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Electric Vehicle (EV) Batteries Market Outlook Report 2024-2033 | Size, Trends, Analysis, Insights, Overview
Electric Vehicle (EV) Batteries Market
The Business Research Company presents an extensive market research report on the Electric Vehicle (EV) Batteries Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The electric vehicle (ev) batteries market size has grown strongly in recent years. It will grow from $27.24 billion in 2023 to $29.17 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to reduced cost of ev batteries, emerging markets growth, a rise in domestic manufacturing and a rise in disposable income.
The electric vehicle (ev) batteries market size is expected to see strong growth in the next few years. It will grow to $38.04 billion in 2028 at a compound annual growth rate (CAGR) of 6.9%. The growth in the forecast period can be attributed to increase in fuel prices, growing demand for electric vehicles, urbanization, and increasing investments by automotive oems. Major trends in the forecast period include vehicle to grid technology, adoption of lithium-ion batteries, partnerships and collaborations and increasing investments in electric vehicle (ev) batteries.
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Key Market Players:
Major companies operating in the electric vehicle (ev) batteries market report are LG Energy Solution Ltd, Samsung SDI Co. Ltd, SK Innovation Co. Ltd, Panasonic Corporation, Contemporary Technology Co. Ltd, Clarios, BYD Co. Ltd, Narada Power Source Co. Ltd, GS Yuasa Corporation, Tianneng Power International Ltd, SVOLT Energy Technology Co, Ltd, EVTronic, Britishvolt, Aceleron, Williams Advanced Engineering, Zenobe, Northvolt, Verkor, Italvolt, Fortum, ElecSys, Volkswagen, CATL, BMW, Groupe Renault, Cobham, Varta , SAFT, AKOM, InoBat Auto , Ligier Group, Polaris Industries, Skoda Auto, Proterra, BMZ Inc, Microvast, Romeo Power, Quantumscape Corporation, Horwin, Smart Modular Technologies, IntelBras, Tecsys, Byvin, HDK Electric Vehicles, Ingersoll Rand Inc, Shandong Shifeng (Group), Speedway Electric, Eleksa EV, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Jet Motors
Market Drivers:
Advances in electric vehicle (EV) batteries and their associated technologies are attracting the interests of individuals to purchase EVs, contributing to the growth of the EV batteries. Recent advancements such as lithium-ion batteries, fast charging, and better mileage have helped the electric cars become more passenger-friendly. According to the United States Department of Energy, the range of average electric car have increased from 73 miles to 400 miles in 2021. Moreover, the technological developments are contributing to reduced prices of the electronic batteries. According to the Bloomberg report, average prices for lithium-ion battery is $151/kWh in 2022. Therefore, the advances in electronic battery and its associated technologies increase the vehicles mileage and draws more customers driving the electric vehicle batteries market.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/electric-vehicle-batteries-global-market-report
The electric vehicle (ev) batteries market covered in this report is segmented -
1) By Battery Type: Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Others
2) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
3) By Propulsion: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicles, Fuel Cell Electric Vehicles.
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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