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PUBLISHER: Grand View Research | PRODUCT CODE: 1363064
PUBLISHER: Grand View Research | PRODUCT CODE: 1363064
Electric Vehicle (EV) Battery Market Size, Share & Trends Analysis Report By Battery Type (Lithium-Ion, Lead-Acid), By Propulsion Type (BEV, PHEV), By Vehicle Type (Two-Wheeler, Passenger Cars), By Region, And Segment Forecasts, 2023 - 2030
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Electric Vehicle Battery Market Growth & Trends:
The global electric vehicle battery market size is expected to reach USD 198.9 billion by 2030, growing at a CAGR of 21.1% from 2023 to 2030, according to a new study conducted by Grand View Research, Inc.. Increasing government initiatives for reducing carbon emissions and promoting the adoption of electric vehicles (EVs) drive the market growth. Growing consumer interest in EVs owing to lower operating costs and environmental benefits boosts the product demand. Rising advancements in battery technologies and the development of batteries that give better range, enhanced performance, and faster charging times, safety, and reliability are further expected to boost the growth of the market. Lithium-ion batteries have become more efficient, reliable, and cost-effective, driving down the cost of electric vehicles.
These types of batteries are currently used in the majority of EVs and are expected to maintain their dominance during the forecast period. Several manufacturers, including Nissan Motor Corp. and Tesla Inc., have invested heavily in this battery technology. Furthermore, various companies are establishing battery manufacturing plants to produce batteries owing to the rising demand for EVs. For instance, in May 2022, Stellantis N.V., an automotive manufacturing corporation, and Samsung SDI Co., Ltd., a battery manufacturing company, signed definitive agreements to create an electric vehicle battery production plant in Kokomo, Indiana, U.S. The facility is planned to start operations in 2025 and is expected to have an initial production capacity of 23 GWh per year, with an aim to increase to 33 GWh over the next few years.
In addition, in November 2022, Canoo, a prominent high-tech mobility firm, announced the establishment of a battery module manufacturing plant at MidAmerica Industrial Park in Pryor, Oklahoma, U.S. as part of its expansion plan to increase manufacturing capabilities and job opportunities in the area. The outbreak of the COVID-19 pandemic severely impacted several economies. In addition, increased fuel prices owing to the Russia-Ukraine conflict are expected to prompt consumers to adopt electric vehicles considering the lower lifecycle cost of an electric vehicle as compared to internal combustion engine (ICE) vehicles, which is ultimately making more demand for electric vehicle batteries. Furthermore, aggressive investments in innovation and subsequent advances in battery technology are expected to create new opportunities for the growth of the EV battery market.
Electric Vehicle Battery Market Report Highlights:
- The lithium-ion battery segment is anticipated to register the fastest CAGR over the forecast period. Increasing adoption of lithium-ion EV batteries owing to their benefits, such as lightweight & space-saving design, high energy efficiency & power-to-weight ratio, high-temperature performance, and low cost, drives the segment growth
- The battery electric vehicle (BEV) segment accounted for the largest market share in 2022. The growing popularity of mini-battery EVs with rechargeable battery packs is expected to drive the growth of the segment
- The two-wheeler segment is anticipated to grow at the fastest CAGR over the forecast period. The increasing production and sales of two-wheeled EVs in countries, such as India, China, and Taiwan, and the growing market for e-bikes/e-scooters in developing countries are expected to boost the segment growth
- Asia Pacific is anticipated to be the fastest-growing regional market owing to the presence of product manufacturing companies, rapid growth in the sales of EVs, and extensive deployment of EV charging infrastructures & battery swapping stations in countries, such as China India, Taiwan, and Japan
Product Code: GVR-3-68038-687-5
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation & Scope
