Market Definition
One kind of rechargeable battery that powers an electric vehicle is an electric vehicle (EV) battery. It powers the electric motor and supplies electricity to the electrical systems of the car as its main power source. It substitutes conventional combustion engines with electric ones, which are more efficient and produce less pollution. These are often made of lithium ion cells or other advanced battery chemistries.
Market Outlook
The global EV battery market size was approximately USD 59.4 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of over 14.4% from 2024 to 2033.
Battery demand for EVs continues to rise
The demand for automotive lithium-ion (Li-ion) batteries grew by almost 65% to 550 GWh in 2022 from around 330 GWh in 2021, mostly due to a rise in the sales of electric passenger cars, with new registrations rising by 55% in 2022 compared to 2021.
In China, the demand for automobile batteries jumped by more than 70%, while sales of electric cars rose by 80% in 2022 compared to 2021. The rise in battery demand was somewhat offset by a rise in the proportion of plug-in hybrid electric vehicles (PHEVs). Even if sales of electric cars increased by only around 55% in 2022, the demand for batteries for automobiles in the US increased by about 80%. Despite the fact that the average battery size for electric cars in the US increased by only 7% in 2022, it is still approximately 40% larger than the global average. This is partly because SUVs account for a larger portion of US electric car sales than other major markets, and manufacturers have implemented strategies to increase the range of their vehicles when they use only electricity. Sales of BEVs and PHEVs are surpassing those of hybrid electric vehicles (HEVs) worldwide, and as the battery sizes of BEVs and PHEVs grow, so does the need for batteries.
The need for essential materials is driven by the rise in battery use. Lithium output has increased by 180% since 2017, yet supply still fell short of demand in 2022 (as it did in 2021). About 60% of the demand for lithium, 30% for cobalt, and 10% for nickel in 2022 came from EV batteries. In 2017, only five years prior, these percentages were around 15%, 10%, and 2%, in that order. Mining and processing of these vital minerals will need to pick up speed quickly to support the energy shift, not just for EVs but also more generally to keep up with the rate of demand for clean energy technology, as has already been observed with regard to lithium. Reducing the requirement for essential resources is also crucial for the security, resilience, and sustainability of the supply chain. In order to assist the adoption of car models with optimised battery sizes and the advancement of battery recycling, it can be helpful to accelerate innovation. Examples of such innovations include better battery technologies that need less quantities of key materials.
The key drivers of the EV battery market are the government regulations, the falling prices of batteries, and the increasing range of electric vehicles.
The government regulations are the most important driver of the EV battery market. The regulations are designed to encourage the adoption of electric vehicles and to reduce the emissions from transportation. The regulations require that a certain percentage of the vehicles sold in a country must be electric vehicles. This has led to a large increase in the demand for EV batteries.
The falling prices of batteries are another important driver of the EV battery market. The prices of batteries have fallen significantly in recent years, making electric vehicles more affordable. This has led to a large increase in the demand for electric vehicles.
The increasing range of electric vehicles is another driver of the EV battery market. The range of electric vehicles has increased significantly in recent years, making them more practical for long-distance travel. This has led to a large increase in the demand for electric vehicles.
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Research Objectives
- Estimates and forecast the overall market size for the total market, across product, service type, type, end-user, and region
- Detailed information and key takeaways on qualitative and quantitative trends, dynamics, business framework, competitive landscape, and company profiling
- Identify factors influencing market growth and challenges, opportunities, drivers and restraints
- Identify factors that could limit company participation in identified international markets to help properly calibrate market share expectations and growth rates
- Trace and evaluate key development strategies like acquisitions, product launches, mergers, collaborations, business expansions, agreements, partnerships, and R&D activities
- Thoroughly analyze smaller market segments strategically, focusing on their potential, individual patterns of growth, and impact on the overall market
- To thoroughly outline the competitive landscape within the market, including an assessment of business and corporate strategies, aimed at monitoring and dissecting competitive advancements.
- Identify the primary market participants, based on their business objectives, regional footprint, product offerings, and strategic initiatives
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Market Segments
The EV Battery Market report is segmented on the basis of Vehicle Type, Propulsion Type, Battery Type, Battery Capacity, Material Type, and Region. Based on Vehicle Type, it is segmented into Two-Wheeler, Passenger Cars, Buses, Commercial Light Duty Vehicles, and Others (Trucks, Trailers). Based on Propulsion Type, it is segmented into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), and Fuel Cell Electric Vehicle (FCEV). Based on Battery Type, the EV Battery market has been segmented into Lithium-Ion Battery, Lead-Acid Battery, Nickel-Metal Hydride, Solid-state Battery, and Sodium-ion Battery. By Battery Capacity, it is segmented into <50kWh, 50-110 kWh, 111-200 kWh, 201-300 kWh, and >300 kWh. On the basis of Material Type, it is segmented into Lithium, Manganese, Cobalt, Graphite, and Nic
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Key Players
Some of the key players of EV Battery Market are Siro (Turkey), Amara Raja Energy & Mobility Limited (India), BYD (China), EnerSys (US), Exicom (India), Exide Industries Limited (India), Grinntech Motors & Services Pvt. Ltd. (India), Hitachi, Ltd. (Japan), LG Energy Solution Ltd. (South Korea), Mitsubishi Corporation (Japan),Octillion (US), Okaya Power Pvt. Ltd. (India), Panasonic Corporation (Panasonic Life Solutions India Pvt. Ltd.) (Japan), SAMSUNG SDI CO.,LTD. (South Korea), and Toshiba Corporation (Japan).
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Research Scope
- Scope – Highlights, Trends, Insights. Attractiveness, Forecast
- Market Sizing – Product Type, End User, Offering Type, Technology, Region, Country, Others
- Market Dynamics – Market Segmentation, Demand and Supply, Bargaining Power of Buyers and Sellers, Drivers, Restraints, Opportunities, Threat Analysis, Impact Analysis, Porters 5 Forces, Ansoff Analysis, Supply Chain
- Business Framework – Case Studies, Regulatory Landscape, Pricing, Policies and Regulations, New Product Launches. M&As, Recent Developments
- Competitive Landscape – Market Share Analysis, Market Leaders, Emerging Players, Vendor Benchmarking, Developmental Strategy Benchmarking, PESTLE Analysis, Value Chain Analysis
- Company Profiles – Overview, Business Segments, Business Performance, Product Offering, Key Developmental Strategies, SWOT Analysis.
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