The Electric Vehicle (EV) Battery Market is driven by increasing demand for EVs due to environmental concerns, supportive government policies, and advancements in battery technology, leading to longer ranges and faster charging times. However, market growth is restrained by high battery costs, limited charging infrastructure, and concerns over battery disposal and recycling. The dependency on raw materials like lithium and cobalt, which have volatile prices and supply chain risks, also poses significant challenges.
Lewes, Delaware, July 03, 2024 (GLOBE NEWSWIRE) — The Global Electric Vehicle Battery Market is projected to grow at a CAGR of 25.1% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 63.51 Billion in 2024 and is expected to reach USD 573.08 Billion by the end of the forecast period.
Download PDF Brochure: https://www.verifiedmarketresearch.com/download-sample?rid=16299
Browse in-depth TOC on “Global Electric Vehicle Battery Market”
202 – Pages
126 – Tables
37 – Figures
Scope Of The Report
| REPORT ATTRIBUTES | DETAILS |
| STUDY PERIOD | 2021-2031 |
| BASE YEAR | 2024 |
| FORECAST PERIOD | 2024-2031 |
| HISTORICAL PERIOD | 2021-2023 |
| UNIT | Value (USD Billion) |
| KEY COMPANIES PROFILED | CATL (Contemporary Amperex Technology Co. Limited) (China), BYD Company Ltd. (China), LG Energy Solution (South Korea), Panasonic Corporation (Japan), Samsung SDI (South Korea), SK Innovation Co., Ltd. (South Korea), Tesla, Inc. (USA), Bosch (Germany), GS Yuasa Corporation (Japan), AESC (Automotive Energy Supply Corporation) (Japan) |
| SEGMENTS COVERED | Battery Type, Application, End-User, and Geography |
| CUSTOMIZATION SCOPE | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
Electric Vehicle Battery Market Overview
Increasing Environmental Regulations: The Electric Vehicle Battery Market is being driven by strict environmental rules and carbon emission limits. Governments worldwide are providing incentives to encourage the use of electric vehicles (EVs), which is driving manufacturers to develop new and improved technologies. This is leading to an increase in market opportunities and a faster pace of expansion in the EV industry.
Technological Advancements: The ongoing progress in battery technology, including enhancements in energy density and faster charging capabilities, is increasing the attractiveness of electric vehicles. This advancement not only entices a larger number of consumers but also enhances investor trust in the Electric Vehicle Battery Market.
Government Incentives and Subsidies: The Electric Vehicle Battery Market is being greatly influenced by substantial subsidies and tax advantages that encourage the adoption of electric vehicles. The financial advantages decrease the total expense for consumers, promoting increased sales and cultivating a strong growth path for the market.
To Purchase a Comprehensive Report Analysis: https://www.verifiedmarketresearch.com/download-sample?rid=16299
High Production Costs: The exorbitant expense associated with producing electric vehicle batteries continues to pose a substantial obstacle. Notwithstanding technical progress, the high costs of raw materials and intricate production procedures persistently impede market expansion by maintaining elevated prices for electric vehicles.
Limited Charging Infrastructure: The absence of a comprehensive and dependable charging infrastructure poses a significant obstacle to the growth of the Electric Vehicle Battery Market. The broad adoption of electric vehicles is hindered by consumers’ range anxiety and the trouble of locating charging stations, which in turn slows down the expansion of the market.
Raw Material Supply Chain Issues: The problems are significant because to disruptions in the supply chain and the unpredictable price fluctuations of essential raw materials like as lithium and cobalt. These problems result in delays in production and higher prices, which impede the expansion of the Electric Vehicle Battery Market by making batteries less accessible due to their increasing price.
Geographic Dominance:
Asia-Pacific, especially China, has a dominant position in the Electric Vehicle Battery Market. This is mostly owing to its strong manufacturing capabilities, wide supply chain, and favorable government regulations. This dominance expedites market expansion by stimulating innovation and achieving economies of scale. However, it also generates regional interdependencies and exposes supply chain vulnerabilities for other markets, notably Europe and North America, which might possibly affect global market stability and growth dynamics.
Electric Vehicle Battery Market Key Players Shaping the Future
Major players, including CATL (Contemporary Amperex Technology Co. Limited) (China), BYD Company Ltd. (China), LG Energy Solution (South Korea), Panasonic Corporation (Japan), Samsung SDI (South Korea), SK Innovation Co., Ltd. (South Korea), Tesla, Inc. (USA), Bosch (Germany), GS Yuasa Corporation (Japan), AESC (Automotive Energy Supply Corporation) (Japan) and more, play a pivotal role in shaping the future of the Electric Vehicle Battery Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry’s key players.
