Electric Vehicle Battery Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2025

Description

Persistence Market Research has recently released a comprehensive report on the global Electric Vehicle Battery Market, providing an in-depth analysis of key market dynamics, including driving forces, emerging trends, opportunities, and challenges. This report offers a detailed understanding of the market landscape, helping stakeholders make well-informed decisions.

Key Insights:

Electric Vehicle Battery Market Size (2025E): US$ 92.7 Bn
Projected Market Value (2032F): US$ 181.8 Bn
Global Market Growth Rate (CAGR 2025 to 2032): 10.1%

Electric Vehicle Battery Market - Report Scope:

The electric vehicle battery market includes a wide range of energy storage solutions used to power electric vehicles (EVs), including passenger cars, commercial vehicles, and two- and three-wheelers. These batteries are fundamental to the performance, range, and reliability of EVs. With global efforts to curb emissions and transition to sustainable mobility, EV adoption is surging, thereby driving the demand for high-efficiency, long-life batteries. Technological advancements, government subsidies, and increasing investments in EV infrastructure are collectively contributing to the rapid evolution of this market.

Market Growth Drivers:

The electric vehicle battery market is witnessing robust growth, primarily propelled by the rapid expansion of the global EV industry and supportive governmental policies aimed at reducing carbon emissions. Rising fuel prices and growing consumer awareness regarding environmental sustainability are accelerating the shift from internal combustion engine (ICE) vehicles to electric alternatives. Furthermore, technological advancements in battery chemistry-especially lithium-ion, solid-state, and sodium-ion technologies-are significantly improving battery performance, lifespan, and safety, thus making EVs more appealing to consumers. Government incentives, including subsidies, tax breaks, and stricter emission regulations, are also playing a crucial role in driving EV battery demand across regions.

Market Restraints:

Despite the strong growth trajectory, the electric vehicle battery market faces several challenges. High initial costs associated with battery manufacturing, due to expensive raw materials such as lithium, cobalt, and nickel, can limit affordability for end consumers. Additionally, supply chain disruptions and the geopolitical concentration of critical mineral resources pose risks to consistent battery production. Concerns around battery safety, especially in high-temperature conditions or during collisions, also remain a hurdle. Moreover, the lack of adequate charging infrastructure in developing regions continues to impede faster EV adoption, thereby impacting battery demand growth.

Market Opportunities:

The electric vehicle battery market holds immense potential for growth, driven by continued advancements in battery technologies and growing investments in charging infrastructure. The development of solid-state batteries, which promise higher energy density and enhanced safety, could redefine the industry landscape. Additionally, growing EV penetration in emerging economies such as India, Brazil, and Southeast Asia offers a lucrative growth avenue, supported by improving infrastructure and policy support. Collaborations between automakers and battery manufacturers, as well as increased R&D spending to reduce battery costs and improve recyclability, are opening up new opportunities. The integration of second-life battery applications in energy storage systems is also emerging as a promising area for market expansion.

Key Questions Answered in the Report:

What are the primary factors driving the global electric vehicle battery market's growth?
Which battery technologies and chemistries are dominating the current market landscape?
How are evolving EV adoption trends impacting battery demand across different regions?
Who are the key players in the electric vehicle battery market, and what strategies are they pursuing?
What are the key technological and policy trends shaping the future of EV batteries?

Competitive Intelligence and Business Strategy:

Leading companies in the global electric vehicle battery market, such as Contemporary Amperex Technology Co., Ltd. (CATL), LG Energy Solution, and BYD Company Ltd., are heavily investing in expanding production capacities, innovating battery chemistries, and forming strategic alliances with automotive OEMs. Companies like Panasonic, Samsung SDI, and SK Innovation are focusing on energy-dense and fast-charging battery solutions to cater to next-gen EV models. Additionally, firms are exploring vertical integration strategies to secure raw material supply chains and enhance cost control. New entrants like Northvolt and Farasis Energy are gaining traction with green manufacturing processes and localized production models. Across the board, the focus remains on enhancing battery performance, affordability, and sustainability.

