Electric Vehicle Battery Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Electric Vehicle (EV) Battery Market
The Electric Vehicle (EV) Battery market size was valued at USD 59.06 billion in 2023, and the market is now projected to grow from USD 67.78 billion in 2024 to USD 111.20 billion by 2032, exhibiting a CAGR of 6.4% during the forecast period of 2024-2032.
During the pandemic, e-vehicle demand skyrocketed because of the favorable government regulations on CO2 emissions as well as ZEV laws despite the deterioration of the car industry at that time due to COVID-19. There were more than 20 nations that had eliminated the use of gasoline-powered vehicles or made it necessary for all cars in their respective countries to be electric by 2021 which spurred growth of global market by boosting sales of e-vehicles in Electric Vehicle (EV) Battery market growth.
The percentage of lithium-ion battery costs that go down by 97% within 30 years is attributed to the effect of large scale production, improved manufacturing techniques and rivalry hence greatly increasing the usage of electric vehicles. Because the prices of batteries are lower, although for the time being makes them more accessible, thus enlarging the Electric Vehicle (EV) Battery market share and generating profit making prospects in the future years.
Government initiatives to create wide-reaching EV charging networks support the increase in emission-free mobility. Also, global EV battery market growth is greatly affected by the growing attention OEMs have for electrification, thereby increasing market prospects as well as transitioning into sustainable transportation.
Comprehensive Analysis of Electric Vehicle (EV) Battery Market
The Electric Vehicle (EV) Battery market and Automotives industry is rising at an exponential rate due to its market segmentation. These segmentations are methodically segregated by Battery Type Analysis, by Vehicle Type Analysis. The Battery Type Analysis include, lithium-ion, lead acid, nickel-metal hydride, and others. However, the Vehicle Type Analysis such as Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs).
The Asia Pacific region lead the Electric Vehicle (EV) Battery market by benefitting a market size of USD 28.44 billion in 2023 due to the surging EV sales in China is one of the market growth in the region.
The top players in the market play a crucial role in the Automotives industry assuring industrial prospectus growth and setting market standards. These players include, LG Energy Solutions (South Korea), CATL (China), BYD Motors Inc. (China), Panasonic Corporation Pvt. Ltd. (Japan), Amara Raja Batteries Limited (India), Samsung SDI Private Limited (South Korea),Exicom Tele-Systems Limited (India), EXIDE INDUSTRIES Ltd. (India) Okaya Power Pvt. Ltd. (India), Tata AutoComp GY Batteries Pvt. Ltd. (India), Toshiba Pvt. Ltd. (Japan) these market players provide a competitive landscape.
In January 2024, Panasonic Holdings Corp. revealed that it's latest electric vehicle battery cells with higher capacity may be launched any time this year. Around the years 2024 or 2025 mean while, 2170 cells will start being manufactured in Nevada by an updated version from their previous series.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 6.4% over 2024 to 2032
Unit Value (USD Billion) & Volume (Thousands of Units)
Segmentation By Battery Type
Lithium-ion
Lead Acid
Nickel Metal Hydride
Others
By Vehicle Type
Battery Electric Vehicles (BEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Hybrid Electric Vehicles (HEVs)
By Geography
North America (By Battery Type, By Vehicle Type, and By Country)
- U.S. (By Battery Type and By Vehicle Type)
- Canada (By Battery Type and By Vehicle Type)
- Mexico (By Battery Type and By Vehicle Type)
Europe (By Battery Type, By Vehicle Type and By Country)