Electric Vehicle Battery Market Segment Analysis
Based on the research, Verified Market Research® has segmented the global Electric Vehicle Battery Market into Battery Type, Application, End-User, And Geography.
To get market data, market insights, and a comprehensive analysis of the Global Electric Vehicle Battery Market, please Contact Verified Market Research®.
- Electric Vehicle Battery Market, by Battery Type
- Lithium-Ion Battery
- Nickel-Metal Hydride (NiMH) Battery
- Lead-Acid Battery
- Solid-State Battery
- Electric Vehicle Battery Market, by Application
- Passenger Vehicles
- Commercial Vehicles
- Two-Wheelers
- Electric Vehicle Battery Market, by End-User
- OEMs (Original Equipment Manufacturers)
- Aftermarket
- Electric Vehicle Battery Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
- North America
Browse Related Reports:
Global Automotive Battery Thermal Management System Market Size By Technology (Air Cooling & Heating, Liquid Cooling & Heating, Phase Change Material (PCM)), Propulsion Type (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicle (HEV)), Vehicle Type (Passenger Cars, Commercial Vehicles), Battery Type (Conventional, Solid State), By Geography, And Forecast
Global Sodium Ion Battery Market Size by Battery Type (Sodium-Sulfur, and Sodium Salt), Technology Type (Aqueous, Non-Aqueous), End-use (Energy Storage, Automotive, and Industrial), By Geography, And Forecast
Global Battery Recycling Market Size By Method Of Recycling (Pyrometallurgical Recycling, Hydrometallurgical Recycling), By Recovered Materials (Metals, Plastics), By Operational Scale (Large-scale Recycling Facilities, Small-scale Reclamation Businesses), By Geography, And Forecast
Global Solar Energy And Battery Storages Market Size By Type (Lithium-Ion Batteries, Sodium-Sulfur Batteries, Advanced Lead-Acid Batteries), By Application (Residential, Non-Residential, Utilities), By Geography, And Forecast
Top 10 Battery Manufacturing Equipment Manufacturers putting life in gadgets
Visualize Electric Vehicle Battery Market using Verified Market Intelligence -:
Verified Market Intelligence is our BI Enabled Platform for narrative storytelling in this market. VMI offers in-depth forecasted trends and accurate Insights on over 20,000+ emerging & niche markets, helping you make critical revenue-impacting decisions for a brilliant future.
VMI provides a holistic overview and global competitive landscape with respect to Region, Country, Segment, and Key players of your market. Present your Market Report & findings with an inbuilt presentation feature saving over 70% of your time and resources for Investor, Sales & Marketing, R&D, and Product Development pitches. VMI enables data delivery In Excel and Interactive PDF formats with over 15+ Key Market Indicators for your market.
About Us
Verified Market Research® stands at the forefront as a global leader in Research and Consulting, offering unparalleled analytical research solutions that empower organizations with the insights needed for critical business decisions. Celebrating 10+ years of service, VMR has been instrumental in providing founders and companies with precise, up-to-date research data.
With a team of 500+ Analysts and subject matter experts, VMR leverages internationally recognized research methodologies for data collection and analyses, covering over 15,000 high impact and niche markets. This robust team ensures data integrity and offers insights that are both informative and actionable, tailored to the strategic needs of businesses across various industries.
VMR’s domain expertise is recognized across 14 key industries, including Semiconductor & Electronics, Healthcare & Pharmaceuticals, Energy, Technology, Automobiles, Defense, Mining, Manufacturing, Retail, and Agriculture & Food. In-depth market analysis cover over 52 countries, with advanced data collection methods and sophisticated research techniques being utilized. This approach allows for actionable insights to be furnished by seasoned analysts, equipping clients with the essential knowledge necessary for critical revenue decisions across these varied and vital industries.
Verified Market Research® is also a member of ESOMAR, an organization renowned for setting the benchmark in ethical and professional standards in market research. This affiliation highlights VMR’s dedication to conducting research with integrity and reliability, ensuring that the insights offered are not only valuable but also ethically sourced and respected worldwide.
CONTACT: Mr. Edwyne Fernandes Verified Market Research® US: +1 (650)-781-4080 US Toll Free: +1 (800)-782-1768 Email: sales@verifiedmarketresearch.com Web: https://www.verifiedmarketresearch.com/ Follow Us: LinkedIn | Twitter SOURCE – Verified Market Research®