- 1.2. Market Definitions
- 1.3. Information Procurement
- 1.4. Information Analysis
- 1.4.1. Market Formulation & Data Visualization
- 1.4.2. Data Validation & Publishing
- 1.5. Research Scope and Assumptions
- 1.6. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segmental Outlook
- 2.3. Competitive Landscape Snapshot
Chapter 3. Market Variables, Trends, and Scope
- 3.1. Market Lineage Outlook
- 3.2. Industry Value Chain Analysis
- 3.2.1. Raw Material Outlook
- 3.2.2. Manufacturing & Technology Trends
- 3.3. Market Dynamics
- 3.3.1. Market Driver Impact Analysis
- 3.3.1.1. Growing use of electric vehicles
- 3.3.1.2. Growing emphasis on sustainability and achieving net zero emission goals
- 3.3.2. Market Restraint Impact Analysis
- 3.3.2.1. Lack of standardization
- 3.3.3. Market Opportunity Impact Analysis
- 3.3.3.1. Growing government initiatives and investments to improve electric vehicle charging infrastructure
- 3.3.1. Market Driver Impact Analysis
- 3.4. Impact of COVID-19 Pandemic
- 3.5. Industry Analysis Tools
- 3.5.1. Porter's Analysis
- 3.5.2. PESTEL Analysis
Chapter 4. Electric Vehicle Battery Market: Battery Type Estimates & Trend Analysis
- 4.1. Battery Type Movement Analysis & Market Share, 2022 & 2030
- 4.2. Electric Vehicle Battery Market Estimates & Forecast, By Battery Type
- 4.2.1. Lithium-Ion Battery
- 4.2.2. Lead-Acid Battery
- 4.2.3. Others (Solid-state Battery, Nickel-Metal Hydride, Sodium-ion Battery)
Chapter 5. Electric Vehicle Battery Market: Propulsion Type Estimates & Trend Analysis
- 5.1. Propulsion Type Movement Analysis & Market Share, 2022 & 2030
- 5.2. Electric Vehicle Battery Market Estimates & Forecast, By Propulsion Type
- 5.2.1. Battery Electric Vehicle (BEV)
- 5.2.2. Plug-In Hybrid Electric Vehicle (PHEV)
Chapter 6. Electric Vehicle Battery Market: Vehicle Type Estimates & Trend Analysis
- 6.1. Vehicle Type Movement Analysis & Market Share, 2022 & 2030
- 6.2. Electric Vehicle Battery Market Estimates & Forecast, By Vehicle Type
- 6.2.1. Two-Wheeler
- 6.2.2. Passenger Cars
- 6.2.3. Buses
- 6.2.4. Commercial Light Duty Vehicles
- 6.2.5. Others (Trucks, Trailers)
Chapter 7. Electric Vehicle Battery Market: Regional Estimates & Trend Analysis
- 7.1. Electric Vehicle Battery Market: Regional Outlook
- 7.2. North America
- 7.2.1. North America electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.2.2. U.S.
- 7.2.2.1. U.S. electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.2.3. Canada
- 7.2.3.1. Canada electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.3. Europe
- 7.3.1. Europe electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.3.2. UK
- 7.3.2.1. UK electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.3.3. Germany
- 7.3.3.1. Germany electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.3.4. France
- 7.3.4.1. France electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.4.2. China
- 7.4.2.1. China electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.4.3. India
- 7.4.3.1. India electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.4.4. Japan
- 7.4.4.1. Japan electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.4.5. Australia
- 7.4.5.1. Australia electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.4.6. South Korea
- 7.4.6.1. South Korea electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.5. Latin America
- 7.5.1. Latin America electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.5.2. Brazil
- 7.5.2.1. Brazil electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.5.3. Mexico
- 7.5.3.1. Mexico electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.6. MEA
- 7.6.1. MEA electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.6.2. Kingdom of Saudi Arabia
- 7.6.2.1. Kingdom of Saudi Arabia electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.6.3. UAE
- 7.6.3.1. UAE electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- 7.6.4. South Africa
- 7.6.4.1. South Africa electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Company Categorization
- 8.2. Participant's Overview
- 8.2.1. Contemporary Amperex Technology Co., Limited (CATL)
- 8.2.2. LG Energy Solution
- 8.2.3. BYD Company Ltd.
- 8.2.4. Panasonic Corporation
- 8.2.5. Samsung SDI Co., Ltd.
- 8.2.6. SK Innovation Co., Ltd.
- 8.2.7. Toshiba Corporation
- 8.2.8. EnerSys, Inc.
- 8.2.9. Hitachi, Ltd.