- U.K. (By Battery Type and By Vehicle Type)
- France (By Battery Type and By Vehicle Type)
- Germany (By Battery Type and By Vehicle Type)
- Rest of the Europe (By Battery Type and By Vehicle Type)
Asia Pacific (By Battery Type, By Vehicle Type and By Country)
- China (By Battery Type and By Vehicle Type)
- India (By Battery Type and By Vehicle Type)
- Rest of APAC (By Battery Type and By Vehicle Type)
Rest of the World (By Battery Type and By Vehicle Type)
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 6.4% over 2024 to 2032
Unit Value (USD Billion) & Volume (Thousands of Units)
Segmentation By Battery Type
Lithium-ion
Lead Acid
Nickel Metal Hydride
Others
By Vehicle Type
Battery Electric Vehicles (BEVs)
Plug-in Hybrid Electric Vehicles (PHEVs)
Hybrid Electric Vehicles (HEVs)
By Geography
North America (By Battery Type, By Vehicle Type, and By Country)
- U.S. (By Battery Type and By Vehicle Type)
- Canada (By Battery Type and By Vehicle Type)
- Mexico (By Battery Type and By Vehicle Type)
Europe (By Battery Type, By Vehicle Type and By Country)
- U.K. (By Battery Type and By Vehicle Type)
- France (By Battery Type and By Vehicle Type)
- Germany (By Battery Type and By Vehicle Type)
- Rest of the Europe (By Battery Type and By Vehicle Type)
Asia Pacific (By Battery Type, By Vehicle Type and By Country)
- China (By Battery Type and By Vehicle Type)
- India (By Battery Type and By Vehicle Type)
- Rest of APAC (By Battery Type and By Vehicle Type)
Rest of the World (By Battery Type and By Vehicle Type)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments - Merger, Acquisitions, and Partnerships
- 4.2. Technological Developments (Global)
- 4.3. Market Trends - Electric Vehicles (Global & India)
- 4.4. Impact of COVID-19 on the Market (Global & India)
- 4.5. Porter’s Five Forces Analysis (India)
- 4.6. Porter’s Five Forces Analysis (Global)
- 4.7. PEST Analysis (Global)
- 4.8. PEST Analysis (India)
- 4.9. Technological Developments
- 4.10. Supply Chain Analysis (India)
- 4.11. Overview of Passenger Vehicle OEMs and their Strategies/Investments
- 4.12. Trends in EV Battery Technology (Global)
- 5. Global Electric Vehicle Battery Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Battery Type
- 5.2.1. Lithium-ion Battery
- 5.2.2. Lead Acid Battery
- 5.2.3. Nickel Metal Hydride Battery
- 5.2.4. Other
- 5.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 5.3.1. Battery Electric Vehicle (BEV)
- 5.3.2. Plug-in Hybrid Electric Vehicle (PHEV)
- 5.3.3. Hybrid Electric Vehicle (HEV)
- 5.4. Market Analysis, Insights and Forecast – By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia Pacific
- 5.4.4. Rest of the World
- 6. North America Electric Vehicle Battery Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. Market Analysis, Insights and Forecast – By Battery Type
- 6.2.1. Lithium-ion Battery
- 6.2.2. Lead Acid Battery
- 6.2.3. Nickel Metal Hydride Battery
- 6.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 6.3.1. Battery Electric Vehicle (BEV)
- 6.3.2. Plug-in Hybrid Electric Vehicle (PHEV)
- 6.3.3. Hybrid Electric Vehicle (HEV)
- 6.4. Market Analysis – By Country
- 6.4.1. U.S.
- 6.4.1.1. By Battery Type
- 6.4.1.2. By Electric Vehicle Type
- 6.4.2. Canada
- 6.4.2.1. By Battery Type
- 6.4.2.2. By Electric Vehicle Type
- 6.4.3. Mexico
- 6.4.3.1. By Battery Type
- 6.4.3.2. By Electric Vehicle Type
- 7. Europe Electric Vehicle Battery Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. Market Analysis, Insights and Forecast – By Battery Type
- 7.2.1. Lithium-ion Battery
- 7.2.2. Lead Acid Battery
- 7.2.3. Nickel Metal Hydride Battery
- 7.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 7.3.1. Battery Electric Vehicle (BEV)
- 7.3.2. Plug-in Hybrid Electric Vehicle (PHEV)
- 7.3.3. Hybrid Electric Vehicle (HEV)
- 7.4. Market Analysis – By Country
- 7.4.1. U.K.
