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Electric Vehicle Batteries: Key Market Insights and Trends for 2024
Electric Vehicle (EV) Batteries Market Research
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According to The Business Research Company's, 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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Market Drivers and Trends:
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.
The charging of Electric vehicle batteries using Vehicle to grid technology is expected to gain traction in EV batteries Market. Vehicle to grid technology is a Bi-directional charging system technology in which plug-in electric vehicle like battery electric vehicle (BEV), plug-in hybrids (PHEV) or hydrogen fuel cell electric vehicle (FCEV) batteries' can communicate with the power grid for either returning electricity to the grid, to homes during the peak times or increase their charging rate to discharge and charge the battery accordingly. For instance, in January 2021, FCA along with Engie EPS and Terna has launched the first phase of a vehicle-to-grid (V2G) pilot project in Turin, Italy, to test potential connections of the company's vehicles to the grid. Thus, Vehicle to grid technology is anticipated to be a major trend in the electric battery market.
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Major Key Players of the Market:
LG Energy Solution Ltd, Samsung SDI Co. Ltd, SK Innovation Co. Ltd, Panasonic Corporation, Contemporary Ampere*x 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
Electric Vehicle (EV) Batteries Market 2024 Key Insights:
• 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%.
• Significance Of Lithium-Ion Batteries In The Electric Vehicle Batteries Market
• Innovation With Vehicle-To-Grid (V2G) Technology In The Electric Vehicle Batteries Market
• Asia-Pacific was the largest region in the electric vehicle batteries market in 2023
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