- 8.2.10. Mitsubishi Corporation
- 8.3. Financial Performance
- 8.4. Product Benchmarking
- 8.5. Company Market Positioning
- 8.6. Company Market Share Analysis, 2022
- 8.7. Company Heat Map Analysis
- 8.8. Strategy Mapping
- 8.8.1. Expansion
- 8.8.2. Collaborations
- 8.8.3. Mergers & Acquisitions
- 8.8.4. New Product Launches
- 8.8.5. Partnerships
- 8.8.6. Others
Product Code: GVR-3-68038-687-5
List of Tables
- Table 1 Global electric vehicle battery market, by battery type, 2017 - 2030 (USD Million)
- Table 2 Global electric vehicle battery market, by propulsion type, 2017 - 2030 (USD Million)
- Table 3 Global electric vehicle battery market, by vehicle type, 2017 - 2030 (USD Million)
- Table 4 Company Market Share, 2022
- Table 5 Company Heat Map Analysis
- Table 6 Key companies undergoing expansion
- Table 7 Key Companies Undergoing Collaborations
- Table 8 Key companies undergoing new product launch
- Table 9 Key companies undergoing mergers & acquisitions
- Table 10 Key companies undergoing other strategies
List of Figures
- Fig. 1 Electric Vehicle Battery Market Segmentation
- Fig. 2 Information Procurement
- Fig. 3 Data Analysis Models
- Fig. 4 Market Formulation and Validation
- Fig. 5 Data Validating & Publishing
- Fig. 6 Market Snapshot
- Fig. 7 Segment Snapshot
- Fig. 8 Competitive Landscape Snapshot
- Fig. 9 Parent Market Value, 2022 (USD Billion)
- Fig. 10 Electric Vehicle Battery Market - Industry Value Chain Analysis
- Fig. 11 Electric Vehicle Battery Market Dynamics
- Fig. 12 Electric Vehicle Battery Market: PORTER's Analysis
- Fig. 13 Electric Vehicle Battery Market: PESTEL Analysis
- Fig. 14 Electric Vehicle Battery Market, by Battery Type: Key Takeaways
- Fig. 15 Electric Vehicle Battery Market, by Battery Type: Market Share, 2022 & 2030
- Fig. 16 Electric vehicle battery market estimates & forecasts, by lithium-ion battery, 2017 - 2030 (USD Million)
- Fig. 17 Electric vehicle battery market estimates & forecasts, by lead-acid battery, 2017 - 2030 (USD Million)
- Fig. 18 Electric vehicle battery market estimates & forecasts, by others (solid-state battery, nickel-metal hydride, sodium-ion battery), 2017 - 2030 (USD Million)
- Fig. 19 Electric Vehicle Battery Market, by Propulsion Type: Key Takeaways
- Fig. 20 Electric Vehicle Battery Market, by Propulsion Type: Market Share, 2022 & 2030
- Fig. 21 Electric vehicle battery market estimates & forecasts, by battery electric vehicle (BEV), 2017 - 2030 (USD Million)
- Fig. 22 Electric vehicle battery market estimates & forecasts, by plug-in hybrid electric vehicle (PHEV), 2017 - 2030 (USD Million)
- Fig. 23 Electric Vehicle Battery Market, by Vehicle Type: Key Takeaways
- Fig. 24 Electric Vehicle Battery Market, by Vehicle Type: Market Share, 2022 & 2030
- Fig. 25 Electric vehicle battery market estimates & forecasts, by two-wheeler, 2017 - 2030 (USD Million)
- Fig. 26 Electric vehicle battery market estimates & forecasts, by passenger cars, 2017 - 2030 (USD Million)
- Fig. 27 Electric vehicle battery market estimates & forecasts, by buses, 2017 - 2030 (USD Million)
- Fig. 28 Electric vehicle battery market estimates & forecasts, by commercial light-duty vehicles, 2017 - 2030 (USD Million)
- Fig. 29 Electric vehicle battery market estimates & forecasts, by others (Trucks, Trailers), 2017 - 2030 (USD Million)
- Fig. 30 Electric vehicle battery market revenue, by region, 2022 & 2030 (USD Million)
- Fig. 31 Regional marketplace: Key takeaways
- Fig. 32 North America electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 33 U.S. electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 34 Canada electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 35 Europe electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 36 UK electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 37 Germany electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 38 France electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 39 Asia Pacific electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 40 China electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 41 India electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 42 Japan electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 43 Australia electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 44 South Korea electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 45 Latin America electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 46 Brazil electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 47 Mexico electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 48 MEA electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 49 Kingdom of Saudi Arabia electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 50 UAE electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 51 South Africa electric vehicle battery market estimates & forecasts, 2017 - 2030 (USD Million)
- Fig. 52 Key Company Categorization
- Fig. 53 Company Market Positioning
- Fig. 54 Company Market Share Analysis, 2022
- Fig. 55 Strategic Framework
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