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Electric Vehicle Battery Market to Grow from $23.8B in 2021 to $108.2B by 2031, at 16.6% CAGR
Electric Vehicle Battery Market
According to the report published by Allied Market Research, the global electric vehicle battery market was valued at $23.8 billion in 2021 and is projected to reach $108.2 billion by 2031, registering a CAGR of 16.6% from 2022 to 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.
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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.
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 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.
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.
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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.
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.
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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KEY FINDINGS OF THE STUDY
By vehicle type, the commercial vehicle segment is projected to dominate the global electric vehicle battery market in terms of growth rate in 2031.
By propulsion type, the hybrid electric vehicle (HEV) segment is projected to dominate electric vehicle battery market in terms of growth rate in 2031.
By battery type, the lithium-ion battery segment is projected to dominate electric vehicle battery market in terms of growth rate in 2031.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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