Market Research Report
Global Electric Vehicle Battery Market Forecast 2021-2028
|Global Electric Vehicle Battery Market Forecast 2021-2028|
Published: August 23, 2021
Content info: 187 Pages
Delivery time: 2-3 business days
The global electric vehicle battery market is set to project a CAGR of 17.72% over the forecast years of 2021 to 2028. The market growth is facilitated by key factors such as increased sales of electric vehicles, government support for the electric vehicle industry, improvements in battery technology, and the rising number of public charging infrastructure.
An electric vehicle battery is used to power the electric motors of hybrid electric vehicles and battery electric vehicles. They are typically lithium-ion, rechargeable batteries designed for a high ampere-hour capacity.
Electric vehicles operate across a range varying from approximately 100 miles to 350 miles on a single charge and differ with numerous operating conditions and driving styles. As a result, electric vehicles need charging stations at public destinations as well as workplaces for covering long-distance journeys, in addition to boosting market acceptance. In this regard, private automotive fleet companies are installing electric vehicle supply equipment (EVSE) at several locations for medium and heavy-duty vehicles across North America. For instance, Nuuve and Stonepeak Infrastructure Partners entered into a joint venture in May 2021 for accelerating fleet electrification in the United States.
The global electric vehicle battery market growth assessment includes the analysis of North America, the Asia-Pacific, Europe, and the Rest of World. The Asia-Pacific dominated the global market in 2020. The regional market's growth is attributed to the presence of leading battery manufacturers, the increasing population base, the high rates of rapid industrialization and urbanization, and the availability of cheap labor.
The industrial rivalry within the global electric vehicle battery market is high, with firms attempting to gain a competitive edge over the others. In addition, partnerships and joint ventures are being formed in order to acquire a higher market share.
Some of the top enterprises in the market are Panasonic, LG Ensol, SK Innovation, CATL, etc.