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Electric Vehicle Battery Market Research Report - Global Forecast to 2030

Electric Vehicle Battery Market Information Report, By Battery Type (Lithium-Ion Battery, Lead Acid Battery, Nickel Hydride Battery and others), By Vehicle Technology (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles and Others), by End Market (OEMs and Aftermarket) and By Region - Forecast To 2030

ID: MRFR/AM/3383-HCR | December 2022 | Region: Global | 188 Pages         

Electric Vehicles Battery Market

The Electric Vehicles Battery Market Size is anticipated to grow at a massive CAGR of 33.68%. Hence, the market revenue will increase up to USD 192.29 during the studied forecast period 2022-2030.

Segmentation

By Battery Type Lithium-Ion Battery Nickel Hybrid Battery Lead-Acid Battery
By Vehicle Technology Plug-In Hybrid Vehicle Electric Vehicles Battery Electric Vehicles Hybrid Electric Vehicles
By End Market Aftermarkets OEMs

Key Players

  • Automotive Energy Supply Corporation (Japan)
  • Panasonic Corporation (Japan)
  • BYD Company Limited (China)
  • LG Chem Ltd (South Korea)
  • Quallion (US)
  • Boston-Power (US)
  • Johnson Controls International (US)
  • Narada Power Source (China)
  • GS Yuasa Corporation (Japan)
  • Tianneng Power International (China)
  • Crown Battery Corporation (US)
  • and Hitachi Chemical Company (Japan)

Drivers

  • Emerging economies have more opportunities for electric vehicles and will create ample scope
  • Rise in the sales of new electric vehicles
  • Increasing demand for electric cars and growing awareness of ecofriendly vehicle
  • Increasing fuel prices
  • expansion of global auto-manufacturers into new emerging markets
  • and government initiatives
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Electric Vehicles Battery Market Overview


The Electric Vehicles Battery Market Size is anticipated to grow at a massive CAGR of 33.68%. Hence, the market revenue will increase up to USD 192.29 Billion during the studied forecast period 2022-2030. Basically, the battery of an electric vehicle is easily rechargeable. Also, it doesn't need any combustion engine. Hence, it uses the chemical energies for the recharging. So, they have high demand due to this eco-friendly system. Also, they are highly cost-effective and compact.


The development in automotive industries with advanced technologies is improving the Electric Vehicles Battery Market Growth. Some major auto-manufacturers such as Mercedes-Benz, Toyota, Hyundai, and others are also adopting Electronic Vehicles. Therefore, the demand for these vehicles will significantly boost the Electric Vehicles Battery Market Value.


COVID-19 Analysis of Electric Vehicles Battery Market 


The pandemic of COVID-29 disease hampered various business sectors. The rising cases led to lockdowns and a significant drop in sales. Due to the coronavirus, the production of EVs was halted for several months. Moreover, the pandemic had a positive impact on the market. Also, the manufacturing and sales started to improve gradually during the later months of 2020.


Electric Vehicles Battery Market  Dynamics


Drivers


The growing demand for several new and improved electronic vehicles is a significant driver. Furthermore, the increasing prices for fuel and the supportive initiatives by the government will further boost the Electric Vehicles Battery Market Revenue.


Restraints


Moreover, the price for electric vehicles batteries is very high. Also, the aftermarket services in various underdeveloped areas can hamper market growth. Along with that, these electric batteries for vehicles that contain lithium can react to water. Therefore, the concerns about the performance in waterlogged areas and hot environments can slow down the Electric Vehicles Battery Market Growth.


Opportunities


The development of new models such as Battery as a Service and Battery Swapping can provide new opportunities. Hence, the users can change the batteries after they are discharged. Hence, it can save time to recharge them again and again.


Challenges


The reduction in the subsidies for vehicle transport is a major challenge. Mainly, the governments in China and France imposed new rules for cars having higher capacity of their batteries. Therefore, the manufacturers in the Electric Vehicles Battery Industry have to reduce the prices of these batteries to get the subsidy.


