Why are South Korea and Japan Strong Pillars Behind Market Growth in Asia Pacific | Report Fact.MR

According to a recently published Fact.MR report, the global Electric Vehicle (EV) Batteries market is projected to grow at a compound annual rate (CAGR) of 25% between 2021 and 2031. The market is expected to reach US$ 900 Bn by the end of 2031.

The demand for Electric Vehicle Battery is expected to rise over the forecast period and the market was valued at USD 91 Bn in 2020.

Electric vehicle battery sales have been influenced by a significant increase in demand for zero-emission vehicles, given the rising fuel prices, depletion of fossil fuel reserves, and tightening pollution rules. The growing development of new battery chemistries for electric cars is expected to boost the global electric vehicle battery industry. Preference for lithium-nickel-manganese-cobalt-aluminum oxide (NMCA) alloys because of their better energy density and a longer life cycle is increasing, opening new growth avenues.

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Across the globe, the electric car market is expanding at a breakneck pace. As a result of the increased demand for EVs, major vehicle manufacturers are entering the market, which is ultimately expected to stimulate demand for EV batteries in the long-run.

Prominent manufacturers, including Toyota, Tata Motors, Mercedes-Benz, and Hyundai, are developing electric vehicle models to strengthen their positions in the industry. Electric car development is projected to accelerate shortly, thanks to major manufacturers' interest in the field.

Key Takeaways from the Market Study

• Global EV battery market to expand nearly 10x by 2031
• By vehicle type, demand for EV batteries across passenger cars to capture 50% of global sales
• Stored electricity electric vehicle batteries to expand at over 10% CAGR
• Europe likely to account for over 3 out of 10 electric vehicle battery sales
• Asia to emerge as the dominant market, with China accounting for 28.3% of the revenue
• India to be an opportunistic market, poised to grow at a CAGR of 15% through 2031

How are Surging E-mobility Trends Expected to Widen EV Battery Sales?

With increased sales of electric vehicles, the e-mobility trend is likely to gain traction over the projection period. The continuing implementation of integrated charging stations, as well as the construction of green power-generation capabilities, would add to the market's growth potential.

Strategic alliances between e-mobility providers, battery makers, and energy suppliers are another trend that is predicted to promote sales of electric vehicle batteries. At the same time, automakers are pushing technology advancements to ensure that their electric vehicles have robust propulsion.

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Key Segments Covered in the Electric Vehicle (EV) Battery Industry Survey

Power Source

• Stored Electricity Electric Vehicle Battery
• On-board Electric Generator Electric Vehicle Battery

Powertrain

• Series Hybrid Electric Vehicle Battery
• Parallel Hybrid Electric Vehicle Battery
• Combined Hybrid Electric Vehicle Battery

Vehicle Type

• Electric Vehicle Battery for Passenger Cars
• Electric Vehicle Battery for Commercial Vehicles
• Electric Vehicle Battery for Two Wheelers
• Electric Vehicle Battery for Others (Golf Carts etc.)

Competitive Landscape

In the coming centuries, manufacturers in the electric vehicle battery market will primarily focus on strategic acquisitions, collaborations, and product launches.
• When Sony first unveiled its electric automobile, the Vision S, at the Consumer Electronics Show (CES) 2020, it caught everyone off guard. However, based on the images, it looks that the battery-powered car is getting closer to being a reality.
• As more people switch to electric vehicles, Hitachi High-Tech predicts a rise in demand for used lithium-ion batteries. According to the business, the annual global market for testing batteries is expected to reach between 500 billion ($4.8 billion) and 1 trillion yen by 2030.
• As more people switch to electric vehicles, Hitachi High-Tech predicts a rise in demand for used lithium-ion batteries. According to the business, the annual global market for testing batteries is expected to reach between 500 billion and 1 trillion yen by 2030.

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Key players in the Electric Vehicle (EV) Battery Market

• Bayerische Motoren Werke AG
• Daimler AG
• Ford Motor Company
• General Motors
• Honda Motor Company Limited
• Mitsubishi Heavy Industries Ltd.
• Nissan Motor Corporation Limited
• Renault SA

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This release was published on openPR.