EV Battery Market Projected to reach $134.6 billion by 2027

The global electric vehicle battery market size was valued at $56.4 billion in 2022 and is projected to reach $134.6 billion by 2027, growing at a CAGR of 19.9% from 2022 to 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.

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The passenger cars segment is expected to be the largest vehicle type market

By vehicle type, the passenger cars segment is expected to dominate the EV battery market during the forecast period. The adoption of electric passenger cars in different cities is expected to accelerate at a fast rate.

The country's abundance of major EV producers like BYD, Byton, BAIC, and Geely, who produce EV passenger cars in significant quantities, can also be credited with the fast growth of the passenger car market. Due to the introduction of emission standards by numerous governments throughout the world, the passenger car category is anticipated to dominate the EV battery market over the forecast period. The prospect for growth for batteries grows since the production of electric passenger cars continues to be the highest among all other EV kinds.

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The 50-110 kWh segment in battery capacity will be leading the EV battery market during the forecast period

The 50-110 KWh segment of the market is estimated to be the largest. Most of the batteries used in electric vehicles operate at a range from 50-110 kilowatt-hours (kWh). Generally, the battery capacity usage depends on the development of the EV fleet as well as the required battery capacity per vehicle, which is generally above 50 kWh and 12 kWh for BEVs and PHEVs, respectively. A major advantage of the 50-110 kWh battery is the fast charging at a low price and high energy efficiency. As a result, major players of the EV market have deployed 50-110 kWh of battery capacity to stay in the competition. For example, Tesla Model S, Tesla Model X, Tesla Model 3, and Chevrolet's Bolt EV have their battery capacity range between 50-110 kWh.

Key Market Players

The global EV battery market is dominated by major 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.