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Significance Of Lithium-Ion Batteries In The Electric Vehicle Batteries Market: Strategic Insights Driving Electric Vehicle (EV) Batteries Market Momentum in 2025
Electric Vehicle (EV) Batteries
How Large Will the Electric Vehicle (EV) Batteries Market Size By 2025?
The market size for electric vehicle (EV) batteries has been witnessing a significant expansion over the recent past. This market is projected to escalate from a value of $67.13 billion in 2024 to a whopping $88.36 billion in 2025, marking an impressive Compound Annual Growth Rate (CAGR) of 31.6%. This substantial growth in the historical period is largely due to factors such as the declining costs of EV batteries, the expansion of emerging markets, an increase in domestic production, and a surge in disposable income.
How Big Is the Electric Vehicle (EV) Batteries Market Size Expected to Grow by 2029?
The market for electric vehicle (EV) batteries is primed for remarkable expansion in the coming years, predicted to swell to $196.62 billion by 2029 at a compound annual growth rate (CAGR) of 22.1%. The projected growth within this timeframe can be credited to factors such as rising fuel prices, the surging demand for electric vehicles, urbanization, and heightened investment from automotive Original Equipment Manufacturers (OEMs). Factors expected to shape market trends during this forecast period are the integration of vehicle-to-grid technology, the extensive adoption of Lithium-ion batteries, partnerships and collaborations, and an increase in investment towards electric vehicle (EV) batteries.
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Which Key Market Drivers Powering Electric Vehicle (EV) Batteries Market Expansion and Growth?
Progress in electric vehicle (EV) batteries and related technologies is piquing consumer interest in EVs, thus propelling the expansion of the EV battery market. Improvements such as lithium-ion batteries, quick charging, and increased distance traveled have transformed electric vehicles into more user-friendly options. For example, in January 2022, data from the Office of Energy Efficiency and Renewable Energy, a U.S. government entity, revealed that despite the farthest range for any EV in the 2021 model year being 405 miles, several 2022 models have already surpassed 500 miles. What's more, these technological innovations have led to a drop in the cost of electronic batteries. As per the Bloomberg report, the average price for a lithium-ion battery in 2022 stands at $151/kWh. Consequently, the progression in electronic battery and its associated technologies enhances vehicle mileage and attracts more consumers, thereby fueling the growth of the electric vehicle battery market.
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What Are the Key Trends Driving Electric Vehicle (EV) Batteries Market Growth?
Top firms in the electric vehicle (EV) battery market are focusing on the creation of technologically superior items, such as lithium iron phosphate (LiFePO4) batteries. These batteries are noted for their safety, thermal stability, long life cycle, and high energy output, making them ideal for use in EVs, renewable energy storage, and portable devices. For example, Geely, a car manufacturer based in China, revealed the Aegis Short Blade Battery in June 2024. It has an energy concentration of 192 Wh/kg and a remarkable life cycle of up to 3,500 cycles, allowing it to power vehicles for around 1 million kilometers with minimal range impact. This battery, with a lifespan of up to 50 years, greatly improves the longevity and residual value of pre-owned cars. The problem of high internal resistance often seen in many long blade batteries is effectively tackled by using long, thin carbon nanotubes to form an ion transmission "highway" and additives that increase film permeability for easier lithium ion movement between electrodes. As a result, the Aegis Short Blade Battery exhibits superior fast-charging capabilities, achieving 80 percent capacity in an average of 17 minutes and 4 seconds at a charging rate of 2.45 C, compared to the usual 26 minutes and 1.61 C rate for other long blade batteries of similar capacity.
What Are the Emerging Segments in the Electric Vehicle (EV) Batteries Market?
The electric vehicle (ev) batteries market covered in this report is segmented -
1) By Battery Type: Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Others
2) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
3) By Propulsion: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicles, Fuel Cell Electric Vehicles.
Subsegments:
1) By Lithium-Ion Batteries: Lithium Iron Phosphate (LiFePO4), Lithium Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Other Lithium-Ion Variants
2) By Lead-Acid Batteries: Flooded Lead-Acid (FLA), Absorbed Glass Mat (AGM), Gel Lead-Acid
3) By Nickel-Metal Hydride Batteries: Standard Nickel-Metal Hydride, Advanced Nickel-Metal Hydride
4) By Others: Solid-State Batteries, Flow Batteries, Other Emerging Battery Technologies
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Who Are the Global Leaders in the Electric Vehicle (EV) Batteries Market?
Major companies operating in the electric vehicle (EV) batteries market include LG Energy Solution Ltd, Samsung SDI Co. Ltd, SK Innovation Co. Ltd, Panasonic Corporation, Contemporary 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, BMW, Groupe Renault, Cobham, Varta, SAFT, AKOM, InoBat Auto, Ligier Group, Polaris Industries, Skoda Auto, Proterra, BMZ Inc, Microvast, Romeo Power, Quantumscape Corporation, Horwin, 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
Which are the Top Profitable Regional Markets for the Electric Vehicle (EV) Batteries Industry?
Asia-Pacific was the largest region in the electric vehicle batteries market in 2024. Western Europe was the second-largest region in the global electric vehicle batteries market share. The regions covered in the electric vehicle (ev) batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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