EV Battery Market Surge towards Solid Growth by 2027

The global EV battery market is projected to grow at a CAGR of 19.0% from USD 56.4 billion in 2022 to USD 134.6 billion by 2027. The market for EV batteries is being driven by factors such as rising demand for electric vehicles, advancements in battery technology, favourable government policies and regulations, and the introduction of new plug-in EV models.

The growth of the EV battery market can be attributed to the increasing demand of electric vehicles, improvement in battery technology, supporting government policies and regulations, and launch of new plug-in EV models.

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Browse 359 market data Tables and 75 Figures spread through 342 Pages and in-depth TOC on "EV Battery Market by Battery Capacity (300), Method (Wire, Laser), Propulsion (BEV, PHEV, HEV, FCEV), Battery Type, Material Type, Li-ion Battery Component, Battery Form, Vehicle Type & Region - Global Forecast to 2027"

Asia pacific is expected to be the largest EV battery market in the forecast

China, Japan, India, South Korea, and Thailand are included in the Asia Pacific region when analysing markets. With a share of more than 95%, China is the biggest contributor to the global market. Chinese businesses including Panasonic, LG, Chem, Samsung, CATL, and BYD are in charge of the domestic and international EV battery markets, respectively. Due to their access to more affordable parts and materials, Chinese EV producers are able to provide their products at lower costs.

With intentions for exports, China is likewise making large investments in the manufacturing of both commercial and passenger electric vehicles. To accommodate local demand, OEMs like BYD intend to establish factories in other continents to produce electric trucks and buses. The nation encourages the use of EVs by providing a subsidy for EV purchases. The nation is also enticing businesses to create better EV technologies, which will aid in EV batteries overall growth.

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The lithium-ion battery segment is expected to be the during the forecast period

The lithium-ion battery dominates the EV battery market due to its high energy density, fast recharging capability, and high discharge power. As a result, lithium-ion batteries are the only available technology that is capable of fulfilling OEM requirements for developing electric vehicles with adequate drive range and fast charging. The cost of lithium-ion batteries is also a major factor driving its high demand since the decreasing cost of these battery types reached USD 130-140 /kWh in 2021 from around USD 800-900/kWh in the past years (Source: Multidisciplinary Digital Publishing Institute). Battery manufacturers are focusing on lithium-ion batteries and have invested in greenfield as well as capacity expansion projects to ramp-up production. For instance, CATL (China) plans to expand its production in Europe. the company plans to expand the production capacity of its Erfurt manufacturing site to 14GWh by the end of 2022 and 60GWh in 2026.

Key Market Players:

The EV battery market comprises major companies such as players CATL (China), Panasonic Holdings Corporation (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).

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This release was published on openPR.