Electric Vehicle Battery Market: Global Market Estimation, Dynamics, Trends, Competitor Analysis 2015-2020 and Forecast 2021-2027

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Electric Vehicle Battery Market by Battery Type (Nickel Metal Hydride Battery, Lead Acid Battery, and Lithium ion Battery), by Propulsion Type (Hybrid Electric Vehicle, Battery Electric Vehicle, and Plug-in Hybrid Electric Vehicle), Vehicle Type (Commercial Vehicle, Passenger Car, and Two Wheeler) and Region (North America, Latin America, Europe, Asia Pacific and Middle East and Africa)

 

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Report

Description

Electric Vehicle Battery Market size was valued at $25 billion in the year 2020 and is anticipated to grow at $ 86 till 2027 and witnessing a CAGR of 17.5% during the forecast period from 2021 to 2027. Electric Vehicle Battery Market has been divided into lead-acid, lithium-ion, nickel-metal hydride, sodium-ion, and other battery types. In 2018, the lithium-ion sector had the biggest market share. Lithium-ion batteries are employed in situations where lightweight and great energy density are required. Because of their high energy density per weight, these batteries are frequently employed in automotive applications, including electric and hybrid vehicles. The availability of adequate EV charging infrastructure is critical for the adoption of e-mobility and speaks well for lithium-ion battery sales growth. Lead-acid batteries are one of the most cost-effective battery types for higher-power applications where weight is not an issue. Furthermore, considering the high expenses of mining and processing lithium, as well as the limited supply of lithium, lead-acid batteries may be a better option than lithium-ion batteries. Lead-acid batteries can also be recycled and repurposed by being melted. Battery makers are focusing on the development and commercialization of sodium-ion batteries in order to find a replacement for lithium-ion batteries. The costs of materials for sodium-ion batteries are often lower than those for lithium-ion batteries. As a result, as part of their attempts to cut total costs while enhancing vehicle range and energy density, vendors are focused on sodium-ion batteries. The market has been divided into two categories based on propulsion: battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) (PHEV). In 2020, the BEV segment led the market, and it is expected to continue to do so over the forecast period. The PHEV segment, on the other hand, is expected to grow at the fastest rate from 2021 to 2027. Due to fuel economy restrictions, the BEV market is projected to acquire a lot of traction in emerging economies.


Electric Vehicle Battery Market

MARKET SUMMARY
-
17.5%
  • Study Period– 2021-2027
  • Base Year– 2020
  • CAGR–17.5%
  • Largest Market– Asia Pacific
  • Fastest Growing Market– Europe

Electric Vehicle Battery Market

  • Global Electric Vehicle Battery Market is segmented based on Battery Type, Vehicle Type, Propulsion Type, and Geography.
  • The appearance of Lithium-ion technology impelled the market growth rate over the previous two decades. Primary initial hybrid vehicles used Nickel Metal Hydride batteries.  Low maintenance, high-energy density and charge retention are a few of the major advantages, which accelerated the growth of the battery market.
  • Automobile industries are introducing PHEVs and BEVs in the electronic vehicle battery market, which enhance the technology and are projected to provide Li-ion motorized solutions as a key primary power basis in their vehicles. Customers are more preferring battery electric-plug-in vehicles as these vehicles rum smoothly without gasoline, fuel, petrol and diesel.
  • Growing global concerns about the negative impact of climate change and huge pollution levels witnessed in the prominent cities have contributed to a crucial demand for electric vehicles. Increasing global awareness about climate change, increase in demand for zero-emission vehicles and decline in the price of the electric vehicle battery system are the major electronic vehicle battery market driving factors.
Market Key Players
  • Toyota
  • Tata Motors
  • Mercedes-Benz
  • Hyundai
Growth

Electric Vehicle Battery Market

Electric vehicle batteries undergo different tests before bringing into the market for use. Electric vehicle batteries contain different inflammable material like plastics, lithium and manganese. There are several crucial factors play an important role to boost the electric vehicle battery market growth such as growing demand for electric vehicles, launching of new plug-in EV models, supporting government policies and improvement in battery technology. Governments are encouraging for the adoption of vehicles making use of substitute sources of fuel. Electric vehicles are zero-emission vehicles and are obtaining preference due to their clean public transport around countries. Electric vehicle battery is a secondary battery used as a secondary power medium in automobiles. It makes use of chemical energy that is stored in secondary battery packs for power and therefore cannot need any combustion engine for propulsion.


Asia-Pacific Got Significant Share

Electric Vehicle Battery Market

The market has been divided into five regions: North America, South America, Europe, Asia Pacific, and Middle East and Africa. In 2018, the Asia Pacific region held the greatest market share. China held a 28 percent share of the world market by itself. In response to the growing preference for electric vehicles, Asia Pacific countries, particularly China, India, and South Korea, have seen an increase in electric vehicle battery demand in recent years. Because of the low labour costs and low maintenance expenses, China has a high concentration of batteries. Due to the increasing sales of electric automobiles in these locations, Europe has also seen a rise in electric vehicle battery demand.

Latin America
Latin-America
North-America
North-America
Europe
Europe
Asia Pacific
Asia-Pacific
Middle East
Middle East

Key

Key Features of the Report

  • The report provides granular level information about the market size, regional market share, historic market (2015 to 2020) and Forecast (2021 to 2027)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments and startup’s details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework and reimbursement scenario
  • The report analyses the impact of socio-political environment through PESTLE Analysis and competition through Porter’s Five Force Analysis in addition to recent technology advancements and innovations in the market
Electric Vehicle Battery Market Segmentation


Location

GEOGRAPHY


Report

Table Of Content


Report

Company Profile

  • Toyota
  • Tata Motors
  • Mercedes-Benz
  • Hyundai

Description

Electric Vehicle Battery Market size was valued at $25 billion in the year 2020 and is anticipated to grow at $ 86 till 2027 and witnessing a CAGR of 17.5% during the forecast period from 2021 to 2027. Electric Vehicle Battery Market has been divided into lead-acid, lithium-ion, nickel-metal hydride, sodium-ion, and other battery types. In 2018, the lithium-ion sector had the biggest market share. Lithium-ion batteries are employed in situations where lightweight and great energy density are required. Because of their high energy density per weight, these batteries are frequently employed in automotive applications, including electric and hybrid vehicles. The availability of adequate EV charging infrastructure is critical for the adoption of e-mobility and speaks well for lithium-ion battery sales growth. Lead-acid batteries are one of the most cost-effective battery types for higher-power applications where weight is not an issue. Furthermore, considering the high expenses of mining and processing lithium, as well as the limited supply of lithium, lead-acid batteries may be a better option than lithium-ion batteries. Lead-acid batteries can also be recycled and repurposed by being melted. Battery makers are focusing on the development and commercialization of sodium-ion batteries in order to find a replacement for lithium-ion batteries. The costs of materials for sodium-ion batteries are often lower than those for lithium-ion batteries. As a result, as part of their attempts to cut total costs while enhancing vehicle range and energy density, vendors are focused on sodium-ion batteries. The market has been divided into two categories based on propulsion: battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) (PHEV). In 2020, the BEV segment led the market, and it is expected to continue to do so over the forecast period. The PHEV segment, on the other hand, is expected to grow at the fastest rate from 2021 to 2027. Due to fuel economy restrictions, the BEV market is projected to acquire a lot of traction in emerging economies.

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