Electric Vehicles Battery Market Cumulative Growth Analysis


According to the MRFR analysis, the Compound Annual Growth Rate (CAGR) of the market is anticipated to increase up to 33.68%. In the year 2021, the market value was recorded at USD 37.72 Billion. However, the Electric Vehicles Battery Market Value will further increase up to USD 192.29 Billion in the studied forecast period 2022-2030.


Electric Vehicles Battery Market Value Chain Analysis


The increase in development of new vehicles and rising concerns for eco-friendly options will improve the value chain of the Electric Vehicles Battery Market. Also, the governments of various countries are focusing on improving the market growth with supportive initiatives. Furthermore, the rising prices of fuels and demand for eco-friendly solutions will enhance the value chain simultaneously.


Electric Vehicles Battery Market Segment Overview


The Electric Vehicles Battery Market is fragmented into different segments. They are Vehicle Technology, End Market, and Region, Battery Type.


By Battery Type, the Electric Vehicles Battery Industry is divided into Lithium-Ion Battery, Nickel Hybrid Battery, Lead-Acid Battery, and Others. Among these, the lithium-ion battery will hold the largest share.


By Vehicle Technology, the Electric Vehicles Battery Market is again classified into Plug-In Hybrid Vehicle Electric Vehicles, Battery Electric Vehicles, Hybrid Electric Vehicles, and then other types.


By End Market, the Electric Vehicles Battery Industry is segmented into Aftermarkets and OEMs.


By Region, the market is divided into North America, Europe, the Rest of the World, and Asia-Pacific.


Electric Vehicles Battery Market Regional Analysis


By Region, the Electric Vehicles Battery Industry is segmented into Europe, North America, Asia-Pacific, and the Rest of the World. According to the reports by MRFR, the Asia-Pacific region is anticipated to dominate the market with the largest Electric Vehicles Battery Market Share. It is mainly due to the countries in this region, such as India, South Korea, China, and Japan.


The North America region is further divided into Canada and the US. Hence, this Region will have the second-largest share in the upcoming years. Furthermore, Europe consists of Germany, the UK, France, Europe, and Other countries. So, this region is anticipated to hold the third-largest share in the studied forecast period. Moreover, the main reason behind this is the exponential growth in sales of electric vehicles. This will further lead to an increase in the development and sales of the electric vehicle battery.


Lastly, the Rest of the World region comprises Latin America and the Middle East. Subsequently, this region is also expected to experience gradual growth in the studied forecast period. Hence, overall, the Electric Vehicles Battery Market Revenue will increase significantly in the forthcoming years.


Electric Vehicles Battery Market Competitive Landscape


The Electric Vehicles Battery Market Size has an immense presence of key players worldwide. These key players do several developments to increase Electric Vehicles Battery Market Revenue. Hence, they do mergers, acquisitions, partnerships, etc., to expand their business. Some of the key players in the Electric Vehicles Battery Industry are as follows.



  • LG Chem Ltd. (South Korea)

  • Narada Power Source (China)

  • Quallion (US)

  • Panasonic Corporation (Japan)

  • Johnson Controls International (US)

  • BYD Company Limited (China)

  • Automotive Energy Supply Corporation (Japan)

  • Hitachi Chemical Company (Japan)

  • Crown Battery Corporation (US)

  • Tianneng Power International (China)


Recent Developments



  • CATL, one of the renowned companies, announced the new EV battery. It was developed without cobalt and nickel. Thus, CATL is trying to lower the costs of using cobalt in the new batteries.



  • Panasonic Corporation in 2020 announced its collaboration with two companies. They are the Institute of Materials and Systems and Japan Fine Ceramics. Hence, the main aim of the collaboration is sustainability.



  • Samsung in 2020 took the decision for the commercialization of the li-ion battery. It will use of solid electrolytes instead of liquid electrolytes for battery cells. Hence, the solid electrolyte will help in improving performance.



