Global electric vehicle battery market is expected to grow more than 25% CAGR by 2027
Global electric vehicle battery Market Size, Share, Analysis, Forecast, Growth.
An electric Vehicle battery is a type of rechargeable battery which is used to power the electric motor of an electric vehicle. These batteries are designed to give power for a sustainable time period deep-cycle processes. Electric vehicle batteries show many unique characteristics over a normal conventional vehicle battery such as high power to weight ratio, specific energy density, energy sustainability, efficient output etc. There are some major components affecting the growth of the electric vehicle market such as increasing demand of EVs, improving technology in batteries as well as vehicle technology, adaption rate by the consumers, raising fuel costs, convenience provided by the electric vehicle, safety measures, less pollution, energy consumptions etc. Most commonly used electric vehicle battery is Lithium-Ion battery. It has more power ratio with high energy density. Other types of battery used in electric vehicle are Lead Acid battery, Nickel Metal Hybrid battery, Sodium Ion and Solid state battery.
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According to the research report “Global Electric Vehicle Battery Market Outlook, 2027" published by Bonafide Research, the electric vehicle battery market is growing rapidly. This market directs to an important factor called ‘Green Energy’. Electric battery vehicle is one of the most efficient and promising technology for reducing the carbon emissions by global transportation. Technical advancements happening in electric vehicle battery industry implies more demand towards electric vehicles. Government is also planning proactive initiatives in order to support the growth of the battery market. Global electric vehicle battery market is expected to grow with the CAGR of more than 25% by 2027. Asia Pacific is the major revenue generating region. Automation and innovation in the vehicle market is the major driving force for this industry. Europe is planning heavy investments for production and development in EV batteries. Indonesia is also preferring to make own electric vehicle batteries by 2030.
Electric vehicle is quieter than other conventional vehicles so that they reduce noise pollution. Another important aspect is zero carbon emissions from the vehicle. This important factor is providing reduction in environmental pollution. Using electricity as the fuel of the vehicle can save us from raised prices of petrol/diesel. Electric vehicles are safer and more stable with lower center of gravity. Bulk production of batteries results into lower price for overall electric vehicle. This can be appropriate factor for consumer. Technology for the batteries is also improving which makes it affordable for larger population. Industries are emphasizing on producing new variations and Technologies related to electrical.
According to the report, global electric vehicle battery market is segmented into different categories based on the applications and data. On the basis of region, EV battery market has five major regions which are North America, Europe, Asia Pacific, Latin America and Middle East and Africa. In which Asia Pacific region leads with high market share value. On the basis of vehicle type, EV battery market is segmented in to two different segments which are Passenger vehicle and commercial vehicle. In which Passenger vehicles leads the global electric vehicle battery market and commercial segment is improving with a slower pace. By country, China, USA, UK, Germany are some major players. China is ruling the electric vehicle battery market with almost 28% of total market share. By company, Contemporary Amperex Technology Co Limited, LG Chem Limited, LG energy solutions, Panasonic are some top manufacturers of electric batteries. These companies are responsible for more than 50% of market share in electric battery market.
Most of our modern world is powered by Lithium batteries or batteries having similar factors but due to covid-19 pandemic, the global Automobile industry faced a slowdown because lockdown situations in several regions which in turn restricted the production of electric vehicles. But with more people adopting social distancing norms, idea of adopting clean energy options is also spreading. That will result into greater demands and progressive growth of global electric vehicle market. Lockdown situations gave enough time regions for industries to bring more improvement and innovations into battery technology.
Major Companies present in the market Contemporary Amperex Technology Co. Limited, LG Chem Limited, Panasonic Corporation, BYD Company Limited, Samsung SDI Co. Limited, SK Innovation Co Limited, East Penn Manufacturing Company, Clarios (US) Formally Know Johnson controls inc, GS Yuasa International Limited, Mitsubishi Corporation, Envision (Automotive Energy Supply Corporation), A123 Systems LLC (Subsidiary Of Wanxiang Group Corporation), Beijing Pride Power Battery Technology Co Limited, Lithium Energy Japan, Targray Technology International Inc, Altair Nanotechnologies Inc., Aptiv Plc, Enersys (Quallion LLC), Tianneng Power International Co. Limited, Primearth EV Energy Co. Limited, E-One Moli Energy Corporation, Store Dot Limited, Lithium Werks B.V, Quantum Scape Corporation, Northvolt AB, Farasis Energy Co. Limited, Svolt Energy Technology Co. Limited, Vehicle Energy Japan Co. Ltd. (Under Hitachi Automotive Systems, Limited), Narada Power Source Co. Limited
Considered in this report
• Geography: Global
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027
Aspects covered in this report
• Global electric vehicle battery market with its value and forecast along with its segments
• Region-wise electric vehicle battery market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation
Regions covered in the report
• North America
• Latin America
• Middle-East & Africa
Types of batteries in the report
• Lithium-Ion battery
• Lead Acid battery
• Others (Nickel Metal Hybrid battery, Sodium Ion battery and Solid state)
By Propulsion Type in the report:
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Hybrid Electric Vehicle
- Passenger Vehicle
- Commercial Vehicle
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