The global electric vehicle battery market is anticipated to reach a valuation of US$ 18.09 Bn in 2032, with the market growing at a positive CAGR of 8.5% over the forecast period of 2022 to 2032. Scaling up from an estimated US$ 8.68 Bn in 2022, the electric vehicle market is driven by technological advancements, the growing usage of lithium-ion batteries, and increasing fuel prices. A surge in the sales of hybrid/ electric vehicles also augment the market growth of electric vehicle batteries during this period.
The rising adoption of new and advanced battery management systems and improved batteries coupled with the increasing preference for EVs due to high fuel prices are propelling the market growth of electric vehicle batteries. The heightened adoption of EVs has resulted in more and more innovations in the industry. Many manufacturers are upgrading EV components like batteries, motors, and others. This, too, contributes to the growth of the target market.
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The cost of running is much lower in EVs, compared to petrol and diesel vehicles, as these vehicles use electric fuel. Electric vehicles are battery and motor-dependent. These vehicles do not rely on fossil fuels. Charging an EV battery is far more cost-effective than filling petrol or diesel and it also makes use of renewable and regenerative energy. EV batteries can be charged through renewable energy sources like solar panels. Hence making the market sustainable and environmental-friendly. All these factors promote market growth for electric vehicle batteries during this period of observation.
Low running and maintenance costs, low pollution, and environmental friendliness foster an environment of growth for the target market. With no tailpipe emission, EVs have a massively positive impact on carbon footprints. Further, EVs do not consume fuels which makes them a sustainable vehicular option. Governments across the world, too, are providing various tax and financial benefits to popularize the adoption of electric vehicles. All of these factors work together to facilitate an environment of growth for the electric vehicle batteries market during the forecast period.
“Low running and maintenance costs, incorporation of technological enhancements and environment-friendly properties of the product will likely propel the market growth of electric vehicle battery over the forecast period,” says an FMI analyst.
Key Takeaways:
- Supply chain disruptions may hinder the market growth.
- The passenger car segment will exhibit a robust CAGR of 9% over the forecast period.
- Hybrid electric vehicles (HEV) will dominate the market over the assessment period.
- Asia Pacific is expected to hold a major portion of the market share.
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Competitive Landscape
Automotive Energy Supply Corporation, Panasonic Corporation, BYD Company Limited, GS Yuasa Corporation, LG Chem Ltd., Samsung SDI Co., Ltd, Tesla Motors, Inc., Hitachi Chemical Company, Ltd., Narada Power Source Co. Ltd., Johnson Controls International Plc., Tianneng Power International Co., Ltd., Crown Battery Corporation, Furukawa Electric Co., Ltd., EnerSys, Wanxiang Group Corporation, East Penn Manufacturing Co., Toshiba Corporation, Leoch International Technology Ltd., and others are some of the major players in the electric vehicle battery market that are profiled in the full version of the report.
Major market players are keen on product development and expanding their operations. These organizations are engaging in partnerships and collaborations to enhance the technology they are using and gain a competitive advantage.
More Insights into Electric Vehicle Battery Market Report
In its latest report, FMI offers an unbiased analysis of the global electric vehicle battery market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and range, the market is segmented on the basis of battery capacity (less than 20 kWh, 21-40 kWh, more than 41 kWh), vehicle technology (HEV, PHEV, BEV), vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles, others), battery type (lithium-ion, lead acid, nickel hydride, others), and region.
Key Segments
By Battery Capacity:
- Less than 20 kWh
- 21-40 kWh
- More than 41 kWh
By Vehicle Technology:
- HEV
- PHEV
- BEV
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
By Battery Type:
- Lithium Ion
- Lead Acid
- Nickel Hydride
- Others
By Region:
- North America
- Latin America
- Asia Pacific
- MEA
- Europe
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According to the latest FMI reports, based on region, the Asia Pacific is expected to account for a major portion of the global electric vehicle battery market. High adoption of electric mobility and the strong presence of big and small players in India are propelling the regional market growth during the forecast period. Apart from Asia Pacific, Europe is predicted to register the fastest regional market growth.
Based on segmentation, the passenger car segment is expected to lead market growth in terms of the most preferred vehicle type while hybrid electric vehicle (HEV) segment will also contribute to the overall market growth.
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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