Electric Vehicle Battery Market Size Worth USD 154.90 Billion, Globally, by 2028 at 28.1% CAGR

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Pune, Jan. 16, 2023 (GLOBE NEWSWIRE) — The global electric vehicle battery market size was valued USD 21.95 billion in 2020. The market is projected to grow from USD 27.30 billion in 2021 to USD 154.90 billion in 2028 at a CAGR of 28.1% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Electric Vehicle Battery Market, 2021-2028.” According to our expert analysts, the increasing focus of crucial vehicle manufacturers, involving Ford Motors, General Motors (GM), as well as BMW AG on developing and presenting Electric Vehicles (EVs) is projected to fuel the market growth.

The vital element for declining the price of EVs and elevating the driving range behind every recharge is the progression of EV batteries. In order to make EV batteries compacter and lower its weight, as well as to preserve more energy, novel cell chemistries are under development. This would further empower electric vehicles to contest with the conservative fuel-grounded automobiles.

The demand for electric vehicle batteries is driven by the growing to reduce dependence on non-renewable energy sources. Electric vehicles are expected to play a central role in the global commitment towards attaining sustainable development goals set by the United Nations. This skyrocketing demand and production is further underpinned by the rising concerns regarding rampant pollution and unchecked carbon emissions that are exacerbating the effects of global warming and climate change. With increasing demand for electric vehicles, the demand for their batteries is expected to rise in tandem, expanding the electric vehicle battery market size in the process.

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Industry developments:

  • May 2019: Panasonic Corporation launched Nymbus, a first of its kind smart EV charging service, in India. This next-gen charging system is equipped with charging stations, swap stations, and telematics, along with cloud analytics and artificial intelligence solutions.
  • November 2019: Samsung SDI and BMW Group signed a USD 3.2 billion contract under which Samsung will supply lithium-ion battery cells to BMW to enable the carmaker to release 25 new green car models by 2025.
  • June 2021: Nissan Motor Co. Ltd., declared its strategy to construct the U.K.’s first ever battery gigafactory, in collaboration with Envision AESC, which is a China-based battery technology firm.

Market Drivers & Restraints-

Dropping Cost of Lithium-Ion Batteries to Thrust Market Growth

Currently, the prime foundation of power for electric vehicles is lithium-ion batteries. According to an assessment report presented by the U.S. International Trade Commission (USITC) in 2018, Li-ion batteries are responsible for more than 70% of the rechargeable battery market.

Additionally, the battery costs per kilowatt-hour (kWh) have plummeted to less than USD 200 in 2019 from that of 2010, which was USD 1000. This is projected to bolster the electric vehicle battery market growth during the mentioned timeframe.

Report Coverage

The report offers valuable insights obtained by thorough study done by our researchers. An extensive research was conducted to provide the estimated size of the electric vehicle battery market. The data used to project the shares for multiple segments at the country, regional, and global levels is obtained from in-depth interviews with numerous stakeholders. Furthermore, we have gained access to several global and regional paid databases to deliver precise information to make business investment decisions easy for you.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/electric-vehicle-battery-market-101700

Segments-

Based on the battery type, the global market is segregated into nickel-metal hydride (Ni-MH) battery, lithium-ion (Li-ion) battery (Li-Ion), lead-acid battery, and others.

On the basis of vehicle type, the electric vehicle battery market is classified into the hybrid electric vehicle (HEV), battery electric vehicle (BEV), and plug-in hybrid electric vehicle (PHEV). The BEV segment is expected to display a higher CAGR, in comparison to the PHEV and HEV segments.

Geographically, North America, Europe, Asia Pacific, and the rest of the world.

Regional Insights-

Asia Pacific held the maximum electric vehicle battery market share and controlled the market owing to the fact that Japan, China and South Korea symbolize most of the worldwide production capability for EV batteries, and is valued at USD 12.70 billion in 2020 and is expected to increase mainly on account of a well-established EV infrastructure. The other factor favoring growth in this region is the supply of nickel-metal batteries and lithium-ion batteries at competitive prices by companies.

North America is estimated to exhibit decent growth in the market. Moreover, the U.S. government applied a federal policy to guarantee a dependable and safe source of indispensable minerals which guides the Department of the Interior to limit the production of 35 grave minerals that involve nickel and cobalt.

