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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Lithium-Ion Segment to Account for a Significant Market Share of the Global Electric Vehicle Battery Industry
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 to Account for a Significant Market Share in the Global Electric Vehicle Battery Industry
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.
Electric Vehicle Battery Market Report Snapshots
Electric Vehicle Battery Market Size
Electric Vehicle Battery Market Share
Electric Vehicle Battery Companies
*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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Key Questions Answered in the Report
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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Philippines
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+63 287899028, +63 967 048 3306
United Kingdom
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+44-753-713-2163
Vietnam
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