Electric Vehicle (EV) Battery Market - Trends Forecast Till 2028

Market Overview

Global Electric Vehicle (EV) Battery Market size is anticipated to reach USD 27.4 billion in 2021 growing at a CAGR of 25.4% during the forecasting period, 2021-2028.

The battery used in the electrical vehicle is the lithium-ion battery. These batteries provide high energy density and increased power per mass. There are multiple batteries developed with these aims. These batteries operate at a voltage of 200-800 volt. The cells in the battery are connected in series. The cathode is made up of metal oxide and anode of graphite.

Also check report on Electric Vehicle (EV) Charging Station Market

With an increase in demand for electric vehicles and multiple government policies favouring electric vehicles such as, several national governments provide financial incentives such as tax breaks and rebates, subsidies, reduced parking and toll fees for electric vehicles, and free charging are some of the factors that have supported long-term growth for the Global Electric Vehicle (EV) Battery industry. The United States Department of Energy (DOE) announced a $96 million funding opportunity to aid in the decarbonization of the domestic transportation sector.

Also, companies are developing business models such as battery swapping and battery-as-a-service (BaaS) that allow users to change/swap EV batteries after they have been discharged. This saves users time spent on battery charging, improving customer satisfaction and addressing one of the main reasons consumers do not choose EVs.

Key Findings

Global Electric Vehicle (EV) Battery Market is segmented into Battery Capacity, Battery Form, Propulsion, Battery Type, Material Type, Li-ion Battery Component, Method, Vehicle Type, and geography.

Battery Capacity segment is segmented into <50, 50-110, 111-200, 201-300 and >300

Battery Form segment is segmented into Wire and Laser

The propulsion segment is segmented into BEV, PHEV, PHEV, and FCEV

Geographically, the global Electric Vehicle (EV) Battery Market is sub-segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America and insights are provided for each region and major countries within the regions

Regional Analysis

North America electric vehicle battery market is expected to grow at a CAGR of 22.8% during forecast period.

Competitive Landscape

Key players in the global Electric Vehicle (EV) Battery Market are    CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea) among others.

Recent Developments

Suzuki Motor Corporation (SMC) signed a Memorandum of Understanding (MOU) with the State of Gujarat, India, to invest approximately US$1.4 billion for local manufacturing of electric vehicles (BEV) and BEV batteries.

Reasons to Acquire

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• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope