Global Electric Vehicle (Ev) Batteries Market Size 2024, Forecast To 2033

11 Mar, 2024

The electric vehicle (EV) batteries market has witnessed strong growth, reaching $27.24 billion in 2023 and is expected to grow to $29.17 billion in 2024, reflecting a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period is attributed to the reduced cost of EV batteries, growth in emerging markets, a rise in domestic manufacturing, and an increase in disposable income. Moving towards 2028, the market is poised for strong growth, targeting a size of $38.04 billion at a CAGR of 6.9%. The anticipated growth is fueled by factors such as the increase in fuel prices, growing demand for electric vehicles, urbanization, and heightened investments by automotive OEMs. Key trends in the forecast period involve the adoption of vehicle-to-grid technology, the widespread use of lithium-ion batteries, partnerships, collaborations, and increased investments in EV batteries.

Global Electric Vehicle (EV) Batteries Market Key Driver

Advances in electric vehicle (EV) batteries and associated technologies are captivating consumer interest, leading to a surge in EV sales and contributing to the growth of the EV batteries market. Innovations like lithium-ion batteries, fast charging capabilities, and improved mileage are making electric cars more appealing to consumers. According to the United States Department of Energy, the average electric car range increased from 73 miles to 400 miles in 2021. Furthermore, technological advancements are contributing to a decline in electronic battery prices, with the average cost of a lithium-ion battery being $151/kWh in 2022, as reported by Bloomberg. Consequently, these electronic battery advancements and associated technologies are enhancing vehicle mileage and attracting more customers, propelling the electric vehicle batteries market, with the 2023, 2024, and 2028 market sizes shaping this growth trajectory.

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Global Electric Vehicle (EV) Batteries Market Segments

The electric vehicle (ev) batteries market covered in this report is segmented –
1) By Battery Type: Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Others
2) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
3) By Propulsion: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicles, Fuel Cell Electric Vehicles.
By Geography:The regions covered in the electric vehicle (ev) batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain Asia-Pacific was the largest region in the electric vehicle batteries market in 2023. Western Europe was the second-largest region in the global electric vehicle batteries market share. The regions covered in the electric vehicle (ev) batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Major Electric Vehicle (EV) Batteries Industry Players

LG Energy Solution Ltd, Samsung SDI Co. Ltd, SK Innovation Co. Ltd, Panasonic Corporation, Contemporary Amperex Technology Co. Ltd, Clarios, BYD Co. Ltd, Narada Power Source Co. Ltd, GS Yuasa Corporation, Tianneng Power International Ltd, SVOLT Energy Technology Co, Ltd, EVTronic, Britishvolt, Aceleron, Williams Advanced Engineering, Zenobe, Northvolt, Verkor, Italvolt, Fortum, ElecSys, Volkswagen, CATL, BMW, Groupe Renault, Cobham, Varta, SAFT, AKOM, InoBat Auto, Ligier Group, Polaris Industries, Skoda Auto, Proterra, BMZ Inc, Microvast, Romeo Power, Quantumscape Corporation, Horwin, Smart Modular Technologies, IntelBras, Tecsys, Byvin, HDK Electric Vehicles, Ingersoll Rand Inc, Shandong Shifeng (Group), Speedway Electric, Eleksa EV, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Jet Motors

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Electric Vehicle (EV) Batteries Market Overview

Electric vehicle batteries are defined as batteries that are used to power electronic vehicles and are rechargeable in nature. These batteries support the clean energy initiative as they don’t emit any harmful gases which cause damage to the environment.

Electric Vehicle (EV) Batteries Global Market Report 2023 provides data on the global electric vehicle (ev) batteries market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The electric vehicle (ev) batteries market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.