Companies Covered in This Report:

Contemporary Amperex Technology Co., Ltd. (CATL)
LG Energy Solution
BYD Company Ltd.
Panasonic Corp.
Samsung SDI Co., Ltd.
SK Innovation Co., Ltd.
Toshiba Corporation
EnerSys, Inc.
Hitachi, Ltd.
Mitsubishi Corp.
Gotion
Northvolt
Farasis Energy

Market Segmentation:

By Battery Type

Lithium-ion Battery
LFP (Lithium Ferrous Phosphate)
NMC (Nickel Manganese Cobalt)
Nickel-Metal Hydride Battery
Lead-Acid Battery
Sodium-ion Battery
Solid-state Battery
Others

By Propulsion Type

Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicles (HEVs)
Fuel Cell Electric Vehicles (FCEVs)

By Vehicle Type

2Ws
3Ws
Passenger Vehicles
LCVs (Light Commercial Vehicles)
HCVs (Heavy Commercial Vehicles)

By Region

North America
Europe
East Asia
South Asia & Pacific
Latin America
Middle East and Africa

Product Code: PMRREP35274

1. Executive Summary

1.1. Global Electric Vehicle Battery Snapshot 2025-2032
1.2. Market Opportunity Assessment, 2025-2032, US$ Bn
1.3. Key Market Trends
1.4. Industry Developments and Key Market Events
1.5. Demand Side and Supply Side Analysis
1.6. PMR Analysis and Recommendations

2. Market Overview

2.1. Market Scope and Definitions
2.2. Value Chain Analysis
2.3. Macro-Economic Factors
- 2.3.1. Global GDP Outlook
- 2.3.2. Global Semiconductor Market by Region
- 2.3.3. Global Consumer Electronics Market
- 2.3.4. Global Telecommunications Market Overview
2.4. Forecast Factors - Relevance and Impact
2.5. COVID-19 Impact Assessment
2.6. PESTLE Analysis
2.7. Porter's Five Forces Analysis
2.8. Geopolitical Tensions: Market Impact
2.9. Regulatory and Technology Landscape

3. Market Dynamics

3.1. Drivers
3.2. Restraints
3.3. Opportunities
3.4. Trends

4. Price Trend Analysis, 2019-2032

4.1. Region-wise Price Analysis
4.2. Price by Segments
4.3. Price Impact Factors

5. Global Electric Vehicle Battery Outlook:

5.1. Key Highlights
5.2. Global Electric Vehicle Battery Outlook: Battery Type
- 5.2.1. Introduction/Key Findings
- 5.2.2. Historical Market Size (US$ Bn) Analysis by Battery Type, 2019-2024
- 5.2.3. Current Market Size (US$ Bn) Analysis and Forecast, by Battery Type, 2025-2032
  - 5.2.3.1. Lithium-ion Battery
    - 5.2.3.1.1. LFP (Lithium Ferrous Phosphate)
    - 5.2.3.1.2. NMC (Nickel Manganese Cobalt)
  - 5.2.3.2. Nickel-Metal Hydride Battery
  - 5.2.3.3. Lead-Acid Battery
  - 5.2.3.4. Sodium-ion Battery
  - 5.2.3.5. Solid-state Battery
  - 5.2.3.6. Others
- 5.2.4. Market Attractiveness Analysis: Battery Type
5.3. Global Electric Vehicle Battery Outlook: Propulsion Type
- 5.3.1. Introduction/Key Findings
- 5.3.2. Historical Market Size (US$ Bn) Analysis by Propulsion Type , 2019-2024
- 5.3.3. Current Market Size (US$ Bn) Analysis and Forecast, by Propulsion Type , 2025-2032
  - 5.3.3.1. Battery Electric Vehicle (BEV)
  - 5.3.3.2. Plug-In Hybrid Electric Vehicle (PHEV)
  - 5.3.3.3. Hybrid Electric Vehicles (HEVs)
  - 5.3.3.4. Fuel Cell Electric Vehicles (FCEVs)
- 5.3.4. Market Attractiveness Analysis: Propulsion Type
5.4. Global Electric Vehicle Battery Outlook: Vehicle Type
- 5.4.1. Introduction/Key Findings
- 5.4.2. Historical Market Size (US$ Bn) Analysis by Vehicle Type, 2019-2024
- 5.4.3. Current Market Size (US$ Bn) Analysis and Forecast, by Vehicle Type, 2025-2032
  - 5.4.3.1. 2Ws
  - 5.4.3.2. 3Ws
  - 5.4.3.3. Passenger Vehicles
  - 5.4.3.4. LCVs (Light Commercial Vehicles)
  - 5.4.3.5. HCVs (Heavy Commercial Vehicles)
- 5.4.4. Market Attractiveness Analysis: Vehicle Type