- 7.4.1.1. By Battery Type
- 7.4.1.2. By Electric Vehicle Type
- 7.4.2. Germany
- 7.4.2.1. By Battery Type
- 7.4.2.2. By Electric Vehicle Type
- 7.4.3. France
- 7.4.3.1. By Battery Type
- 7.4.3.2. By Electric Vehicle Type
- 7.4.4. Rest of Europe
- 7.4.4.1. By Battery Type
- 7.4.4.2. By Electric Vehicle Type
- 8. Asia Pacific Electric Vehicle Battery Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. Market Analysis, Insights and Forecast – By Battery Type
- 8.2.1. Lithium-ion Battery
- 8.2.2. Lead Acid Battery
- 8.2.3. Nickel Metal Hydride Battery
- 8.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 8.3.1. Battery Electric Vehicle (BEV)
- 8.3.2. Plug-in Hybrid Electric Vehicle (PHEV)
- 8.3.3. Hybrid Electric Vehicle (HEV)
- 8.4. Market Analysis, Insights and Forecast – India
- 8.4.1. Detailed Research Methodology for India Electric Vehicle Battery Market
- 8.4.2. Key Insights on Sales of Electric Vehicles In India- By State and Vehicle Category
- 8.4.3. Key Insights on Electric Vehicle Charge Point Operators
- 8.4.4. India EV Charging Infrastructural Development
- 8.4.5. Trend Key Findings / Summary
- 8.5. Market Analysis – By Country
- 8.5.1. China
- 8.5.1.1. By Battery Type
- 8.5.1.2. By Vehicle Type
- 8.5.2. India
- 8.5.2.1. By Battery Type
- 8.5.2.2. By Vehicle Type
- 8.5.3. Rest of Asia Pacific
- 8.5.3.1. By Battery Type
- 8.5.3.2. By Vehicle Type
- 9. Rest of the World Electric Vehicle Battery Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. Market Analysis, Insights and Forecast – By Battery Type
- 9.2.1. Lithium-ion Battery
- 9.2.2. Lead Acid Battery
- 9.2.3. Nickel Metal Hydride Battery
- 9.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 9.3.1. Battery Electric Vehicle (BEV)
- 9.3.2. Plug-in Hybrid Electric Vehicle (PHEV)
- 9.3.3. Hybrid Electric Vehicle (HEV)
- 10. Competitive Analysis
- 10.1. Key Industry Developments
- 10.2. Global Market Share Analysis (2021)
- 10.3. India Market Ranking Analysis (2021)
- 10.4. Competition Dashboard
- 10.5. Comparative Analysis – Global Major Players
- 10.6. Comparative Analysis – India Major Players
- 10.7. Company Profiles
- 10.8. CATL
- 10.8.1. Overview
- 10.8.2. Products & Services
- 10.8.3. SWOT Analysis
- 10.8.4. Recent Developments
- 10.8.5. Strategies
- 10.8.6. Financials (Based on Availability)
- 10.9. LG Energy Solutions
- 10.9.1. Overview
- 10.9.2. Products & Services
- 10.9.3. SWOT Analysis
- 10.9.4. Recent Developments
- 10.9.5. Strategies
- 10.9.6. Financials (Based on Availability)
- 10.10. Panasonic Corporation
- 10.10.1. Overview
- 10.10.2. Products & Services
- 10.10.3. SWOT Analysis
- 10.10.4. Recent Developments
- 10.10.5. Strategies
- 10.10.6. Financials (Based on Availability)
- 10.11. BYD Motors Inc.
- 10.11.1. Overview
- 10.11.2. Products & Services
- 10.11.3. SWOT Analysis
- 10.11.4. Recent Developments
- 10.11.5. Strategies
- 10.11.6. Financials (Based on Availability)
- 10.12. Samsung SDI
- 10.12.1. Overview
- 10.12.2. Products & Services
- 10.12.3. SWOT Analysis
- 10.12.4. Recent Developments
- 10.12.5. Strategies
- 10.12.6. Financials (Based on Availability)
- 10.13. Amara Raja Batteries Limited
- 10.13.1. Overview
- 10.13.2. Products & Services
- 10.13.3. SWOT Analysis
- 10.13.4. Recent Developments
- 10.13.5. Strategies
- 10.13.6. Financials (Based on Availability)
- 10.14. Exicom Tele-Systems Limited
- 10.14.1. Overview
- 10.14.2. Products & Services
- 10.14.3. SWOT Analysis
- 10.14.4. Recent Developments
- 10.14.5. Strategies
- 10.14.6. Financials (Based on Availability)
- 10.15. EXIDE INDUSTRIES LTD
- 10.15.1. Overview
- 10.15.2. Products & Services
- 10.15.3. SWOT Analysis
- 10.15.4. Recent Developments
- 10.15.5. Strategies
- 10.15.6. Financials (Based on Availability)
- 10.16. Okaya Power Pvt. Ltd.
- 10.16.1. Overview
- 10.16.2. Products & Services
- 10.16.3. SWOT Analysis
- 10.16.4. Recent Developments
- 10.16.5. Strategies
- 10.16.6. Financials (Based on Availability)
- 10.17. Tata AutoComp GY Batteries Pvt. Ltd.
- 10.17.1. Overview
- 10.17.2. Products & Services
- 10.17.3. SWOT Analysis
- 10.17.4. Recent Developments
- 10.17.5. Strategies
- 10.17.6. Financials (Based on Availability)
- 10.18. Toshiba Pvt. Ltd.
- 10.18.1. Overview
- 10.18.2. Products & Services
- 10.18.3. SWOT Analysis
- 10.18.4. Recent Developments
- 10.18.5. Strategies
- 10.18.6. Financials (Based on Availability)
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