The Global Electric Vehicle Battery Market Estimated to Gain $94.35 Billion in Revenue by 2028

According to Triton’s report, the global electric vehicle battery market, which acquired $24.64 billion in 2020, is anticipated to exhibit growth at 17.66% of CAGR by 2028.

A recent study by Triton Market Research titled ‘Global Electric Vehicle Battery Market’ comprises the Global Analysis and Forecasts by Battery Type (Nickel-Metal Hydride, Lead Acid, Lithium-ion), Vehicle Type (Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, Battery Electric Vehicle), End-user (Passenger Car, Commercial Vehicle, Other End-users), and by Geography (Asia-Pacific, Middle East and Africa, North America, Latin America, Europe).

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Triton’s report estimates the global electric vehicle battery market to advance based on revenue at a CAGR of 17.66% during the evaluated period of 2021-2028. It is further projected to gain revenue worth $94.35 billion by 2028.

Electric vehicle batteries are known as traction batteries that power several types of vehicles like plug-in and hybrid electric vehicles.

Over the years, electric vehicles have become an important part of the automotive sector. This is attributed to their ability to gain energy efficiency, lowering emission levels. Moreover, the growing environmental concerns and favorable government initiatives have increased the adoption rate of electric vehicles. Therefore, the increase in the electric vehicle sector and governmental incentives are propelling the electric vehicle battery market on a progressive path. However, certain challenges, such as safety issues, problems with raw material procurement, and high charging time, are challenging the electric vehicle battery market.

The electric vehicle battery market is divided into battery types, vehicle type, and end-user. The battery type is divided into nickel-metal hydride, lead acid, and lithium-ion. Based on vehicle type, hybrid electric vehicle, plug-in hybrid electric vehicle, and battery electric vehicle. Lastly, the end-user segment is trifurcated into passenger car, commercial vehicle, and other end-users.

Geographically, Europe is expected to gain the fastest growth in the electric vehicle battery market over the forecast period. This growth is mainly owing to government initiatives promoting the manufacturing of batteries. For instance, the European Battery Alliance has encouraged manufacturers to augment the battery production process. Furthermore, the need to reduce reliance on the Asian market for batteries has increased the production of EV batteries across the major countries. Besides, battery manufacturing is likely to support streamlining of business operations, thereby driving the growth of the electric vehicle battery market.

Vehicle Energy Japan Co Ltd, A123 Systems, Panasonic, Toshiba Corporation, Lithium Energy Japan, Envision AESC, Samsung SDI, CATL, BYD, LG Ensol, Northvolt AB, SK Innovation, CALB, Prime Planet Energy Solutions, and GS Yuasa are well-known companies in the electric vehicle battery market.

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Question & Answer: Electric Vehicle Battery Market

Question 1: What key elements are propelling the electric vehicle battery market on a progressive path?

Answer: Over the years, electric vehicles have become an important part of the automotive sector. This is attributed to their ability to gain energy efficiency, lowering emission levels. Moreover, the growing environmental concerns and favorable government initiatives have increased the adoption rate of electric vehicles. Therefore, the increase in the electric vehicle sector and governmental incentives are propelling the electric vehicle battery market on a progressive path.

Question 2: What factors are challenging the electric vehicle battery market?

Answer: Certain challenges, such as safety issues, problems with raw material procurement, and high charging time, are challenging the electric vehicle battery market.

Question 3: Which region is expected to gain the fastest growth in the electric vehicle battery market?

Answer: Geographically, Europe is expected to gain the fastest growth in the electric vehicle battery market over the forecast period. This growth is mainly owing to government initiatives promoting the manufacturing of batteries. For instance, the European Battery Alliance has encouraged manufacturers to augment the battery production process. Furthermore, the need to reduce reliance on the Asian market for batteries has increased the production of EV batteries across the major countries. Besides, battery manufacturing is likely to support streamlining of business operations, thereby driving the growth of the electric vehicle battery market.

Question 4: Which are the well-known companies in the electric vehicle battery market?

Answer: Vehicle Energy Japan Co Ltd, A123 Systems, Panasonic, Toshiba Corporation, Lithium Energy Japan, Envision AESC, Samsung SDI, CATL, BYD, LG Ensol, Northvolt AB, SK Innovation, CALB, Prime Planet Energy Solutions, and GS Yuasa are well-known companies in the electric vehicle battery market.

Related Report:

Global Electric Vehicle Market

The global electric vehicle market is envisioned to display revenue growth during 2019-2027 at a CAGR of 20.95%. It is likely to garner revenue worth $747.17 billion by 2027.

Electric vehicles are widely employed as spacecraft, road, underwater vessels, and aircraft. They majorly rely on electric motors known as traction motors for forward motion. Moreover, they are powered through charging stations or portable batteries.
The key factors supporting the electric vehicle market’s development include proactive government policies, the cost-effectiveness of EVs over conventional cars, and growing environmental concerns.

In addition, the surge in lithium-ion battery production capacities, coupled with research and development activities to develop EVs, are likely to create new opportunities for the electric vehicle market.

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