Electric Vehicle Battery Market all set to Rise at Growth Rate of 16.6% CAGR by 2031

The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market. The global electric vehicle battery market size was valued at $23.8 billion in 2021, and is projected to reach $108.2 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031.

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The concept of electric vehicle battery is typically attributed to a rechargeable battery used to power the electric motors of a battery electric vehicle (BEV) or hybrid electric vehicle (HEV). Batteries are used as a primary power source with their introduction in the electric automobile. It uses chemical energy stored in rechargeable battery packs for power and therefore does not require any combustion engine for propulsion. An electric vehicle battery is often composed of many hundreds of small, individual cells arranged in a series/parallel configuration to achieve the desired voltage and capacity in the final pack.

The global electric vehicle battery market is analyzed across propulsion, battery, vehicle type, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.

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The emergence of lithium-ion technology has fueled the growth rate of batteries over the last two decades, owing to its favorable capacity-to-weight ratio. Other factors that contribute towards boosting its adoption include better performance (long life and low maintenance), better shelf life, and decreasing price. In India, lithium-ion batteries are mainly used in electric vehicles. India was a major importer of lithium-ion batteries in the Asia-Pacific region and during 2019-20; the country had imported approximately 450 million units of lithium batteries used in a range of electrical equipment, products, and EVs and were valued at an estimated INR 6,600 crore (approx. $929.26 million), with China, Japan, and South Korea being the major trading partners. Similarly, due to the advancement of cell chemistry and battery pack manufacturing techniques, battery prices are expected to drop below 100 USD/kWh globally in the coming years. Therefore, a decrease in the costs of battery packs that are responsible for around 35% to 45% of electric vehicle manufacturing costs is anticipated to drive the electric vehicle battery market growth.

The key players profiled in this report include

The key market players analyzed in the global electric vehicle battery market report include Contemporary EnerSys, GS Yuasa International Ltd., LG Chem Ltd, Wanxiang Group Corporation, Panasonic Corporation, BYD Company Ltd, Pride Power, Samsung Electronics Co. Ltd., and Tianneng rechargeable battery manufacturers. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.

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In addition, the electric vehicle battery market has witnessed significant growth in recent years, owing to the increased inclination of consumers towards environment-friendly vehicles and advancement of battery chemistry to improve the EV performance in the current market trend. Furthermore, the companies operating in the electric vehicle battery market have adopted partnerships, R&D, and product launches to increase their market share and have expanded their geographical presence. For instance, in November 2022, ENERSYS unveiled its new line of ODYSSEY batteries with proprietary Thin Plate Pure Lead (TPPL) technology for powersports vehicles at the Automotive Aftermarket Products Expo (AAPEX). It can also be used in other powersports vehicles, including snowmobiles and Personal Watercraft (PWC) applications.

By propulsion type, the battery electric vehicle segment contributed to nearly three-fourths of the global electric vehicle battery market share in 2021 and is projected to rule the market by 2031. However, the hybrid electric vehicle segment would display the fastest CAGR of 17.9% throughout the forecast period.

By battery type, the lithium-ion battery segment accounted for the highest share in 2021, generating more than two-thirds of the global electric vehicle battery market revenue. The same segment would also portray the fastest CAGR of 17.1% during the forecast period.

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By vehicle type, the passenger car segment held the highest share in 2021, garnering more than four-fifths of the global electric vehicle battery market revenue. The commercial vehicle segment, on the other hand, would showcase the fastest CAGR of 20.8% throughout the forecast period.

Regional Analysis:

By region, Asia-Pacific held the major share in 2021, garnering nearly half of the global electric vehicle battery market revenue. However, North America would showcase the fastest CAGR of 18.4% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.

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