6. Global Electric Vehicle Battery Outlook: Region

6.1. Key Highlights
6.2. Historical Market Size (US$ Bn) Analysis by Region, 2019-2024
6.3. Current Market Size (US$ Bn) Analysis and Forecast, by Region, 2025-2032
- 6.3.1. North America
- 6.3.2. Europe
- 6.3.3. East Asia
- 6.3.4. South Asia & Oceania
- 6.3.5. Latin America
- 6.3.6. Middle East & Africa
6.4. Market Attractiveness Analysis: Region

7. North America Electric Vehicle Battery Outlook:

7.1. Key Highlights
7.2. Pricing Analysis
7.3. North America Market Size (US$ Bn) Analysis and Forecast, by Country, 2025-2032
- 7.3.1. U.S.
- 7.3.2. Canada
7.4. North America Market Size (US$ Bn) Analysis and Forecast, by Battery Type, 2025-2032
- 7.4.1. Lithium-ion Battery
  - 7.4.1.1. LFP (Lithium Ferrous Phosphate)
  - 7.4.1.2. NMC (Nickel Manganese Cobalt)
- 7.4.2. Nickel-Metal Hydride Battery
- 7.4.3. Lead-Acid Battery
- 7.4.4. Sodium-ion Battery
- 7.4.5. Solid-state Battery
- 7.4.6. Others
7.5. North America Market Size (US$ Bn) Analysis and Forecast, by Propulsion Type , 2025-2032
- 7.5.1. Battery Electric Vehicle (BEV)
- 7.5.2. Plug-In Hybrid Electric Vehicle (PHEV)
- 7.5.3. Hybrid Electric Vehicles (HEVs)
- 7.5.4. Fuel Cell Electric Vehicles (FCEVs)
7.6. North America Market Size (US$ Bn) Analysis and Forecast, by Vehicle Type, 2025-2032
- 7.6.1. 2Ws
- 7.6.2. 3Ws
- 7.6.3. Passenger Vehicles
- 7.6.4. LCVs (Light Commercial Vehicles)
- 7.6.5. HCVs (Heavy Commercial Vehicles)

8. Europe Electric Vehicle Battery Outlook:

8.1. Key Highlights
8.2. Pricing Analysis
8.3. Europe Market Size (US$ Bn) Analysis and Forecast, by Country, 2025-2032
- 8.3.1. Germany
- 8.3.2. Italy
- 8.3.3. France
- 8.3.4. U.K.
- 8.3.5. Spain
- 8.3.6. Russia
- 8.3.7. Rest of Europe
8.4. Europe Market Size (US$ Bn) Analysis and Forecast, by Battery Type, 2025-2032
- 8.4.1. Lithium-ion Battery
  - 8.4.1.1. LFP (Lithium Ferrous Phosphate)
  - 8.4.1.2. NMC (Nickel Manganese Cobalt)
- 8.4.2. Nickel-Metal Hydride Battery
- 8.4.3. Lead-Acid Battery
- 8.4.4. Sodium-ion Battery
- 8.4.5. Solid-state Battery
- 8.4.6. Others
8.5. Europe Market Size (US$ Bn) Analysis and Forecast, by Propulsion Type , 2025-2032
- 8.5.1. Battery Electric Vehicle (BEV)
- 8.5.2. Plug-In Hybrid Electric Vehicle (PHEV)
- 8.5.3. Hybrid Electric Vehicles (HEVs)
- 8.5.4. Fuel Cell Electric Vehicles (FCEVs)
8.6. Europe Market Size (US$ Bn) Analysis and Forecast, by Vehicle Type, 2025-2032
- 8.6.1. 2Ws
- 8.6.2. 3Ws
- 8.6.3. Passenger Vehicles
- 8.6.4. LCVs (Light Commercial Vehicles)
- 8.6.5. HCVs (Heavy Commercial Vehicles)

