Press release
Electric Vehicle Battery Market 2024: Demand Surge, Innovation Trends, and Global Market Forecast"
Electric Vehicle Battery Market Demand
"The Business Research Company recently released a comprehensive report on the Global Electric Vehicle Battery Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company's, The electric vehicle battery market size has grown exponentially in recent years. It will grow from $51.47 billion in 2023 to $63.48 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to government incentives and regulations, advancements in battery technology, environmental concerns and sustainability, rise of renewable energy, reduction in battery costs.
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.
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Market Drivers and Trends:
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.
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.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Hitachi Chemical Co. Ltd., Tesla Inc., Panasonic Corporation, BYD Company Limited, SK Innovation Co. Ltd., Contemporary Ampere*x 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.
Electric Vehicle Battery Market 2024 Key Insights:
• The electric vehicle battery market is expected to grow to $135.98 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%.
• The Rise Of Zero-Emission Vehicles Fuels Electric Vehicle Battery Market Growth
• Sodium-Ion Battery Technology Revolutionizing Electric Vehicle Market
• Asia-Pacific was the largest region in the electric vehicle battery market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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