EV Battery Market Projected to Reach $134.6 Billion 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 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.

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.

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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.

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.

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Europe is expected to be the second largest market during the forecast

The governments of the European region are providing significant incentives to promote electric vehicles. As a result, the demand for electric vehicles has increased significantly. The region is home to manufacturers such as Renault, Audi, BMW, Mercedes, and others. Europe has set a very ambitious goal of reducing 80% CO2 emissions by 2030-2035 and has created a roadmap for the same. The governments of various countries in Europe are subsidizing electric vehicle infrastructure, and the focus is expected to continue to be on electric vehicles in the long run. In 2021, Europe witnessed high growth in the market with over 2.27 million EV sales, with a year-on-year growth of approximately 66% over 2020. In addition, the use of electric vans in the logistics sector of Europe is expected to bring opportunity for the EV battery market. Many leading logistics companies in Europe have started using electric vans for shipping and delivery purposes. For example, DHL, one of the leading logistics companies in the world, is using electric vans in some parts of the European region.

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.