by The global Electric Vehicle Battery Market is estimated to be valued at US$ 119.99 billion in 2023 and is expected to exhibit a CAGR of 18% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Electric vehicle batteries are rechargeable batteries that power the propulsion of electric vehicles and plug-in hybrid vehicles. These batteries provide clean, efficient and reliable transportation energy solution with zero emissions. They help reduce dependence on fossil fuels and improve energy security.
Market key trends:
One of the key trends driving the electric vehicle battery market is the push for greener transportation solutions globally to curb vehicle emissions. Several nations have proposed bans on new internal combustion engine vehicles to accelerate electrification of road transport. This is creating huge demand for electric vehicles and their batteries. Governments are providing various purchase incentives for electric vehicles which is boosting their adoption rate. As electric vehicle sales grow rapidly, production and sale of their batteries is also increasing at a significant pace.
Segment Analysis
The global battery market is segmented on the basis of type, application, and geography. By type, the market is categorized into lead-acid batteries, lithium-ion batteries, nickel-metal hydride batteries, and others. The lithium-ion batteries segment dominated the market in 2021 and is expected to continue its dominance over the forecast period. Lithium-ion batteries have a high energy density and long life, which makes them preferable over other battery types for applications such as consumer electronics and electric vehicles.
By application, the battery market is divided into automotive, industrial, portable, and others. The automotive segment accounted for the largest share of the market in 2021 due to the growing demand for electric vehicles that use lithium-ion batteries.
Key Takeaways
– The Global Battery Market is expected to witness high growth, exhibiting CAGR of 18% over the forecast period, due to increasing demand for electric vehicles driven by stringent emission norms.
– Asia Pacific dominated the battery market in 2021, accounting for over 40% share of the global market. China dominated the Asia Pacific market due to the presence of leading battery manufacturers. Europe is expected to showcase significant growth owing to growing electric mobility in the region.
– Key players operating in the battery market are BYD Company Limited, Panasonic Corporation, Contemporary Amperex Technology Co. Limited, Samsung SDI Co. Ltd, TianJin Lishen Battery Joint-Stock CO. LTD, GS Yuasa Corporation, Duracell Inc., Clarios (Formerly Johnson Controls International PLC), VARTA AG, LG Chem Ltd, Tesla Inc. and EnerSys. These players are focused on developing advanced batteries and expanding manufacturing facilities to cater to the growing demand.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
