EV battery market size is projected to be worth around US$559.87 billion by 2030

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According to Precedence Research, the global electric vehicle battery market is expected to be worth around US$559.87 billion by 2030 and will grow at a CAGR of 32% from 2022 to 2030.

TOKYO, April 14, 2022 (GLOBE NEWSWIRE) — The Global Size of the market for batteries for electric vehicles was $46.03 billion in 2021. The rising sales of electric vehicles across the world are expected to significantly impel the growth of EV battery market over the forecast period. In addition, falling battery prices due to technological advances and increasing R&D spending are another important factor behind the increasing adoption of EVs. The increasing public-private partnerships to build charging station infrastructure is a notable government initiative that is expected to fuel the growth of the global electric vehicle battery market.

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The popularity of electric vehicles has increased significantly in recent years. Increasing government initiatives to switch to electric vehicles and reduce vehicle CO2 emissions have led to regulatory reforms related to the use of electric commuting solutions around the world. In several countries, the government is offering subsidies for consumers to buy BEVs and PHEVs to encourage electric vehicle adoption.

extent of Electric vehicle battery market

report attributes

details

Market size in 2021

$46.03 billion

growth rate

CAGR of 32% from 2022 to 2030

Battery EV segment market share

38% in 2021

base year

2021

forecast data

2022 to 2030

company covered

Hitachi, ATLASBX Co. Ltd., Sony, Narada Power Source Co., Ltd., TCL Corporation, Huanyu New Energy Technology, Duracell, Crown Battery Manufacturing, EnerSys, Inc., C&D Technologies, Inc., Panasonic, NEC Corporation, North Star, GS Yuasa Corp., BB Battery Co.

report highlights

  • Based on the battery type, the dominant segment in 2021 was the lithium-ion battery. The low weight of lithium-ion batteries and their higher energy density are the two main properties that make them suitable for use in electric vehicles. It is widely used in BEVs and PHEVs around the world, which has led to the dominance of this segment.

  • Based on vehicle type, the commercial vehicle is expected to be the most opportunistic segment. The growing government initiatives to electrify commercial vehicles and public transport are expected to drive the growth of this segment. Commercial vehicles are the largest CO2 emitting vehicles and hence their electrification is the government priority.

  • Depending on the powertrain, the BEV segment dominated the market in 2021. The BEVs completely depend on the batteries for power supply and hence the BEVs are the main consumers of the EV batteries, which led to the dominance of this segment in the EV battery market.

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Regional Insights

Asia Pacific dominated the global EV battery market in 2021. With increasing urbanization and rising purchasing power parity, the demand for electric vehicles is increasing in countries like China, India and Japan, which is expected to increase the demand for lithium batteries. ion batteries. China is one of the leading EV markets due to its growing drive towards clean energy. India is a top importer of lithium-ion batteries, and South Korea and China are India’s top trading partners for lithium-ion batteries. Asia Pacific is among the top producers and top consumers of EVs and hence the demand for EV batteries in Asia Pacific region is high. The Indian government is committed to converting the two- and three-wheeler segment to electric vehicles and intends to expand 30% of automobile sales to electric mobility by 2030.

Europe is expected to show the highest CAGR over the forecast period. The government initiatives to encourage the adoption of electric vehicles and EV batteries play the leading role. The government offers subsidies and incentives to consumers and manufacturers as electric vehicles are very expensive in Europe. The presence of top OEMs in Europe contributes significantly to the growth of the electric vehicle and battery market. The government in France intends to promote electric commercial vehicles and aims to electrify public transport solutions. Hence, the increasing government initiatives to promote EVs in various European countries are expected to fuel the growth of the EV battery market in Europe in the coming years.

market dynamics

driver

Increasing penetration of plug-in models

The leading manufacturers such as Hyundai, Tata, Toyota and Mercedes are investing heavily in EV market entry due to the increasing demand for EVs around the world. Many of the automakers are collaborating with the battery makers to gain market share, strengthen their position and capitalize on market opportunities. Hence, the increasing production of the plug-in models is expected to drive the growth of the EV battery market over the forecast period.

restraint

High cost of electric vehicles

Electric vehicles are very expensive in the current scenario. The number of low- and middle-income consumers around the world is very high, and their financial limitations can prevent them from switching to electric vehicles. Therefore, the lower adoption of EVs among the low and middle income groups may hamper the growth of the EV battery market.

opportunity

Growing popularity of the Battery-as-a-Service model

The big companies in the market are adopting the battery-as-a-service model, which allows consumers to swap out or swap out the batteries after they are discharged. This model helps the user save the time spent on charging the batteries and improves the customer experience and satisfaction. The rising popularity of the Battery-as-a-Service model is likely to offer market participants numerous growth opportunities in the foreseeable future.

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challenge

Battery safety concerns

EV batteries undergo various safety tests before being put into service. The incidents like Chevy EV Bolt’s battery related fire incidents are a big doubt among consumers regarding battery safety. EV batteries involve the use of flammable materials such as plastics, manganese and lithium. Lithium is very reactive towards water. Therefore, the increasing concerns about battery safety are a major challenge for market participants.

Recent Developments

market segmentnation

By battery type

By vehicle type

  • passenger vehicle

  • commercial vehicle

By drive

By Li-ion battery component

  • positive electrode

  • negative electrode

  • electrolyte

  • separator

By method

  • wire bonding

  • laser bonding

By capacity

  • <50kWh

  • 50-110kWh

  • 111-200kWh

  • 201-300kWh

  • >300kWh

According to battery shape

By material type

  • lithium

  • cobalt

  • manganese

  • Natural Graphite

By end users

According to geography

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