  • LG Chem in 2020 also announced to recycle as well as reuse the batteries. Hence, the company will do extensive development and research to estimate the life of the batteries after collecting them from the customers.


Electric Vehicles Battery Market Report Overview


The overview of the Electric Vehicles Battery Industry is as follows.



  • Market Overview

  • COVID-19 Analysis

  • Dynamics of the Market

  • Value Chain Analysis

  • Market Segmentation

  • Regional Analysis

  • Competitive Analysis

  • Recent Development


Electric Vehicles Battery Market Report Score and Segmentation



  • Study Period- 2022-2030

  • Base Year- 2022

  • Forecast Period- 202-2030

  • Historical Period- 2020-2021


The report score is to provide information about the Electric Vehicles Battery Market Growth in the studied forecast period. This report highlights valuable information such as drivers, market growth, CAGR, etc. Hence, the information collected in this report is gathered from various secondary as well as primary sources.


Electric Vehicles Battery Market Segmentation


By Vehicle Technology


  • Plug-In Hybrid Vehicle Electric Vehicles

  • Battery Electric Vehicles

  • Hybrid Electric Vehicles

  • Others


By End Market


  • Aftermarkets

  • OEMs


By Battery Type


  • Lithium-Ion Battery

  • Nickel Hybrid Battery

  • Lead-Acid Battery

  • Others


By Region


  • North America

  • Europe

  • Rest of the World

  • Asia-Pacific



Report Scope:

Report Attribute/Metric Details
  Market Size   2030: USD 192.29 Billion
  CAGR   33.68% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Battery Type, Vehicle Technology, End Market
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   Automotive Energy Supply Corporation (Japan), Panasonic Corporation (Japan), BYD Company Limited (China), LG Chem Ltd (South Korea), Quallion (US), Boston-Power (US), Johnson Controls International (US), Narada Power Source (China), GS Yuasa Corporation (Japan), Tianneng Power International (China), Crown Battery Corporation (US), and Hitachi Chemical Company (Japan) .
  Key Market Opportunities

  • Emerging economies have more opportunities for electric vehicles, and will create ample scope
  • Rise in the sales of new electric vehicles
  •   Key Market Drivers

  • Increasing demand for electric cars and growing awareness of ecofriendly vehicle
  • Increasing fuel prices, expansion of global auto-manufacturers into new emerging markets, and government initiatives


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    Frequently Asked Questions (FAQ) :

    The market value of the Electric Vehicles Battery Market is estimated to grow up to USD 192.29 Billion by the studied forecast period 2022-2030.

    The Electric Vehicles Battery Market is anticipated to grow at a prominent CAGR of 33.68%.

    As per the reports by MRFR, the Electric Vehicles Battery Market will have phenomenal growth. Various driving factors such as the rising demand for electric vehicles. Also, the increase in fuel prices and supportive initiatives by various governments will boost the market growth in the studied forecast period.

    The Electric Vehicles Battery Market is fragmented with various key players across the world. Some of the notable key players in this market are LG Chem Ltd. (South Korea), Narada Power Source (China), Quallion (US), Panasonic Corporation (Japan), Johnson Controls International (US), BYD Company Limited (China), Automotive Energy Supply Corporation (Japan), Hitachi Chemical Company (Japan), Crown Battery Corporation (US), Tianneng Power International (China).

    The Electric Vehicles Battery Market is fragmented into different segments. They are Vehicle Technology, End Market, and Region, Battery Type. By Battery Type, the market is divided into Lithium-Ion Battery, Nickel Hybrid Battery, Lead-Acid Battery, and Others. Among these, the lithium-ion battery will hold the largest share. By Vehicle Technology, the Electric Vehicles Battery Market is again classified into Plug-In Hybrid Vehicle Electric Vehicles, Battery Electric Vehicles, Hybrid Electric Vehicles, and Others. By End Market, the market is segmented into Aftermarkets and OEMs. By Region, the market is divided into North America, Europe, the Rest of the World, and Asia-Pacific.