Electric Vehicle Battery Market size was valued at USD 57 Billion in 2024 and is projected to reach USD 191.6 Billion by 2031, growing at a CAGR of 18.05% from 2024 to 2031.
The key market dynamics that are shaping the global electrical vehicle battery market include:
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Here is a more detailed regional analysis of the global electrical vehicle battery market:
The Global Electric Vehicle Battery Market is Segmented Based on Battery Type, Application, End User, And Geography.
Based on Battery Type, the Global Electric Vehicle Battery Market is segmented into Lithium-ion Battery, Nickel-Metal Hydride (NiMH) Battery, Lead-Acid Battery, and Solid-State Battery. The lithium-ion battery segment dominates the Global Electric Vehicle Battery Market owing to its high energy density, longer lifespan, and decreasing costs, making it the preferred choice for electric vehicle manufacturers. This battery type offers a significant weight advantage and faster charging capabilities, which are essential for enhancing the performance of electric vehicles.
Based on Application, the Global Electric Vehicle Battery market is segmented into Passenger Vehicles, Commercial Vehicles, and Two-Wheelers. The Passenger Vehicles segment significantly dominates the Global Electric Vehicle Battery Market, is driven by the increasing consumer preference for electric cars and the growing availability of affordable models. As governments worldwide implement stricter emissions regulations and offer incentives for electric vehicle purchases, the demand for passenger electric vehicles continues to rise.
Based on End User, the Global Electric Vehicle Battery market is segmented into OEMs (Original Equipment Manufacturers) and the Aftermarket. The OEM segment dominates in the Global Electric Vehicle Battery Market driven by the major automotive manufacturers increasingly investing in developing and producing electric vehicles. These companies are integrating advanced battery technologies into their vehicles to enhance performance, range, and overall consumer appeal.
Based on Geography, the Global Electric Vehicle Battery market is segmented into North America, Europe, Asia Pacific, and the Rest of the World. North America has been experiencing significant growth in the Global Electric Vehicle Battery Market, driven by supportive government policies, technological advancements, and increasing consumer demand for electric vehicles (EVs). The U.S. Environmental Protection Agency (EPA) has set a target for 50% of new vehicle sales to be electric by 2030. To support this, the Inflation Reduction Act provides up to $7,500 in tax credits for new electric vehicles and $4,000 for used ones. The United States and Canada have implemented various incentives, such as tax credits and rebates, to encourage EV adoption, thereby boosting the demand for high-capacity batteries.
The “Global Electric Vehicle Battery Market” study report provides valuable insight with an emphasis on the global market. The major players in the market are CATL, BYD Company Ltd, LG Energy Solution, Panasonic Corporation, Samsung SDI, SK Innovation Co., Ltd, Tesla, Inc, Bosch, GS Yuasa Corporation, and AESC.
This section offers in-depth analysis through a company overview, position analysis, the regional and industrial footprint of the company, and the ACE matrix for insightful competitive analysis. The section also provides an exhaustive analysis of the financial performances of mentioned players in the given market.
Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Base Year | 2024 |
| Forecast Period | 2024-2031 |
| Historical Period | 2021-2023 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | CATL, BYD Company Ltd, LG Energy Solution, Panasonic Corporation, Samsung SDI, SK Innovation Co., Ltd, Tesla, Inc, Bosch, GS Yuasa Corporation, and AESC. |
| Segments Covered | By Battery Type, By Application, By End-User, and By Geography |
| Customization Scope | Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
To know more about the Research Methodology and other aspects of the research study, kindly get in touch with our Sales Team at Verified Market Research.
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors
• Provision of market value (USD Billion) data for each segment and sub-segment
• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market
• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region
• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled
• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players
• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions
• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis
• Provides insight into the market through Value Chain
• Market dynamics scenario, along with growth opportunities of the market in the years to come
• 6-month post-sales analyst support
• In case of any Queries or Customization Requirements please connect with our sales team, who will ensure that your requirements are met.
1. Introduction
• Market Definition
• Market Segmentation
• Research Methodology
2. Executive Summary
• Key Findings
• Market Overview
• Market Highlights
3. Market Overview
• Market Size and Growth Potential
• Market Trends
• Market Drivers
• Market Restraints
• Market Opportunities
• Porter's Five Forces Analysis
4. Electric Vehicle Battery Market, By Battery Type
• Lithium-Ion Battery
• Nickel-Metal Hydride (NiMH) Battery
• Lead-Acid Battery
• Solid-State Battery
5. Electric Vehicle Battery Market, By Application
• Passenger Vehicles
• Commercial Vehicles
• Two-Wheelers
6. Electric Vehicle Battery Market, By End-User
• OEMs (Original Equipment Manufacturers)
• Aftermarket
7. Regional Analysis
• North America
• United States
• Canada
• Mexico
• Europe
• United Kingdom
• Germany
• France
• Italy
• Asia-Pacific
• China
• Japan
• India
• Australia
• Latin America
• Brazil
• Argentina
• Chile
• Middle East and Africa
• South Africa
• Saudi Arabia
• UAE
8. Market Dynamics
• Market Drivers
• Market Restraints
• Market Opportunities
• Impact of COVID-19 on the Market
9. Competitive Landscape
• Key Players
• Market Share Analysis
10. Company Profiles
• CATL (Contemporary Amperex Technology Co. Limited) (China)
• BYD Company Ltd. (China)
• LG Energy Solution (South Korea)
• Panasonic Corporation (Japan)
• Samsung SDI (South Korea)
• SK Innovation Co., Ltd. (South Korea)
• Tesla, Inc. (USA)
• Bosch (Germany)
• GS Yuasa Corporation (Japan)
• AESC (Automotive Energy Supply Corporation) (Japan)
11. Market Outlook and Opportunities
• Emerging Technologies
• Future Market Trends
• Investment Opportunities
12. Appendix
• List of Abbreviations
• Sources and References
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