Electric Vehicle Battery Market Predicted to Attain $415.9 Billion by 2031

Meticulous Research® today announced its latest report forecasting that the global electric vehicle (EV) battery market will achieve a remarkable valuation of $415.9 billion by 2031, expanding at a robust compound annual growth rate (CAGR) of 33.1% from 2023 to 2031. This dynamic growth is largely attributed to supportive government policies, decreasing battery costs, and escalating investments from leading automotive manufacturers. Despite these positive trends, challenges such as potential shortfalls in lithium mining and the lower energy density of lithium-ion batteries may temper market growth.

Market Drivers and Opportunities :

The electric vehicle battery sector is poised for significant growth, driven by increasing adoption of electric mobility in emerging markets, substantial investments in expanding lithium-ion battery production, and the rising popularity of battery-as-a-service models. However, safety concerns surrounding EV batteries could pose potential risks to market expansion.

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Segment Insights :

• Battery Type: The market is categorized into lithium-ion, sealed lead acid, nickel-metal hydride, ultracapacitors, solid-state, and other battery types. In 2024, lithium-ion batteries are expected to dominate the market due to their superior energy density, compact design, durability, and lightweight characteristics. For instance, BMW Group's recent partnership with Rimac Technology aims to advance high-voltage lithium-ion battery technology, while Hyundai Motor Co. and Kia Corp have joined forces with Exide Energy Solutions Ltd to localize battery production in India.

• Battery Capacity: The market is segmented into capacities of less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 300kWh. The 51kWh to 100kWh segment is anticipated to lead the market share in 2024, driven by automotive OEMs' initiatives to develop long-range electric vehicles and global government mandates to phase out internal combustion engines by 2030. Conversely, the 101kWh to 300kWh segment is projected to grow at the highest CAGR, fueled by increased demand for electrification in logistics and public transportation.

• Bonding Type: This segment includes wire bonding and laser bonding. The wire bonding segment is forecasted to capture the largest share in 2024 due to its reliability, cost-effectiveness, and robust performance in extreme conditions. Laser bonding is anticipated to experience the highest CAGR, offering advantages such as precision, high-speed welding, and minimal heat, crucial for heat-sensitive battery chemicals.

• Battery Form: The market is divided into prismatic, pouch, and cylindrical batteries. In 2024, prismatic batteries are expected to dominate due to their efficient space utilization and stability. However, pouch cells are projected to grow at the highest CAGR, offering higher energy density and safety performance compared to other forms.

• Application: The market encompasses electric cars, light commercial vehicles, heavy commercial vehicles, E-scooters & motorcycles, and E-bikes. Electric cars are expected to hold the largest market share in 2024, driven by environmental concerns, supportive policies, and significant investments in EV technologies. The light commercial vehicle segment is projected to grow the fastest, driven by shifts in fleet operations and regulatory pressures to reduce emissions.

• End User: The market is segmented into electric vehicle OEMs and battery swapping stations. The electric vehicle OEMs segment is anticipated to dominate, supported by increasing consumer adoption of EVs and ongoing investments in battery production. Meanwhile, battery swapping stations are expected to record the highest CAGR, facilitated by innovations in swapping technology and strategic partnerships, such as Stellantis N.V.'s agreement with Ample for rapid battery swapping solutions.

• Geography: The market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to lead the market in 2024 due to rapid EV adoption, extensive charging infrastructure developments, and significant investments in electric mobility. Europe is projected to experience the highest CAGR, driven by the establishment of gigafactories and ambitious battery production goals set by the European Battery Alliance.

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Key Players:

The key players operating in the global electric vehicle Battery market are SK Innovations Co. Ltd. ( South Korea), LG Chem, Ltd (South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), SVOLT Energy Technology Co., Ltd. (China), BYD Company Limited (China), Samsung SDI Co., Ltd. (South Korea), GS Yuasa International Ltd. (Japan), Vehicle Energy Japan Inc. (Japan), Northvolt AB (Sweden), Panasonic Corporation (Japan), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd. (Japan), E-One Moli Energy Corp. (Taiwan), StoreDot Ltd. (Israel), NOHMs Technologies, Inc. (U.S.), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), and QuantumScape Corporation (U.S.).

Key Questions Answered in the Report:

• What are the high-growth market segments in terms of the type, battery capacity, bonding type, battery form, application, and end user?
• What is the historical market size for the global electric vehicle Battery market?
• What are the market forecasts and estimates for 2024-2031?
• What are the major drivers, restraints, opportunities, challenges, and trends in the global electric vehicle Battery market?
• Who are the major players in the global electric vehicle Battery market, and what are their market shares?
• What is the competitive landscape like?
• What are the recent developments in the global electric vehicle Battery market?
• What are the different strategies adopted by major market players?
• What are the trends and high-growth countries?
• Who are the local emerging players in the global electric vehicle Battery market, and how do they compete with other players?

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This release was published on openPR.