According to the report “Global Electric Vehicle Battery Market Outlook, 2027”, published by Actual Market Research, the EV battery market is anticipated to grow at CAGR of more than 25% in value by the end of forecast period. There are various factors responsible for accelerating the electric vehicle and battery market globally, such as increasing demand of electric vehicle, technological advancement in electric vehicle battery, government incentives and support towards electric vehicle sales, and launch of new EV like hybrid electric vehicle (HEV) and Plug-in hybrid electric vehicles (PHEV). EV technologies are attractive options to help environmental, societal and health objectives.
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Electric vehicles are well suited to help solve air pollution issues with zero tailpipe emissions. Further, electric vehicles are driving advances in EVs battery technology a key matter for industrial competitiveness in the adaptation to clean energy. According to the report electric vehicle battery market is segregated into two major battery types i.e. Lithium ion battery and Lead acid battery. Many other batteries are also used in EV such as Nickel Metal hybrid battery, Sodium ion and Solid state battery. Lithium Ion batteries are widely used in EVs because of high energy efficiency, good high-temperature performance, and low self-discharge. Most elements of lithium-ion batteries can be recycled. Lithium ion segment is leading the market with more than 75% in value market share and anticipated to capture higher market share in forecast period. Nickel Metal hybrid batteries are widely used in Hybrid electric vehicles, however, due to high cost and high self-discharge the market of this battery is relatively lower than the other EV batteries.
The advancement of propulsion system technology of EVs will be focused on five areas i.e. range of electric vehicle, cost of vehicles, battery pack replacement cost, life of battery pack and quick and easy recharging. Apart from vehicle cost, most propulsion system development work will be on battery systems. According to the report, by propulsion type, battery market is segregated into three major propulsion i.e. Battery electric vehicle (BEV), hybrid electric vehicle (HEV) and Plug-in hybrid electric vehicle (PHEV). Battery electric vehicle is leading the market with more than 60% market share and likely to captured higher market share in forecast period. By vehicle type market is segmented into passenger and commercial type. In global scenario, passenger vehicle having the market share of more than 90%, correspondingly the commercial segment is likely to captured higher market share in future compare to current market share.
Electric vehicle (EV) sales have surged globally, with growth in various major countries.
Correspondingly the market of EV battery is also increasing rapidly as world is shifting towards EVs. According to the report by region wise, electric vehicle battery market is segregated into five major regions i.e. North America, Europe, Asia-Pacific, Latin America, Middle East and Africa. Asia Pacific region is dominating the market with more than 40% market share. Follow by Europe region in market share. By country, china is leading the EV battery market with more than 25% of market share. There are many prominent companies in EV battery market which are leading the market with more than 50% market share. The companies are Contemporary Amperex Technology Co Limited, LG Chem Limited, Panasonic Corporation, BYD Company Limited, and Samsung SDI Co. Limited.
In financial year 2020, the global spread of COVID-19 virus seriously affected the movement of people and goods and triggered a sharp contraction in the global economy. The impact of COVID-19 pandemic on EV battery market is measure in the first three staring month of the year, however, the growth of many major countries like china and US continued after the three months. The EV battery market is now on growing stage and likely to capture higher CAGR in the forecast periods then the historical period.
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, Eastern Penn Manufacturing Company, Clarious (US) Formally Know Johnson controls Inc., GS Yuasa International 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 Battery in the report:
- Lithium Ion Battery
- Lead Acid Battery
- Others (Nickel Metal Hybrid Battery, Sodium Ion Battery, Solid State Battery)
By Propulsion Type in the report:
- Battery Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Hybrid Electric Vehicle
Type of Vehicle in the report:
- Passenger Vehicle
- Commercial Vehicle
Table of Contents
Table of Contents
- Executive Summary
- Report Methodology
- Market Structure
- Market Considerate
- Market Definition
- Economic /Demographic Snapshot
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