The global electric vehicles batteries market size is expected grow from $23.74 billion in 2021 to $25.43 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The growth in the market is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The EV batteries market is expected to reach $33.26 billion in 2026 at a CAGR of 6.9%.
What is the Global Electric Vehicle (EV) Batteries Market?
The electric vehicles batteries market consists of sales of electric vehicles batteries. Electric vehicles batteries are used to power the electronic vehicles and are rechargeable in nature. These batteries support the clean energy initiative as they don’t emit any harmful gases which causes damage to the environment.
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What drives the Global Electric Vehicle (EV) Batteries Market?
Advances in electric vehicles (EV) batteries and their associated technologies are attracting the interests of individuals to purchase EVs, contributing to the growth of the EV batteries. Recent advancements such as lithium-ion batteries, fast charging, and better mileage have helped the electric cars become more passenger-friendly. According to the United States Department of Energy, the range of average electric car have increased from 73 miles in 2011 to 400 miles in 2021. Moreover, the technological developments are contributing to reduced prices of the electronic batteries. According to the Bloomberg report, battery prices that were above USD 1,100 in 2010 have fallen by 87% to $156 per kilowatt-hour in 2019 and is likely to decline to $100 per kilowatt-hour by the end of 2023. Therefore, the advances in electronic battery and its associated technologies increase the vehicles mileage and draws more customers driving the electronic battery market.
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Global Electric Vehicle (EV) Batteries Market Segments
The global electric vehicle (EV) batteries market is segmented:
By Battery Type: Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Sodium-Ion, Others
By Vehicle Type: Passenger Vehicles, Commercial Vehicles
By Propulsion: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)
By Geography: The regions covered in the electric vehicle (EV) batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Electric Vehicle (EV) Batteries Global Market Report 2022 provides market size and growth forecasts for the global electric vehicle (EV) batteries market, global electric vehicle (EV) batteries market share, electric vehicle (EV) batteries market segments and geographies, electric vehicle (EV) batteries market competitive landscape including leading competitors’ revenues, profiles and market shares. The electric vehicle (EV) batteries market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.
Global Electric Vehicle (EV) Batteries Industry Players include Panasonic Corporation, Mitsubishi Motors Corporation, Beijing Pride New Energy Battery Technology Co. Ltd, Automotive Energy Supply Corporation, BYD Company Ltd, Daimler AG, Robert Bosch GmbH, SAMSUNG SDI CO, Tianneng Power International Co. Ltd, and Johnson Controls. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.
