PUBLISHER: Polaris Market Research | PRODUCT CODE: 1745671
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1745671
The global EV battery market size is expected to reach USD 224.55 billion by 2034, according to a new study by Polaris Market Research. The report "EV Battery Market Size, Share, Trends, Industry Analysis Report: By Battery, Propulsion (BEV, HEV, PHEV, and FCEV), Vehicle, Method, Capacity, Form, Material, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.
An EV (electric vehicle) battery is a rechargeable energy storage system that powers the electric motor in an electric vehicle. Unlike conventional fuel-powered vehicles that rely on internal combustion engines, EVs use batteries to store and supply electricity, making them more energy-efficient and environmentally friendly.
The increasing support from governments worldwide is propelling the EV market growth. Many countries have set ambitious targets for phasing out fossil fuel-based vehicles and promoting electric mobility. In regions such as Europe, North America, and China, governments are providing financial incentives, tax credits, and subsidies to encourage the adoption of electric vehicles, which is propelling the demand for EV batteries as these batteries are crtitical component of EVs. In addition to financial incentives, governments are investing in charging infrastructure to support to the growing number of EV users. Expanding charging networks, offering grants for home chargers, and implementing stricter emission regulations have all contributed to the rapid adoption of EVs, consequently boosting the EV battery market demand.
Polaris Market Research has segmented the EV battery market report on the basis of battery, propulsion, vehicle, method, capacity, form, material, and region:
By Battery Outlook (Revenue, USD Billion, 2020-2034)
By Propulsion Outlook (Revenue, USD Billion, 2020-2034)
By Vehicle Outlook (Revenue, USD Billion, 2020-2034)
By Method Outlook (Revenue, USD Billion, 2020-2034)
By Capacity Outlook (Revenue, USD Billion, 2020-2034)
By Form Outlook (Revenue, USD Billion, 2020-2034)
By Material Outlook (Revenue, USD Billion, 2020-2034)
By Regional Outlook (Revenue, USD Billion, 2020-2034)