With 21% CAGR, Electric Vehicle Battery Market Size to Reach USD 95 Bn by 2028

Global Electric Vehicle Battery Market value is expected to reach USD 95 Bn by 2028, growing at a 21% CAGR of Between Forecast Period 2023 to 2028

LUTON, BEDFORDSHIRE, UNITED KINGDOM, November 8, 2023 /EINPresswire.com/ -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Electric Vehicle Battery Market

The global electric vehicle battery market is expected to grow at 21% CAGR from 2019 to 2028. It is expected to reach above USD 95 billion by 2028 from USD 17 billion in 2019.

Sales of electric vehicle batteries comprise the electric vehicle batteries market. Electronic cars are powered by batteries used in electric vehicles, which are naturally rechargeable. Because these batteries don't release any damaging gases into the atmosphere, they support the clean energy program. Growth in the market is anticipated to be fueled by top automakers like General Motors, Ford Motors, and Bayerische Motoren Werke AG placing a greater emphasis on creating electric vehicles. The market is expected to grow as a result of the ongoing deployment of electric vehicle supply equipment (EVSE) and the ensuing rise in sales of electric vehicles.

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Key Developments:

• In December 2022, Contemporary Amperex Technology Co., Limited. signed an agreement with Changan Automobile to help Changan Automobile with its innovation capabilities and core advantages in the value chain of EV battery R&D, manufacturing and aftermarket services.

• In December 2022, Panasonic Corporation signed an agreement with Lucid Group to supply lithium-ion batteries to their electric vehicles (EVs).

• In November 2022, LG Chem Ltd invested more than $3 billion to build a battery cathode factory in Tennessee, as it ramps up plans to meet rising demand for U.S. electric vehicle components. It's one of the first major EV-related investments announced by a South Korean firm in the U.S. to supply cathode materials to Ultrium Cells, a battery joint venture between General Motors and LG Chem's subsidiary LG Energy Solution Ltd (LGES).

• In November 2021, GS Yuasa International Ltd. launched its common lithium-ion batteries for launch vehicle, Epsilon-5. The common lithium-ion batteries for launch vehicles was developed under a contract with IHI Aerospace Co., Ltd., have been utilized in Epsilon Launch Vehicles ever since the very first Epsilon launch in 2013.

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Companies Covered in Electric Vehicle Battery Market Report:

The major players in the global EV battery market are CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea). The key strategies adopted by these companies to sustain their market position are new product developments, mergers & acquisitions, supply contracts, partnerships, expansions, collaborations, acquisitions, and contracts & agreements.

Report Benefits

• Develop business strategies by understanding the trends shaping and driving the Market.
• Drive revenues by understanding the key trends, innovative products and technologies, market segments, and companies likely to impact the Electric Vehicle Battery Market in the future.
• Formulate effective sales and marketing strategies by understanding the competitive landscape and by analyzing the company share of Electric Vehicle Battery Market leaders.
• Identify emerging players with potentially strong product portfolios and create effective counter-strategies to gain a competitive advantage.
• Track sales in the global and country-specific Market.
• Organize your sales and marketing efforts by identifying the market categories and segments that present maximum opportunities for consolidations, investments and strategic partnerships.

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Driver: Growing interest in electric cars
Concerns about the environmental impact of conventional autos are driving governments worldwide to encourage the use of alternative fuel vehicles. Zero-emission cars, or EVs, are gaining popularity globally as environmentally benign public transit options. Numerous national governments offer financial incentives, such as tax breaks and refunds, subsidies, lowered parking and toll rates for electric vehicles, and free charging, in order to encourage the usage of EVS.

In addition to investing extensively in EV charging infrastructure, leading EV markets like China, the US, and Germany are also conducting research and development for faster and more efficient charging methods. It's expected that automakers will spend heavily to influence the market and satisfy the rising demand for EVs. Companies like Tesla, Volkswagen, Ford, Nissan, BMW, and General Motors have substantial R&D budgets dedicated to the development of electric vehicles.

Regional Perspectives

With over 51.0% of worldwide revenue in 2022, the Asia Pacific region led the market and is predicted to increase at the fastest rate of compound annual growth (CAGR) over the projection period. Over the past few years, the Asia Pacific region—China, India, and South Korea in particular—has seen an increase in product demand in accordance with the growing preference for electric vehicles. Because of the cheap labor and maintenance costs, China has a highly concentrated battery sector, which eventually helps the market's expansion there. Additionally, the market expansion is supported by the existence of product manufacturers including Samsung SDI Co., Ltd., BYD Company Ltd., LG Energy Solution, Contemporary Amperex Technology Co., Ltd. (CATL), and Panasonic Corp.

Key Market Segments: Electric vehicle battery Market:

Electric Vehicle Battery by Vehicle Type, 2019-2028, (IN USD Million)
• Passenger Car
• Commercial Vehicle
• Two-Wheeler

Electric Vehicle Battery by Propulsion Type, 2019-2028, (In USD Million)
• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-In Hybrid Electric Vehicle

Electric Vehicle Battery Market by Battery Type, 2019-2028, (In USD Million)
• Lead Acid Battery
• Nickel Metal Hydride Battery
• Lithium-Ion Battery

Electric Vehicle Battery Market by Region, 2019-2028, (In USD Million)
• North America
• Europe
• Asia Pacific
• South America
• The Middle East and Africa

Frequently Asked Questions About This Report
• How big is the Electric Vehicle Battery Market?
• What is the Electric Vehicle Battery Market growth?
• Which segment accounted for the largest Electric Vehicle Battery Market share?
• Who are the key players in the Electric Vehicle Battery Market?
• What are the factors driving the Electric Vehicle Battery Market?

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Electric Vehicle Charging Stations Market by Charger Type (Fast, Slow/Moderate), By Application (Commercial, Residential) and by Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global trends and forecast from 2022 to 2028

Tanmay Halaye
Exactitude Consultancy
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