Meticulous Research®, a top global market research firm, has released a new report titled “Electric Vehicle Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Battery), Battery Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Battery Form, Application, End User, and Geography – Global Forecast to 2031.”
According to the report, the Electric Vehicle Battery Market is projected to reach $415.9 billion by 2031, with a CAGR of 33.1% from 2023 to 2031.
This growth is driven by favorable government policies, declining battery prices, and increased investments by leading automotive manufacturers. However, challenges such as limited lithium supply and the lower energy density of lithium-ion batteries may constrain market expansion.
The report identifies key growth drivers, including the rising adoption of electric vehicles in emerging markets and increased investments in lithium-ion battery production. However, safety concerns related to EV batteries may pose challenges to market growth.
The Electric Vehicle Battery Market is segmented by type, battery capacity, bonding type, battery form, application, end user, and geography. The lithium-ion battery segment is expected to dominate the market, driven by its high energy density and durability. This segment is also anticipated to register the highest growth rate during the forecast period.
Significant industry developments highlighted in the report include BMW Group’s collaboration with Rimac Technology to develop high-voltage EV batteries and Hyundai Motor’s partnership with Exide Energy to enhance battery production in India. These strategic moves reflect the efforts of automotive OEMs to secure their battery supply chains and achieve technological leadership in the EV battery market.
The 51kWh to 100kWh battery capacity segment is expected to lead the market, driven by the launch of long-range electric vehicles and increased EV adoption in developing regions. The laser bonding segment is projected to grow at the highest CAGR, owing to its precision and minimal heat generation during welding.
Asia-Pacific is forecasted to dominate the market, driven by rapid EV adoption and supportive government initiatives. Europe is expected to record the highest growth rate, supported by investments in battery manufacturing and the European Battery Alliance’s focus on boosting regional production.
Key Players:
The key players operating in the global electric vehicle Battery market are SK Innovations Co. Ltd. ( South Korea), LG Chem, Ltd (South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), SVOLT Energy Technology Co., Ltd. (China), BYD Company Limited (China), Samsung SDI Co., Ltd. (South Korea), GS Yuasa International Ltd. (Japan), Vehicle Energy Japan Inc. (Japan), Northvolt AB (Sweden), Panasonic Corporation (Japan), Contemporary Amperex Technology Co. Limited (CATL) (China), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd. (Japan), E-One Moli Energy Corp. (Taiwan), StoreDot Ltd. (Israel), NOHMs Technologies, Inc. (U.S.), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), and QuantumScape Corporation (U.S.).
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Key Questions Answered in the Report:
- What are the high-growth market segments in terms of the type, battery capacity, bonding type, battery form, application, and end user?
- What is the historical market size for the global electric vehicle Battery market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global electric vehicle Battery market?
- Who are the major players in the global electric vehicle Battery market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global electric vehicle Battery market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global electric vehicle Battery market, and how do they compete with other players?
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