9. East Asia Electric Vehicle Battery Outlook:

9.1. Key Highlights
9.2. Pricing Analysis
9.3. East Asia Market Size (US$ Bn) Analysis and Forecast, by Country, 2025-2032
- 9.3.1. China
- 9.3.2. Japan
- 9.3.3. South Korea
9.4. East Asia Market Size (US$ Bn) Analysis and Forecast, by Battery Type, 2025-2032
- 9.4.1. Lithium-ion Battery
  - 9.4.1.1. LFP (Lithium Ferrous Phosphate)
  - 9.4.1.2. NMC (Nickel Manganese Cobalt)
- 9.4.2. Nickel-Metal Hydride Battery
- 9.4.3. Lead-Acid Battery
- 9.4.4. Sodium-ion Battery
- 9.4.5. Solid-state Battery
- 9.4.6. Others
9.5. East Asia Market Size (US$ Bn) Analysis and Forecast, by Propulsion Type , 2025-2032
- 9.5.1. Battery Electric Vehicle (BEV)
- 9.5.2. Plug-In Hybrid Electric Vehicle (PHEV)
- 9.5.3. Hybrid Electric Vehicles (HEVs)
- 9.5.4. Fuel Cell Electric Vehicles (FCEVs)
9.6. East Asia Market Size (US$ Bn) Analysis and Forecast, by Vehicle Type, 2025-2032
- 9.6.1. 2Ws
- 9.6.2. 3Ws
- 9.6.3. Passenger Vehicles
- 9.6.4. LCVs (Light Commercial Vehicles)
- 9.6.5. HCVs (Heavy Commercial Vehicles)

10. South Asia & Oceania Electric Vehicle Battery Outlook:

10.1. Key Highlights
10.2. Pricing Analysis
10.3. South Asia & Oceania Market Size (US$ Bn) Analysis and Forecast, by Country, 2025-2032
- 10.3.1. India
- 10.3.2. Southeast Asia
- 10.3.3. ANZ
- 10.3.4. Rest of SAO
10.4. South Asia & Oceania Market Size (US$ Bn) Analysis and Forecast, by Battery Type, 2025-2032
- 10.4.1. Lithium-ion Battery
  - 10.4.1.1. LFP (Lithium Ferrous Phosphate)
  - 10.4.1.2. NMC (Nickel Manganese Cobalt)
- 10.4.2. Nickel-Metal Hydride Battery
- 10.4.3. Lead-Acid Battery
- 10.4.4. Sodium-ion Battery
- 10.4.5. Solid-state Battery
- 10.4.6. Others
10.5. South Asia & Oceania Market Size (US$ Bn) Analysis and Forecast, by Propulsion Type , 2025-2032
- 10.5.1. Battery Electric Vehicle (BEV)
- 10.5.2. Plug-In Hybrid Electric Vehicle (PHEV)
- 10.5.3. Hybrid Electric Vehicles (HEVs)
- 10.5.4. Fuel Cell Electric Vehicles (FCEVs)
10.6. South Asia & Oceania Market Size (US$ Bn) Analysis and Forecast, by Vehicle Type, 2025-2032
- 10.6.1. 2Ws
- 10.6.2. 3Ws
- 10.6.3. Passenger Vehicles
- 10.6.4. LCVs (Light Commercial Vehicles)
- 10.6.5. HCVs (Heavy Commercial Vehicles)

