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The global electric vehicle battery market stood at a value of around USD 64.36 billion in 2023. The market is further expected to grow at a CAGR of 19.2% in the forecast period of 2024-2032 to attain a value of USD 312.66 billion by 2032.
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Based on battery type, the lithium-ion segment is predicted to hold a significant market share in the electric vehicle battery industry. This growth can be attributed to the heightened utilisation of lithium-ion in the production of batteries, increasingly utilised for the propulsion of electric vehicles. It is because of the high energy per unit mass relative to other electrical energy storage systems. In addition, they also have a high power-to-weight ratio, suitable temperature, and power efficiency and low self-discharge. Moreover, these batteries can also be fully recycled. These factors are predicted to aid the market growth in the coming years.
The Asia Pacific is estimated to hold a significant share of the electric vehicle battery industry in the forecast period. This growth can be attributed to the increased demand for electric vehicles in the region, especially in China, owing to reduced labour and maintenance expenditure. The rising disposable incomes and the improved living standards are also aiding the market growth. In addition, the rapid urbanisation with renewed purchasing parity is also significantly contributing to the industry growth. Moreover, the rapid development of environment-oriented policies brought forward to cut down the carbon emissions in the region is also aiding the market growth.
A battery is a secondary power source. An electric vehicle battery is used to power battery-operated electric vehicles using the chemical energy stored in rechargeable battery packs; thus, it does not require any combustion to start the engine. The batteries are rechargeable and usually made of lithium-ion, owing to their high energy per unit mass relative to other electrical energy storage systems. They are primarily designed for high kilowatt-hour capacity. These batteries are increasingly in demand with the advent of electric vehicles.
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By battery type, the market is divided into:
On the basis of vehicle type, the market can be segmented into:
Based on propulsion type, the industry can be categorised into:
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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According to the World Bank, pollution is the number one cause of cardiovascular diseases, with 9 million deaths yearly caused as a direct result of air, water, and land pollution. In addition, air pollution alone accounts for health damage costing USD 5.7 trillion, increasing the economic burden due to premature mortality and morbidity. As a result, governments are devising ways to reduce pollution levels and global carbon emissions in order to counter the issue of global warming. This is resulting in innovations such as electric vehicles that utilises sustainable and renewable energy, posing as an alternative to conventional crude oil and fuels. This is predicted to spearhead the demand for electric vehicle batteries worldwide. Furthermore, the rapid technological advancements are also expected to aid the market growth in the coming years. For instance, StoreDot, an Israeli manufacturer of fast-charging batteries for electric vehicles, recently launched the world's first silicon-dominant battery prototype, which is capable of getting recharged in ten minutes. Such developments are anticipated to propel the market growth in the coming years.
The report gives a detailed analysis of the following key players in the global electric vehicle battery market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
The comprehensive EMR report provides an in-depth assessment of the industry based on the Porter's five forces model and SWOT analysis.
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Battery Type |
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| Breakup by Vehicle Type |
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| Breakup by Propulsion Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
Electric Vehicle Battery Market Size
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global electric vehicle battery market attained a value of nearly USD 64.36 billion.
The market is projected to grow at a CAGR of 19.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 312.66 billion by 2032.
The major drivers of the market include the increasing demand for electric vehicles, rapid technological advancements, and the rising investments in the research and development of electric vehicle battery technology by leading manufacturers.
The key trends of the market include the increasing environmental concerns and the rising pollution levels.
The major regions in the market are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The significant battery types in the market include lithium-ion, lead-acid, and nickel-metal-hydride, among others.
Passenger car, commercial vehicle, and two wheeler are the leading vehicle types in the market.
The major propulsion types include battery electric vehicle (BEV), plug in hybrid electric vehicle (PHEV), and hybrid electric vehicle (HEV).
The key players in the global electric vehicle battery market are BYD Company Ltd., Samsung SDI Co. Ltd., Contemporary Amperex Technology Co., Limited., Mitsubishi Electric Corporation, and Panasonic Corporation, among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124
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