Press release
EV Battery Pack Industry Accelerates Toward USD 489 Billion by 2031
According to QY Research, the global Electric Vehicle (EV) Battery Pack market was valued at USD 81.2 billion in 2024 and is projected to reach approximately USD 489.88 billion by 2031, registering a strong compound annual growth rate (CAGR) of 29.7% during the forecast period 2025 to 2031.
This growth is fueled by advancements in battery technology, rising environmental awareness, stringent emission norms, and increasing government incentives for electric mobility.
→ Market Insights
Technology Evolution: The shift from traditional internal combustion engines to electric propulsion is accelerating demand for advanced battery packs with higher energy density, longer life cycles, and faster charging capabilities.
Cost Reduction Trends: Declining battery prices-driven by economies of scale, improved supply chains, and recycling innovations-are making EVs more affordable and increasing consumer adoption.
Battery Chemistries: While lithium-ion batteries dominate, alternatives such as lithium iron phosphate (LFP), nickel manganese cobalt (NMC), solid-state, and sodium-ion batteries are gaining momentum due to safety, cost, and performance benefits.
Circular Economy: End-of-life battery reuse and recycling technologies are becoming integral, enhancing sustainability and reducing raw material dependency.
→ Regional Analysis
Asia-Pacific holds the largest market share due to its dominance in EV production, battery manufacturing infrastructure, and government-supported electrification initiatives.
Europe is rapidly expanding its market share, driven by carbon neutrality goals, battery manufacturing investments, and widespread EV adoption in countries like Germany, France, and the Netherlands.
North America is showing accelerated growth, supported by federal funding programs, tax incentives, and strategic initiatives to build local battery supply chains and gigafactories.
Latin America, Middle East & Africa are emerging markets with growing interest in EVs, particularly in urban transport electrification and renewable integration.
→ Market Segmentation
By Battery Type:
• Lithium-Ion
• Solid-State
• Lead-Acid
• Nickel-Based
• Others
By Pack Configuration:
• Prismatic
• Cylindrical
• Pouch
By Vehicle Type:
• Passenger Cars
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• Two-Wheelers
• Electric Buses
By Propulsion Type:
• Battery Electric Vehicles (BEVs)
• Plug-in Hybrid Electric Vehicles (PHEVs)
• Hybrid Electric Vehicles (HEVs)
By End-User:
• OEMs
• Aftermarket
→ Summary
The Electric Vehicle Battery Pack Market is poised for sustained growth through 2032, backed by the global transition to zero-emission transportation. Innovation in battery chemistries, regional production ecosystems, and policy support are key pillars influencing future market dynamics. While challenges remain in raw material sourcing and recycling, the industry's long-term outlook remains highly optimistic.
About Us:
QY Research established in 2007, focus on custom research, management consulting, IPO consulting, industry chain research, data base and seminar services. The company owned a large basic data base (such as National Bureau of statistics database, Customs import and export database, Industry Association Database etc), expert's resources (included energy automotive chemical medical ICT consumer goods etc.
Contact Us:
QY Research, INC.
17890 Castleton, Suite 369,
Los Angeles, CA - 91748
USA: +1 626 539 9760
India: +91 8669986909
Emails - enquiry@qyresearch.com
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release EV Battery Pack Industry Accelerates Toward USD 489 Billion by 2031 here
News-ID: 4092728 • Views: …
More Releases from QY Research
Market Overview - Ultra-low-k Dielectric Material
QY Research has recently published a comprehensive market study on Ultra-low-k Dielectric Material, a critical class of advanced insulating materials engineered to reduce parasitic capacitance and signal delay in advanced semiconductor interconnects. Ultra-low-k dielectrics are essential enablers for sub-7 nm logic nodes, advanced memory, high-performance computing, and AI accelerators, where interconnect RC delay increasingly limits device performance and power efficiency.
The market is transitioning from dense SiO2 and conventional low-k materials…
Global and U.S. Quadruped Mobile Robots Market Report, Published by QY Research.
