Global Electric Vehicles Battery Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Electric Vehicles Battery Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

An electric-vehicle battery (EVB) or traction battery is a battery used to power the propulsion of battery electric vehicles (BEVs). Vehicle batteries are usually a secondary (rechargeable) battery. Traction batteries are used in forklifts, electric Golf carts, riding floor scrubbers, electric motorcycles, full-size electric cars, trucks, vans, and other electric vehicles.

Market Overview:

The latest research study on the global Electric Vehicles Battery market finds that the global Electric Vehicles Battery market reached a value of USD 25461.03 million in 2022. It’s expected that the market will achieve USD 56572.29 million by 2028, exhibiting a CAGR of 14.23% during the forecast period.

Electric-vehicle batteries differ from starting, lighting, and ignition (SLI) batteries because they are designed to give power over sustained periods of time. Deep-cycle batteries are used instead of SLI batteries for these applications. Traction batteries must be designed with a high ampere-hour capacity. Batteries for electric vehicles are characterized by their relatively high power-to-weight ratio, energy-to-weight ratio and energy density; smaller, lighter batteries reduce the weight of the vehicle and improve its performance. Compared to liquid fuels, most current battery technologies have much lower specific energy, and this often impacts the maximal all-electric range of the vehicles. However, metal-air batteries have high specific energy because the cathode is provided by the surrounding oxygen in the air. Rechargeable batteries used in electric vehicles include lead–acid (flooded, deep-cycle, and VRLA), NiCd, nickel–metal hydride, lithium-ion, Li-ion polymer, and, less commonly, zinc–air and molten-salt batteries. The amount of electricity (i.e. electric charge) stored in batteries is measured in ampere hours or in coulombs, with the total energy often measured in watt hours.

Limitations

In 2020, nearly 250,000 metric tons (276,000 tons) of batteries, or 35 gigawatt-hours of batteries, are set to be retired—nearly 20 times those depleted in 2016. North America, Europe and China are facing a recycling headache. In the European Union, only 5% (pdf) of lithium-ion batteries, another common type of battery power used in electric vehicles are recycled, according to data from non-governmental environment advocacy group Friends of the Earth Europe, which pointed out that “most of the current lithium is either dumped in landfill or incinerated.”

Opportunities

Governments and car manufacturers alike have taken steps to electrify fleets and further phase out the combustion engine. In turn, a number of traders now believe Electric Vehicles Battery to be a high-return investment as demand soars. To support the EV dynamic, China has quickly expanded its EV-charging infrastructure, reaching 107,000 public EV-charging outlets by the end of 2016—an increase of 118 percent year on year. Japan and the Netherlands are also investing significantly to build additional charging stations, while progress remains comparatively slow in France, Germany, the United Kingdom, and the United States.

Region Overview:

From 2022-2027, China is estimated to witness robust growth prospects

Company Overview:

Panasonic, BYD, CATL, LG Chem and SAMSUNG are the five key players in the global Electric Vehicles Battery market. These companies have shown consistent growth in revenue, larger volumes of sales and a prominent presence in terms of share in the global Electric Vehicles Battery market in the past 5 years.

Segmentation Overview:

By type, Lithium-ion segment accounted for the largest share of market in 2021.

Application Overview:

By application, the EVs segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Electric Vehicles Battery market covered in Chapter 3:

Panasonic
LG Chem
Quallion (EnerSys)
CALB
Hangzhou's Wanxiang Group (A123 Systems)
OptimumNano Energy
AESC
Guoxuan High-tech Power Energy
BYD
Boston Power
SAMSUNG
CATL

In Chapter 4 and Chapter 14.2, on the basis of types, the Electric Vehicles Battery market from 2018 to 2029 is primarily split into:

Lead-acid
Nickel metal hydride
Zebra
Lithium-ion

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Electric Vehicles Battery market from 2018 to 2029 covers:

PHEVs
EVs
HEVs

Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)