Electric Vehicle (EV) Batteries Global Market To Reach Value Of About $38 Billion In 2025

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.

Global Electric Vehicle (EV) Batteries Market Size And Drivers:

The global EV batteries market is expected grow from $19.78 billion in 2020 to $22.99 billion in 2021 at a compound annual growth rate (CAGR) of 16.2%. The growth 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 electric vehicle battery market is expected to reach $38.32 billion in 2025 at a CAGR of 14%. Advances in electric vehicles batteries and their associated technologies are attracting the interests of individuals to purchase EVs, contributing to the growth of the EV batteries.

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Trends In The Global Electric Vehicle (EV) Batteries Market

The charging of Electric Vehicle batteries using Vehicle to grid technology is expected to gain traction in EV batteries Market. Vehicle to grid technology is a Bi-directional charging system technology in which plug-in electric vehicles like battery electric vehicles (BEV), plug-in hybrids (PHEV) or hydrogen fuel cell electric vehicles (FCEV) batteries’ can communicate with the power grid for either returning electricity to the grid, to homes during the peak times or increase their charging rate to discharge and charge the battery accordingly. For instance, in January 2021, FCA along with Engie EPS and Terna has launched the first phase of a vehicle-to-grid (V2G) pilot project in Turin, Italy, to test potential connections of the company’s vehicles to the grid. Thus, Vehicle to grid technology is anticipated to be a major trend in the electric battery market.

Global Electric Vehicle (EV) Batteries Market Segments:
The global EV batteries market is further 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 global electric vehicle batteries market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa.

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Electric Vehicle (EV) Batteries Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides electric vehicle (EV) batteries market overviews, analyzes and forecasts market size and growth for the global electric vehicle (EV) batteries market, electric vehicle (EV) batteries market share, electric vehicle (EV) batteries market players, electric vehicle (EV) batteries market segments and geographies, electric vehicle (EV) batteries market’s 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.