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Electric Vehicle Battery Market to be Worth $415.9 Billion by 2031

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July 5, 2024

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Introduction

According to the latest publication from Meticulous Research®, the Electric Vehicle (EV) Battery Market is projected to reach $415.9 billion by 2031, at a CAGR of 33.1% from 2023 to 2031. The growth of the EV battery market is driven by supportive government policies, decreasing battery prices, and increasing investments by leading automotive OEMs. However, challenges such as the potential shortfall in lithium mining capabilities and the low energy density of lithium-ion batteries may restrain market growth.

Government Policies and Regulations

Government policies and regulations play a crucial role in the expansion of the EV battery market. Governments worldwide are implementing policies to reduce carbon emissions, promote the use of electric vehicles, and invest in charging infrastructure. Subsidies, tax incentives, and stringent emission norms are some of the measures being adopted to encourage the adoption of electric vehicles.

Decreasing Battery Prices

The decline in battery prices is another significant factor driving the growth of the EV battery market. Advances in technology and economies of scale have led to a reduction in the cost of lithium-ion batteries, making electric vehicles more affordable. This trend is expected to continue, further boosting the adoption of electric vehicles.

Increasing Investment by Automotive OEMs

Leading automotive OEMs are heavily investing in the development of EV batteries. Collaborations and partnerships with battery manufacturers are on the rise to ensure a secure supply chain for existing and upcoming electric vehicles. These investments aim to achieve technology leadership and enhance the performance and efficiency of EV batteries.

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Market Segmentation

1. By Type

The EV battery market is segmented based on type into lithium-ion batteries, sealed lead-acid batteries, nickel-metal hydride batteries, ultracapacitors, solid-state batteries, and other battery types. In 2024, the lithium-ion battery segment is expected to hold the largest share of the market due to its higher energy density, compactness, durability, and lightweight.

2. By Battery Capacity

Based on battery capacity, the market is segmented into less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 300kWh. The 51kWh to 100kWh segment is projected to account for the largest share in 2024, driven by the launch of long-range and powerful electric cars. The 101kWh to 300kWh segment is expected to record the highest CAGR due to the electrification of logistics and public transport fleets.

3. By Bonding Type

The market is also segmented based on bonding type into wire bonding and laser bonding. In 2024, wire bonding is expected to dominate the market due to its high reliability and low production cost. However, laser bonding is anticipated to grow at the highest CAGR, owing to its precision and ability to withstand higher currents.

4. By Battery Form

The market is segmented into prismatic, pouch, and cylindrical battery forms. The prismatic segment is expected to hold the largest market share in 2024 due to better space utilization and high-power quality. The pouch segment is projected to record the highest CAGR, attributed to higher energy density and safety performance.

5. By Application

Applications of EV batteries include electric cars, light commercial vehicles, heavy commercial vehicles, E-scooters & motorcycles, and E-bikes. Electric cars are further categorized into battery electric vehicles, plug-in hybrid electric vehicles, and pure hybrid electric vehicles. The electric cars segment is expected to hold the largest market share, driven by government initiatives and major OEM investments in EV technologies.

6. By End User

End users of EV batteries include electric vehicle OEMs and battery swapping stations. The electric vehicle OEMs segment is expected to dominate the market due to increasing consumer adoption and investments in battery manufacturing capacities. The battery swapping stations segment is anticipated to grow at the highest CAGR, supported by the rise in battery swapping services.

Regional Analysis

• Asia-Pacific

In 2024, the Asia-Pacific region is expected to account for the largest share of the global EV battery market. The region’s growth is driven by high penetration of electric vehicles, increasing demand for charging infrastructure, and government initiatives promoting electric mobility.

• Europe

Europe is projected to record the highest CAGR during the forecast period. The growth is attributed to the launch of numerous gigafactories and the high adoption of electric mobility. The European Battery Alliance aims to supply 90% of Europe’s annual battery demand from within the EU by 2030.

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Key Players

Key players in the global EV battery market include:

• 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.)
• QuantumScape Corporation (U.S.)

Conclusion

The Electric Vehicle Battery Market is poised for significant growth, driven by supportive government policies, decreasing battery prices, and increasing investments from leading automotive OEMs. Despite challenges, such as lithium mining capabilities and safety concerns, the market presents vast opportunities for growth, particularly in emerging economies and with the development of new battery technologies.

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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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