Competitive Landscape

Collaborations and Procurements Initiated by Companies to Hike their Presence

Prominent companies have confidence in in executing tactics that would reinforce their brand value in the market. Several tactics, such as introducing exclusive products and forming mergers with other crucial companies or end-users for better reach of their products are employed by the company. Partnering up with or attaining numerous corporations is another fundamental tactic used to refine one’s existence in the universal market.

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A list of prominent Electric Vehicle Battery manufacturers operating in the global market

• Panasonic Corporation (Osaka, Japan)

• LG Chem (Seoul, South Korea)

• BYD Company Ltd. (Shenzhen, China)

• GS Yuasa International Ltd. (Kyoto, Japan)

• Samsung SDI CO., LTD (Seoul, South Korea)

• Hitachi Chemical Co., Ltd. (Tokyo, Japan)

• Contemporary Amperex Technology Co., Limited (CATL) (Ningde, China)

• EXIDE INDUSTRIES LIMITED (Kolkata, India)

• SK INNOVATION CO. LTD. (Seoul, South Korea)

• East Penn Manufacturing Company (Pennsylvania, U.S.)

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Table Of Content:

  • Introduction
  • Research Scope
  • Market Segmentation
  • Research Methodology
  • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
  • Market Drivers
  • Market Restraints
  • Market Opportunities
  • Key Insights
  • Merger, Acquisitions, and Partnerships
  • Porter’s Five Forces Analysis
  • SWOT Analysis
  • Technological Developments
  • Impact of COVID-19
  • 5Global Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis, Insights and Forecast – By Battery Type
  • Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Lithium-Ion Battery
  • Others
  • Market Analysis, Insights and Forecast – By Vehicle Type
  • Battery electric vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Hybrid electric vehicle (HEV)
  • Market Analysis, Insights and Forecast – By Region
  • North America
  • Europe
  • Asia Pacific
  • Rest of the World
  • North America Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis – By Battery Type
  • Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Lithium-Ion Battery
  • Others
  • Market Analysis – By Vehicle Type
  • Battery electric vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Hybrid electric vehicle (HEV)
  • Market Analysis – By Country
  • U.S.
  • By Vehicle Type
  • Canada
  • By Vehicle Type
  • Mexico
  • By Vehicle Type
  • Europe Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis – By Battery Type
  • Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Lithium-Ion Battery
  • Others
  • Market Analysis – By Vehicle Type
  • Battery electric vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Hybrid electric vehicle (HEV)
  • Market Analysis – By Country
  • U.K.
  • By Vehicle Type
  • Germany
  • By Vehicle Type
  • France
  • By Vehicle Type
  • Rest of Europe
  • By Vehicle Type
  • Asia Pacific Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis – By Battery Type
  • Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Lithium-Ion Battery
  • Others
  • Market Analysis – By Vehicle Type
  • Battery electric vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Hybrid electric vehicle (HEV)
  • Market Analysis – By Country
  • China
  • By Vehicle Type
  • Japan
  • By Vehicle Type
  • India
  • By Vehicle Type
  • South Korea
  • By Vehicle Type
  • Rest of Asia Pacific
  • By Vehicle Type
  • Rest of the World Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028
  • Key Findings / Summary
  • Market Analysis – By Battery Type
  • Lead Acid Battery
  • Nickel-Metal Hydride Battery
  • Lithium-Ion Battery
  • Others
  • Market Analysis – By Vehicle Type
  • Battery electric vehicle (BEV)
  • Plug-in hybrid electric vehicle (PHEV)
  • Hybrid electric vehicle (HEV)
  • Competitive Analysis
  • Key Industry Developments
  • Key Company Ranking Analysis (2020)
  • Competition Dashboard
  • Comparative Analysis – Major Players
  • Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
  • Panasonic Corporation (Osaka, Japan)
  • LG Chem (Seoul, South Korea)
  • BYD Company Ltd. (Shenzhen, China)
  • GS Yuasa International Ltd. (Kyoto, Japan)
  • Samsung SDI CO., LTD (Seoul, South Korea)
  • Hitachi Chemical Co., Ltd. (Tokyo, Japan)
  • Contemporary Amperex Technology Co., Limited (CATL) (Ningde, China)
  • EXIDE INDUSTRIES LIMITED (Kolkata, India)
  • SK INNOVATION CO. LTD. (Seoul, South Korea)
  • East Penn Manufacturing Company (Pennsylvania, U.S.)

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