth is anticipated to be fueled by rising demand for lightweight, high-energy-density batteries for electric vehicles that operate efficiently. Furthermore, lithium-ion batteries are currently used as the primary power source in all pure electric vehicles as well as hybrid electric vehicles. Also, manufacturers’ efforts to undertake research and use different lithium-ion chemistries to increase the energy density of electric vehicle batteries are projected to create attractive chances for revenue growth in the years to come.
BEVs to Dominate the Sector as there is High Demand for Zero-Emission Vehicles
Based on vehicle type, the market is classified into Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs).
In 2021, the BEVs segment had the most market share, and it is predicted that it will maintain its dominance with the highest CAGR during the next five years. Throughout the projected period, the segment expansion is anticipated to be fueled by rising demand for zero-emission vehicles in Europe and other emerging economies to combat climate change and lessen reliance on fossil fuels. In addition, it is anticipated that the segment growth will be influenced by BEV’s rising popularity among developing economies due to their low operating costs.
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Competitive Landscape:
To Drive Competition, Automakers are Focusing on Strategic Partnerships with EV Battery Manufacturers
The industry’s leading international companies control the majority of the market, which witnessed tremendous consolidation. Comparatively speaking, the EV battery market share was dominated by well-known companies such as BYD, Panasonic, CATL, and LG Energy Solutions. Almost all of the top automakers are concentrating on forging strategic alliances with EV battery producers to guarantee a consistent supply of EV batteries, which increases market competition.
Regional Insights:
Asia Pacific Dominates the Market due to Surging EV Sales
With a market size of USD 17.70 billion in 2021, Asia Pacific led the world in EV battery sales, and it is anticipated that it will continue to do so throughout the projection period. One of the key factors propelling market expansion in the region is the surge in EV sales in China. For instance, the International Energy Agency (IEA) estimates that China sold the most Electric Vehicles (EVs) in 2021, with 3.3 million units sold. As a result, rising EV sales in China are expected to increase the demand for electric vehicle batteries in the country.
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A list of prominent Electric Vehicle Battery manufacturers operating in the global market:
- CATL (China)
- LG Energy Solutions (South Korea)
- Panasonic Corporation Pvt. Ltd. (Japan)
- BYD Motors Inc. (China)
- Samsung SDI Private Limited (South Korea)
- Amara Raja Batteries Limited (India)
- Exicom Tele-Systems Limited (India)
- EXIDE INDUSTRIES Ltd. (India)
- Okaya Power Pvt. Ltd. (India)
- Tata AutoComp GY Batteries Pvt. Ltd. (India)
- Toshiba Pvt. Ltd. (Japan)
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Technological Developments (Global)
- Market Trends - Electric Vehicles (Global & India)
- Impact of COVID- on the Market (Global & India)
- Porter’s Five Forces Analysis (India)
- Porter’s Five Forces Analysis (Global)
- PEST Analysis (Global)
- PEST Analysis (India)
- Technological Developments
- Supply Chain Analysis (India)
- Overview of Passenger Vehicle OEMs and their Strategies/Investments
- Trends in EV Battery Technology (Global)
- Global Electric Vehicle Battery Market Analysis, Insights and Forecast, -
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Battery Type
- Lithium-ion Battery
- Lead Acid Battery
- Nickel Metal Hydride Battery
- Other
- Market Analysis, Insights and Forecast – By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Electric Vehicle Battery Market Analysis, Insights and Forecast, -
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Battery Type
- Lithium-ion Battery
- Lead Acid Battery
- Nickel Metal Hydride Battery
- Market Analysis, Insights and Forecast – By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Market Analysis – By Country
- US
- By Battery Type
- By Electric Vehicle Type
- Canada
- By Battery Type
- By Electric Vehicle Type
- Mexico
- By Battery Type
- By Electric Vehicle Type
- Europe Electric Vehicle Battery Market Analysis, Insights and Forecast, -
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Battery Type
- Lithium-ion Battery
- Lead Acid Battery
- Nickel Metal Hydride Battery
- Market Analysis, Insights and Forecast – By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Market Analysis – By Country
- UK
- By Battery Type
- By Electric Vehicle Type
- Germany
- By Battery Type
- By Electric Vehicle Type
- France
- By Battery Type
- By Electric Vehicle Type
- Rest of Europe
- By Battery Type
- By Electric Vehicle Type
- Asia Pacific Electric Vehicle Battery Market Analysis, Insights and Forecast, -
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Battery Type
- Lithium-ion Battery
- Lead Acid Battery
- Nickel Metal Hydride Battery
- Market Analysis, Insights and Forecast – By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Market Analysis, Insights and Forecast – India
- Detailed Research Methodology for India Electric Vehicle Battery Market
- Key Insights on Sales of Electric Vehicles In India- By State and Vehicle Category
- Key Insights on Electric Vehicle Charge Point Operators
- India EV Charging Infrastructural Development
- Trend Key Findings / Summary
- Market Analysis – By Country
- China
- By Battery Type
- By Vehicle Type
- India
- By Battery Type
- By Vehicle Type
- Rest of Asia Pacific
- By Battery Type
- By Vehicle Type
- Rest of the World Electric Vehicle Battery Market Analysis, Insights and Forecast, -
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Battery Type
- Lithium-ion Battery
- Lead Acid Battery
- Nickel Metal Hydride Battery
- Market Analysis, Insights and Forecast – By Vehicle Type
- Battery Electric Vehicle (BEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Hybrid Electric Vehicle (HEV)
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis ()
- India Market Ranking Analysis ()
- Competition Dashboard
- Comparative Analysis – Global Major Players
- Comparative Analysis – India Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- CATL
- LG Energy Solutions
- Panasonic Corporation
- BYD Motors Inc
- Samsung SDI
- Amara Raja Batteries Limited
- Exicom Tele-Systems Limited
- EXIDE INDUSTRIES LTD
- Okaya Power Pvt Ltd
- Tata AutoComp GY Batteries Pvt Ltd
- Toshiba Pvt Ltd
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