Press release
Electric Vehicle Battery: Analyzing the Global Market Landscape for 2024
Electric Vehicle Battery
The electric vehicle battery market size is expected to see exponential growth in the next few years. It will grow to $135.98 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%. The growth in the forecast period can be attributed to the rise of electric vehicle fleets, consumer preferences and awareness, geopolitical factors, and supply chain resilience, expansion of charging infrastructure. Major trends in the forecast period include rising mega-trend for electrification, advancements In technology, innovation in battery materials and manufacturing processes, adoption of battery leasing and subscription models, development of fast-charging technologies.
Market Overview -
The electric vehicle battery refers to a rechargeable energy storage device specifically designed to power electric vehicles. These batteries store electrical energy in chemical form and supply it to the electric motor when needed for propulsion.
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The Rise Of Zero-Emission Vehicles Fuels Electric Vehicle Battery Market Growth
The growing demand for zero-emission vehicles is expected to propel the growth of the electric vehicle battery market going forward. A zero-emission vehicle is a type of vehicle that produces no tailpipe emissions of greenhouse gases or other pollutants during operation. The increasing demand for zero-emission vehicles is driven by environmental concerns, government incentives, and growing awareness of sustainable transportation, prompting a shift towards cleaner and more eco-friendly mobility solutions. Zero-emission vehicles utilize electric vehicle batteries to store and supply electricity to power the electric motor, enabling emission-free and sustainable transportation. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the electric car market was experiencing rapid expansion, surpassing 10 million in sales in 2022, with the share of electric cars in total sales more than tripling from approximately 4% in 2020 to 14% in 2022 within three years. The strong momentum in electric vehicle (EV) sales is anticipated to persist throughout 2023. Therefore, the growing demand for zero-emission vehicles is driving the growth of the electric vehicle battery market.
Competitive Landscape -
Major companies operating in the electric vehicle battery market are Hitachi Chemical Co. Ltd., Tesla Inc., Panasonic Corporation, BYD Company Limited, SK Innovation Co. Ltd., Contemporary Technology Co. Limited, LG Chem Ltd., Mitsubishi Electric Corporation, Fuji Electronic Co Ltd., Johnson Controls International plc, Toshiba Corporation, Samsung SDI Co. Ltd., EVE Energy Co. Ltd., CALB (China Aviation Lithium Battery Co. Ltd.), East Penn Manufacturing Co., Northvolt AB, Wanxiang Group Corporation, Varta AG, A123 Systems LLC, Shenzhen BAK Battery Co. Ltd., SVOLT Energy Technology Co. Ltd., Okaya Power Pvt. Ltd., Microvast Power Systems, Farasis Energy Inc., Beijing Pride Power Battery Technology Co. Ltd., Crown Battery Corporation, Hangzhou Tiecheng Information Technology, Tianjin Lishen Battery Joint-Stock Co. Ltd., OptimumNano Energy Co. Ltd.
Sodium-Ion Battery Technology Revolutionizing Electric Vehicle Market
Major companies operating in the electric vehicle battery market are focused on developing innovative material technologies, such as sodium-ion battery technology, to enhance energy density and lower costs in the market. This technology encompasses innovations such as higher energy density, faster charging capabilities, longer cycle life, and improved safety features to enhance overall performance and address key challenges in electrified transportation. For instance, in December 2023, KPIT Technologies, an India-based provider of automotive and mobility software, launched sodium (Na)-ion battery technology. This battery technology shows potential in diminishing reliance on imported core battery materials and finding diverse applications in automotive, particularly for electric two- and three-wheelers and commercial vehicles. Additionally, it has stationary uses such as UPS backups and grid storage, along with applications in the marine and defense sectors. Sodium-ion batteries boast an extended lifespan, retain 80% capacity for 3000-6000 cycles, and exhibit faster charging capabilities compared to lithium batteries.
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Key Segments -
The electric vehicle battery market covered in this report is segmented -
1) By Battery Type: Lead-Acid Battery, Lithium-Ion Battery, Other Battery Types
2) By Propulsion Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Other Vehicle Types
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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