The global electric vehicles battery market is witnessing a significant shift towards eco-friendly and pollution-free transportation solutions. Electric vehicle batteries are rapidly replacing traditional fossil fuels, reducing dependence on non-renewable energy sources and curbing pollution. The ability to charge these batteries with renewable energy sources enhances their environmental appeal. Lower road tax and registration fees for electric vehicles also contribute to market growth. With increasing awareness of environmental concerns and government incentives, the global electric vehicles battery market is poised for substantial expansion as the world moves towards sustainable transportation alternatives.
According to Data Bridge Market Research the Global Electric Vehicles Battery Market which was USD 49.22 billion in 2022, is expected to reach USD 206.61 billion by 2030 and is expected to undergo a CAGR of 19.64% during the forecast period of 2023 to 2030.
“Growing demand for electronic vehicles (EVs) drive the market growth”
The global electric vehicles battery market is driven by the growing demand for electronic vehicles (EVs). As the automotive industry shifts toward sustainable and eco-friendly transportation solutions, the adoption of EVs is on the rise. These vehicles rely on rechargeable batteries as their primary power source. The increasing awareness of environmental concerns, government incentives promoting EV adoption, and advancements in battery technology further fuel the demand for EVs, subsequently propelling the electric vehicles battery market's growth trajectory.
What restraints the growth of the global electric vehicles battery market?
“High cost of rechargeable batteries”
The global electric vehicles battery market faces restraint due to the high cost of rechargeable batteries. Despite advancements, the production and materials involved in making these batteries contribute to elevated costs, impacting the affordability of electric vehicles (EVs). This factor can deter potential buyers and limit market growth. Additionally, the intricate process of manufacturing EVs, including integrating these advanced batteries, poses a challenge, resulting in longer production cycles and potentially limiting the widespread adoption of electric vehicles.
Segmentation: Global Electric Vehicles Battery Market
The electric vehicles battery market is segmented on the basis of type, form, application, capacity, bonding type, vehicle type, end-user, and material.
- On the basis of type, the electric vehicles battery market is segmented into lithium-ion batteries, sealed lead acid batteries, nickel-metal hydride batteries, ultra-capacitors, solid-state batteries, and other batteries.
- On the basis of form, the electric vehicles battery market is segmented into prismatic, cylindrical, and pouch.
- On the basis of application, the electric vehicles battery market is segmented into electric cars, light commercial vehicles, heavy commercial vehicles, two wheeler, and others.
- On the basis of capacity, the electric vehicles battery market is segmented into 50 kwh, 51-100 kwh, 101-300 kwh, and 300 kwh.
- On the basis of bonding type, the electric vehicles battery market is segmented into wire, laser.
- On the basis of vehicle type, the electric vehicles battery market is segmented into passenger car, and commercial vehicle.
- On the basis of end-user, the electric vehicles battery market is segmented into OEMS, aftermarket, battery swapping stations.
- On the basis of material, the electric vehicles battery market is segmented into lithium, magnesium, cobalt and natural graphite.
Regional Insights: Asia-Pacific dominates the Global Electric Vehicles Battery Market
Asia-Pacific commands the global electric vehicle (EV) battery market due to its robust industrial foundation, abundant raw materials, prominent market players, favorable foreign policies, and surging EV demand. The region's synergy of factors fosters a thriving market ecosystem.
North America is poised for substantial growth from 2023 to 2030. The escalating EV demand, bolstered by strong electronic market players such as Tesla, is a driving force. An expanding market landscape and increasing preference for high-quality electric vehicle batteries underscore the region's promising trajectory.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-electric-vehicles-battery-market
Recent Developments in Global Electric Vehicles Battery Market
- In July 2022, Samsung SDI initiated the construction of its second battery production facility in Seremban, Malaysia. This venture, slated for PRiMX 21700 cylindrical battery production by 2024, involves a USD 1.4 billion investment in stages until 2025. Primarily targeted for electric vehicles and various applications, this significant development aims to bolster battery supply for growing demands.
- In June 2022, Heilongjiang Transport Development Co., Ltd. joined forces with Contemporary Amperex Technology Co., Ltd. (CATL) for battery charging and swapping services. Their collaboration encompasses heavy trucks, online ride-hailing cabs, and cruising cabs, aligning with the evolving landscape of electric mobility solutions.
The Prominent Key Players Operating in the Global Electric Vehicles Battery Market Include:
- ENERSYS (U.S.)
- BYD Motors Inc.(China)
- Panasonic Corporation (Japan)
- LG Energy Solution.(South korea)
- PRIDE EV(China)
- Wanxiang,(China)
- GS Yuasa International Ltd (Japan)
- Tianneng (China)
- Contemporary Amperex Technology Co Limited (China)
- SAMSUNG SDI CO.,LTD.(South Korea)
- Hankook & Company Co., Ltd.(South Korea)
- Bloomberg L.P.(India)
- C&D Technologies, Inc (U.S.)
- CROWN BATTERY(U.S)
- Duracell Batteries BV (U.S.)
- East Penn Manufacturing Company (U.S)
- EXIDE INDUSTRIES LTD(India)
- HUAYU(NINGBO)NEW ENERGY TECHNOLOGIES CO., LTD(China)
Above are the key players covered in the report, to know about more and exhaustive list of global electric vehicles battery market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Electric Vehicles Battery Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
