According to a market report, published by Sheer Analytics and Insights, The global electric vehicle battery market was valued at $40.9 billion in 2021 and it is expected to reach $500.2 billion at a CAGR of 24.2% between 2022 and 2032. EVs need additional battery capacity because their entire drivetrain is battery-powered, in addition to features like GPS navigation systems, power windows, air conditioning systems, and dashboard displays. The development of batteries that can support the powertrain as well as the more traditional battery-driven operations is the result of advancements in battery technology. Such positive battery technology advancements are anticipated to fuel market expansion. Moreover, manufacturers are investing in emerging nations like China, India, and Mexico to lower the cost of producing electric vehicle batteries. The potential for economic growth in emerging economies has led to the planning of some sizable battery production facilities in the Asia Pacific region. In addition, the deployment of several EVs, including two-wheelers, buses, and other commercial vehicles, has been spearheaded by several nations.
Due to the increasing demand for EVs around the world, top manufacturers including Hyundai, Tata, Toyota, and Mercedes are making significant investments to enter the market. To increase their market share, solidify their positions, and take advantage of market prospects, many automakers are forming alliances with battery manufacturing firms. Therefore, it is anticipated that the growing production of plug-in vehicles will fuel the expansion of the EV battery market during the forecast period. Furthermore, to fulfill the rising demand for EVs and to reshape the industry, automakers are expected to spend a lot of money. Companies with significant R&D spending for EV development include Tesla, Volkswagen, Ford, Nissan, BMW, and General Motors. These primary factors are driving the market growth.
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The leading businesses on the market are implementing a battery-as-a-service model, allowing customers to swap out or replace their batteries after discharge. By reducing the amount of time needed to charge the batteries, this model enhances consumer pleasure and experience. Soon, market players can expect a wide range of growth prospects thanks to the battery-as-a-service model's growing popularity. Additionally, the market for electric vehicles is growing quickly all around the world. Major automakers are entering the market as a result of the rising demand for EVs, which will eventually be projected to boost demand for EV batteries. Hence, these primary factors are projected to propel the market growth during the forecast period from 2022 to 2032.
On the other side, the high cost of EV production has been a significant barrier to their broad acceptance. The entire cost of buying electric hatchbacks, crossovers, or SUVs is likely to decrease to reach the levels of ICE vehicles due to the anticipated decline in battery prices and decreased R&D expenses, which will increase demand for EVs. Additionally, the price of electric cars is now very high. There is a lot of low- and middle-income consumers in the world and their financial constraints can prevent them from switching to electric automobiles. As a result, the lower adoption of electric vehicles among low- and middle-income groups could impede the expansion of the market for EV batteries.
According to the study, key players dominating the global electric vehicle battery market are BYD (China), CATL (China), Exide Industries (India), Enersys (U.S), East Penn Manufacturing (U.S), GS Yuasa (Japan), Lithium Werks B.V (China), LG Corp (South Korea), Mitsubishi Electric (Japan), Panasonic (Japan), SK Group (south Korea), StoreDot Ltd (Israel), Showa Denko (Japan), Samsung SDI (South Korea), Wanxiang Group Corporation (China), among others.
The Global Electric Vehicle Battery Market – by Battery Type:
The Global Electric Vehicle Battery Market – by Vehicle Type:
The Global Electric Vehicle Battery Market – by Regions:
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