Rockville , Jan. 01, 2024 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global Electric Vehicle (EV) Battery Market is likely to climb at a profound CAGR of 18.5% to reach a US value of $347 Bn by late 2033.
The Electric Vehicle (EV) Battery Market focuses on producing rechargeable batteries designed specifically for electric vehicles. These batteries power electric vehicles efficiently and offer several advantages over traditional alternatives. Electric vehicles powered by these batteries contribute to lower emissions and reduced air pollution, especially in regions with a significant share of renewable energy sources. They are more energy-efficient, converting a higher percentage of electrical energy to power at the wheels.
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The market’s growth is driven by advancements in battery technology, enhancing energy density, and charging capabilities for improved electric vehicle performance. Supportive government policies, including incentives and regulations promoting sustainable transportation, drive the adoption of electric vehicles, boosting demand for EV batteries.
In this industry, one major hurdle is "range anxiety" due to the limited driving range of electric vehicles on a single charge. This concern poses challenges to the widespread adoption of electric vehicles. Additionally, over time, batteries can degrade, leading to a reduction in capacity and overall performance.
| Report Attribute | Details |
| Value Projection (2033) | US$ 347 Billion |
| Growth Rate (2023-2033) | 18.5% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 216 Tables |
| No. of Figures | 66 Figures |
Key Takeaways:
- The Electric Vehicles battery market in the United States is expected to grow at a remarkable CAGR of 19.2% due to stringent emissions regulations and a rise in sales of electric vehicles. Moreover, higher consumer awareness and high inclination towards eco-friendly items are expected to boost the adoption of electric vehicles in coming years.
- In 2023, the German market has occupied a market value of US $ 2.8 Bn and is also predicted to witness a leading position in the Europe market. Moreover, the rise in gigafactories and widespread adoption of electric transportation is expected to boost the growth of the market.
- Lithium-ion batteries are expected to gain popularity and are expected to comprise 63% of the global market. These are gaining traction due to their favorable capacity-to-weight ratio. Other factors such as high density, low maintenance requirements, and efficient charge retention are expected to contribute to the rise of these batteries in the industry.
Technological advancements, better government incentives and policies supporting sustainable transportation, and growing environmental awareness driving the demand for electric vehicles are key factors propelling the market’s expansion - Says FACTMR Expert
Key Companies Profiled in This Report
- CATL
- LG Energy Solution
- BYD
- Panasonic
- SK on
- Samsung SDI
- CALB
- Guoxuan
- Sunwoda
- SVOLT
Market Competition
The electric vehicle battery market is highly competitive and key market players are focusing on various initiatives such as innovation, adherence to product standards, and stringent quality control to sustain a market share in the market.
- In November 2023, In India, several companies such as South Korea’s LG Energy Solution Ltd and prominent local entities such as Mahindra & Mahindra Ltd., Exide Industries Ltd had shown interest in meeting with government officials. India has unveiled a plan to boost electric vehicle production in the coming years.
- In 2021, Panasonic introduced its new Tesla-specific 4680 battery cell. According to the manufacturer, the battery offers six times higher power capacity and five times more energy.
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Winning strategies
Top players in the Electric Vehicle (EV) Battery Market are investing heavily in the research and development of solid-state battery technology. They are aiming to overcome current limitations and usher in batteries with higher energy density, faster charging times, and improved safety.
Leading companies are strategically building gigafactories dedicated to the mass production of electric vehicle batteries, ensuring economies of scale, reducing production costs, and meeting the escalating demand for EV batteries.
The application of artificial intelligence in battery management, predictive maintenance, and optimization is a specific strategy employed by key players to enhance the overall efficiency and performance of electric vehicle batteries.
Explore More Related Studies Published by Fact.MR Research:
Electric Car Battery Charger Market: The global electric car battery charger market is estimated to surge at a CAGR of 16% and increase rapidly from its current valuation of US$ 2.5 billion to US$ 11 billion by the end of 2032.
EV Traction Motor Market: According to Fact.MR, the global EV traction motor market is predicted to swell at a CAGR of 25%, rising from its current value of US$ 10.06 billion to US$ 93.72 billion by the end of 2033.
Electric Motors for Electric Vehicle Market: Rising fuel prices and environmental concerns are key drivers behind the adoption of Electric vehicles. As a result, demand for electric motors is anticipated to increase.
About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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