Global EV Battery Market Size & Share Expected to Grow USD 225.55 Billion by 2030, at 18.9% CAGR: Polaris Market Research

NEW YORK, Dec. 7, 2022 /PRNewswire/ -- Polaris Market Research recently published [115+ Pages] research report on "EV Battery Market Share, Size, Trends, Industry Analysis Report, By Method (Wire Bonding, Laser Bonding); By Battery; By Propulsion; By Vehicle; By Battery Capacity; By Battery Form; By Material; By Region; Segment Forecast, 2022 - 2030" in its research database.

According to research report, the global EV battery market size & share was valued at USD 50.12 billion in 2021 and is expected to reach USD 225.55 Billion by 2030, growing at a CAGR of 18.9% during the forecast period.

How Big is EV Battery Market Size & Share?

• Overview

EV battery or electric vehicle battery is a rechargeable battery made from a combination of hundreds or thousands of individual lithium-ion cells or pouches. EV batteries have a relatively high power-to-weight ratio, high energy efficiency, and high-temperature performance. Although lithium-ion and lithium polymer are the two common types of battery in electric vehicles, there are other types, including solid-state batteries, nickel-metal hydride batteries, lead-acid batteries, and ultracapacitors.

The leading battery supplier from China, CATL, is the world's largest producer of EV batteries. The company provides lithium-ion batteries to Tesla, Peugeot, Hyundai, Honda, BMW, Toyota, Volkswagen, and Volvo. Factors such as lowering battery prices, developments in battery technology, and awareness about zero-emission cars are driving the demand for the EV battery market.

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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, Table of Contents, Graphical introduction of regional analysis, Top players in the market with their revenue analysis and our research methodology.)

Key Highlights of the Report

• Market value data for each segment and sub-segment
• Analysis by geography with consumption of the product/service in the region
• Competitive landscape, which incorporates the extensive company profiles
• The current as well as the future outlook of the industry with respect to recent developments
• In-depth analysis of market perspectives through Porter's five forces analysis
• Dynamics scenario, along with growth opportunities market
• Key strategic initiatives taken by major players

Some of the Top Manufacturers in Global Market Are:

• Atlasbx Co. Ltd.
• Bb Battery Co.
• BYD Company Ltd.
• C&D Technologies Inc.
• Contemporary Ampere Technology Co. Ltd
• Crown Battery Manufacturing
• Duracell
• East Penn Manufacturing Company
• Enersys Inc.
• Exide Industries Limited
• Gs Yuasa Corp.
• Hitachi Chemical Co. Ltd
• Huanyu New Energy Technology
• LG Chem
• Narada Power Source Co. Ltd
• NEC Corporation
• North Star
• Panasonic Corporation
• Samsung SDI
• SK Innovation Co. Ltd
• Sony
• TCL Corporation

For Additional Information on Market Players and Detail List, Download a Report PDF Brochure

Growth Driving Factors

• Rising replacement of fossil fuels with EV batteries flourishes the market growth

EV batteries are eco-friendly as they can be charged with renewable energy sources, which majorly fuels the EV battery market size. The increasing replacement of fossil fuels such as petrol and diesel with EV batteries across the automotive industry propels market growth. Beneficial government policies and regulations are expected to boost industry growth. Growing number of initiatives by the government to promote the adoption of electric vehicles and to use alternative fuels due to the rising environmental concern is anticipated to positively influence the EV battery industry expansion.

Moreover, rising spending in EV charging infrastructure coupled with increasing R&D for faster-charging techniques is several factors bolstering the EV battery market sales. Then, value-added tax (VAT), government subsidies, and relief from car registration taxes are all expected to support the market growth. Additionally, major automotive Original Equipment Manufacturers (OEMs) are collaborating with battery OEMs to reinforce their operation to develop high-performance EV batteries is accelerating the market growth.

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Recent Developments

• In June 2022, Heilongjiang transport development co. ltd have announced a partnership with contemporary amperex technology co., ltd to conduct research in the areas of heavy truck battery charging and swapping, cruising cabs battery switching and online ride-hailing cab battery swapping.

Segmental Analysis

• Lithium-ion batteries held the highest EV battery market share in 2021

Based on battery, in 2021, lithium-ion batteries dominated the market owing to the growing adoption of these batteries due to their superior energy density and lightweight design. Also, lithium-ion batteries are safer than their alternatives, thus gaining demand for electric vehicles. In addition, other properties of lithium-ion batteries, including high durability, cooling performance, laminated-structure battery cells, reliability, and long-life cycle cells, propel segment growth.

• BEV is anticipated to witness the major market share

On the basis of propulsion, Battery Electric Vehicle (BEV) is projected to lead the market. This growth can be attributed to the increasing adoption of BEV because they are totally electric and run-on rechargeable batteries. The rising technological developments, along with decreasing battery prices, are contributing to the segment growth of the EV battery market. In addition, low emissions and zero toxic gases emission are estimated to augment the market expansion.

• Passenger cars are likely to hold the highest revenue share

In terms of vehicles, passenger cars dominate the market and are anticipated to maintain their dominance throughout the foreseen period. The key factors contributing to this segment growth include the increasing adoption of electric vehicles across developing and developed nations. Also, the rising adoption of emission standards by governments across the globe is predicted to fuel electric vehicle battery market growth.

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EV Battery Market: Report Scope

Geographic Overview

• Asia Pacific is anticipated to grow at the fastest growth

Based on geography, Asia Pacific dominates the market and is expected to register the fastest growth during the assessment period. This revenue growth can be attributed to the growing demand for electric vehicles because of urbanization and purchasing power across the nations such as China, India, Malaysia, and Japan.

Moreover, increasing initiatives by the government to convert two and three-wheelers into automotive vehicles are projected to fuel the EV battery demand during the forecast period. India is a leading importer of lithium-ion batteries, and China is the largest manufacturing hub of electric vehicles. Therefore, the demand for EV batteries is escalating in these countries, which is expected to create growth opportunities in the EV battery market.

Browse the Detail Report "EV Battery Market Share, Size, Trends, Industry Analysis Report, By Method (Wire Bonding, Laser Bonding); By Battery; By Propulsion; By Vehicle; By Battery Capacity; By Battery Form; By Material; By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/electric-vehicle-battery-market

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Polaris Market Research has segmented the EV battery market report based on battery, propulsion, vehicle, method, battery capacity, material, region

By Battery Outlook

• Lead-Acid
• Lithium-Ion
• Positive Electrode
• Negative Electrode
• Electrolyte
• Separator
• Nickel-Metal Hydride
• Sodium-Ion
• Solid-State

By Propulsion Outlook

• BEV
• HEV
• PHEV
• FCEV

By Vehicle Outlook

• Passenger Cars
• Vans/Light Trucks
• Medium & Heavy Trucks
• Buses
• Off-Highway Vehicles

By Method Outlook

• Wire Bonding
• Laser Bonding

By Battery Capacity Outlook

• 5o kWh
• 50-11o kWh
• 11-200 kWh
• 201-300 kWh
• >300 kWh

By Battery Form Outlook

• Prismatic
• Cylindrical
• Pouch

By Material Outlook

• Lithium
• Cobalt
• Manganese
• Natural Graphite

By Region Outlook

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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SOURCE Polaris Market Research