11. Latin America Electric Vehicle Battery Outlook:

11.1. Key Highlights
11.2. Pricing Analysis
11.3. Latin America Market Size (US$ Bn) Analysis and Forecast, by Country, 2025-2032
- 11.3.1. Brazil
- 11.3.2. Mexico
- 11.3.3. Rest of LATAM
11.4. Latin America Market Size (US$ Bn) Analysis and Forecast, by Battery Type, 2025-2032
- 11.4.1. Lithium-ion Battery
  - 11.4.1.1. LFP (Lithium Ferrous Phosphate)
  - 11.4.1.2. NMC (Nickel Manganese Cobalt)
- 11.4.2. Nickel-Metal Hydride Battery
- 11.4.3. Lead-Acid Battery
- 11.4.4. Sodium-ion Battery
- 11.4.5. Solid-state Battery
- 11.4.6. Others
11.5. Latin America Market Size (US$ Bn) Analysis and Forecast, by Propulsion Type , 2025-2032
- 11.5.1. Battery Electric Vehicle (BEV)
- 11.5.2. Plug-In Hybrid Electric Vehicle (PHEV)
- 11.5.3. Hybrid Electric Vehicles (HEVs)
- 11.5.4. Fuel Cell Electric Vehicles (FCEVs)
11.6. Latin America Market Size (US$ Bn) Analysis and Forecast, by Vehicle Type, 2025-2032
- 11.6.1. 2Ws
- 11.6.2. 3Ws
- 11.6.3. Passenger Vehicles
- 11.6.4. LCVs (Light Commercial Vehicles)
- 11.6.5. HCVs (Heavy Commercial Vehicles)

12. Middle East & Africa Electric Vehicle Battery Outlook:

12.1. Key Highlights
12.2. Pricing Analysis
12.3. Middle East & Africa Market Size (US$ Bn) Analysis and Forecast, by Country, 2025-2032
- 12.3.1. GCC Countries
- 12.3.2. South Africa
- 12.3.3. Northern Africa
- 12.3.4. Rest of MEA
12.4. Middle East & Africa Market Size (US$ Bn) Analysis and Forecast, by Battery Type, 2025-2032
- 12.4.1. Lithium-ion Battery
  - 12.4.1.1. LFP (Lithium Ferrous Phosphate)
  - 12.4.1.2. NMC (Nickel Manganese Cobalt)
- 12.4.2. Nickel-Metal Hydride Battery
- 12.4.3. Lead-Acid Battery
- 12.4.4. Sodium-ion Battery
- 12.4.5. Solid-state Battery
- 12.4.6. Others
12.5. Middle East & Africa Market Size (US$ Bn) Analysis and Forecast, by Propulsion Type , 2025-2032
- 12.5.1. Battery Electric Vehicle (BEV)
- 12.5.2. Plug-In Hybrid Electric Vehicle (PHEV)
- 12.5.3. Hybrid Electric Vehicles (HEVs)
- 12.5.4. Fuel Cell Electric Vehicles (FCEVs)
12.6. Middle East & Africa Market Size (US$ Bn) Analysis and Forecast, by Vehicle Type, 2025-2032
- 12.6.1. 2Ws
- 12.6.2. 3Ws
- 12.6.3. Passenger Vehicles
- 12.6.4. LCVs (Light Commercial Vehicles)
- 12.6.5. HCVs (Heavy Commercial Vehicles)

13. Competition Landscape

13.1. Market Share Analysis, 2025
13.2. Market Structure
- 13.2.1. Competition Intensity Mapping
- 13.2.2. Competition Dashboard
13.3. Company Profiles
- 13.3.1. Contemporary Amperex Technology Co., Ltd. (CATL)
  - 13.3.1.1. Company Overview
  - 13.3.1.2. Product Portfolio/Offerings
  - 13.3.1.3. Key Financials
  - 13.3.1.4. SWOT Analysis
  - 13.3.1.5. Company Strategy and Key Developments
- 13.3.2. LG Energy Solution
- 13.3.3. BYD Company Ltd.
- 13.3.4. Panasonic Corp.
- 13.3.5. Samsung SDI Co., Ltd.
- 13.3.6. SK Innovation Co., Ltd.
- 13.3.7. Toshiba Corporation
- 13.3.8. EnerSys, Inc.
- 13.3.9. Hitachi, Ltd.
- 13.3.10. Mitsubishi Corp.
- 13.3.11. Gotion
- 13.3.12. Northvolt
- 13.3.13. Farasis Energy

14. Appendix

14.1. Research Methodology
14.2. Research Assumptions
14.3. Acronyms and Abbreviations

Electric Vehicle Battery Market: Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2025 - 2032