QY Research has released a comprehensive new market report on Quadruped Mobile Robots, are four-legged robotic systems designed to move and operate in complex, unstructured environments by mimicking the locomotion of animals. They use a combination of advanced sensors, actuators, AI algorithms, and real-time control systems to maintain balance, navigate uneven terrain, climb obstacles, and adapt to dynamic conditions. Because of their high stability and mobility, quadruped robots are widely…
Global and U.S. Industrial Edge Cloud Devices Market Report, Published by QY Res …
QY Research has released a comprehensive new market report on Industrial Edge Cloud Devices, ruggedized computing platforms that bring cloud-native processing, storage, and AI analytics directly to the industrial edge-close to machines, sensors, and control systems. By executing latency-sensitive workloads locally while synchronizing with central or public clouds, these devices enable real-time decision-making, improved reliability, and secure data governance across factories, utilities, energy assets, and transportation infrastructure. As Industry 4.0,…
Top 30 Indonesian Ceramic Public Companies Q3 2025 Revenue & Performance
1) Overall companies performance (Q3 2025 snapshot)
PT Arwana Citramulia Tbk (ARNA)
PT Cahayaputra Asa Keramik Tbk (CAKK)
PT Intikeramik Alamasri Industri Tbk (IKAI)
PT Keramika Indonesia Assosiasi Tbk (KIAS)
PT Mulia Industrindo Tbk (MLIA)
PT Asahimas Flat Glass Tbk (AMFG) (glass & ceramic-adjacent)
PT Niro Ceramic Nasional Indonesia
PT Eleganza Tile Indonesia
PT Roman Ceramic International
PT Platinum Ceramics Industry
PT Granito (Citra Granito)
PT Diamond Keramik Indonesia
PT Indogress (Inti Keramik Sejahtera)
PT Indopenta Sakti Teguh
PT Sun Power Ceramics
PT Satyaraya Keramindo Indah…
More Releases for Vehicle
Transformative Trends Impacting the Vehicle-to-Vehicle (V2V) Communication Marke …
Stay ahead with our updated market reports featuring the latest on tariffs, trade flows, and supply chain transformations.
How Large Will the Vehicle-to-Vehicle (V2V) Communication Market Size By 2025?
The size of the vehicle-to-vehicle (V2V) communication market has seen significant expansion in the most recent years. The market is projected to surge from $24.28 billion in 2024 to $27.1 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 11.6%. The…
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, …
According to the report published by Allied Market Research, the global electric vehicle motor market generated $5.5 billion in 2021, and is estimated to reach $34.4 billion by 2031, witnessing a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the growth of the Asia-Pacific market. Moreover, various technological…
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V …
According to a recent report published by Allied Market Research, titled,"Truck Platooning Market by Technology, Platooning Type, and Communication Technology: Global Opportunity Analysis and Industry Forecast, 2018 - 2025,"the global truck platooning market size was valued at $500.9 million in 2017, and is projected to reach $4,590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025.
To Explore More, Download Sample Report: https://www.alliedmarketresearch.com/request-sample/5245
Global truck platooning market is segmented…
Electric Vehicle Motor Market : Battery Electric Vehicle, Plugin Hybrid Vehicle, …
According to a new report published by Allied Market Research, titled, "Electric Vehicle Motor Market," The global electric vehicle motor market was valued at $5.5 billion in 2021, and is projected to reach $34.4 billion by 2031, growing at a CAGR of 20.3% from 2022 to 2031.
Asia-Pacific is expected to dominate the global electric vehicle motor market. An increase in vehicle population and a rise in vehicle standards fuel the…
Electric Vehicle Power Inverter Market : Hybrid Vehicle, Plug in Hybrid Vehicle, …
The electric vehicle power inverter market was valued at $8.67 billion in 2021, and is estimated to reach $22.25 billion by 2031, growing at a CAGR of 10.4% from 2022 to 2031.
Download Sample Report at https://www.alliedmarketresearch.com/request-sample/9122
Factors that drive the growth of the electric vehicle power inverter market are increase in demand for electric vehicles, proactive government initiatives for the development of electric vehicle, and surge in demand for low-emission and…
Truck Platooning Market : Vehicle-to-infrastructure (V2I), Vehicle-to-vehicle (V …
The global truck platooning market size was valued at $500.9 million in 2017 and is projected to reach $4590.3 million by 2025, registering a CAGR of 32.4% from 2018 to 2025 by Technology (Adaptive Cruise Control (ACC), Blind Spot Warning (BSW), Global Positioning System (GPS), Forward Collision Warning (FCW), Lane Keep Assist (LKA), and Others), Platooning type (Driver-Assistive Tuck Platooning (DATP) and Autonomous Truck Platooning), and Communication Technology (Vehicle-to-infrastructure (V2I),…
