LEV Battery Market: By LEV Type, By Battery Type, By Propulsion Type, Plug-in Hybrid Electric Vehicle, Hybrid Electric Vehicle, By Application , and Geography
LEV Battery Market size was valued at US$ 132.897.7 million in 2023 and is poised to grow at a CAGR of 14.9% during 2024-2030. Key factors influencing the growth of LEV are government policies, EV adoption rate, and battery technology and production. Asia Pacific is the dominant & fastest-growing region. Rapid electrification is one of the ongoing trends. Many governments offer incentives, subsidies, and tax breaks for purchasing EVs and manufacturing LEV batteries. This financial support accelerates market growth. Growing demand for electric vehicles (EVs) with stringent emission regulations and rising fuel costs are driving consumer preference towards EVs, which in turn increases demand for LEV (Light Electric Vehicle) batteries. Continuous research and development with technological advancements lead to more efficient, affordable, and longer-lasting LEV batteries, making EVs a more attractive option. Growing public awareness about climate change pushes consumers and governments towards sustainable transportation solutions, benefitting the LEV battery market. However, challenges hinder the market growth of high battery costs, currently, LEV batteries are a significant cost factor in EVs. This can be a barrier to entry for some consumers. Limited range and charging infrastructure, range anxiety (fear of running out of power) and lack of widespread charging infrastructure can deter potential EV buyers. The availability and price of critical battery materials like lithium and cobalt can impact production costs and market stability. Battery fires and safety issues can create negative perceptions and hinder market growth.
Study Period
2024-2030Base Year
2023CAGR
14.9%Largest Market
North AmericaFastest Growing Market
Asia Pacific
Research & development of new battery technologies into solid-state batteries and other new technologies promises faster charging times, longer range, and improved safety, boosting the market. Investments in building a robust and convenient charging network will alleviate range anxiety and encourage EV adoption. The circular economy approach in the industry is moving towards a closed-loop system where used batteries are recycled and reused, minimizing environmental impact, and repurposing used LEV batteries for stationary energy storage or in less demanding applications to create new revenue streams. Focus on sustainability for the development of environmentally friendly battery production processes and recycling methods will enhance the market's appeal. Standardized battery formats will streamline production, reduce costs, and facilitate easier swapping and servicing. Manufacturers are striving to increase battery energy density to achieve longer range and smaller battery packs, and are integrating different stages of the battery supply chain to ensure raw material availability and control costs.
Based on regions, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa. Asia Pacific is the dominant region, China is the undisputed leader, driven by factors like strong government support for electric vehicles (EVs) through subsidies and regulations, major EV manufacturers, and a vast domestic EV market. Established lithium-ion battery production capabilities. Other notable regional players include Japan and South Korea, with growing EV markets and advanced battery technology. Europe's stringent emission regulations and government incentives accelerate EV adoption, leading to a growing LEV battery market. Germany, France, and the UK are at the forefront. North America, the EV market is significant but lags behind Asia. However, the US and Canada are witnessing increasing EV sales and battery demand. South America and Middle East & Africa these regions are in the nascent stages of EV adoption. However, with growing urbanization and environmental awareness, the LEV battery market is expected to pick up pace in the coming years.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market CAGR |
14.9% |
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By LEV Type |
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By Battery Type |
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By poprulasion |
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By Application |
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By Region |
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The LEV battery market was valued at US$ 132.897.7 million in 2023 and is projected to grow at a CAGR of 14.9%.
• Government Policies • Ev Adoption Rate • Battery Technology and Production
• High Battery Costs • Safety Concerns • Raw Material Availability and Price Fluctuations • Limited Range and Charging Infrastructure
Kingbo Power Technology Co, Vestel, Zhangzhou Aucopo Energy Technology Co., LTD, Sunbright Power Co., Ltd., Phylion, OptimumNano Energy Co., Ltd, SAMSUNG SDI CO., LTD., LG Chem, GenZe (Mahindra), and Okinawa
Asia-pacific is the dominant in the LEV battery market.
| 1.Executive Summary |
| 2.Global Lev Battery Market Introduction |
| 2.1.Global Lev Battery Market - Taxonomy |
| 2.2.Global Lev Battery Market - Definitions |
| 2.2.1. LEV Type |
| 2.2.2.Battery Type |
| 2.2.3.poprulasion |
| 2.2.4.Application |
| 2.2.5.Region |
| 3.Global Lev Battery Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Lev Battery Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Lev Battery Market By LEV Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. E-Bike & E-Scooters |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. E-Three Wheelers |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. E-Rickshaws |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6.Global Lev Battery Market By Battery Type, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Li-ion Battery |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Lead Acid Battery |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Nickel Cadmium [NiCd] |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Nickel Metal Hydride Batteries |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 7.Global Lev Battery Market By poprulasion, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. Battery Electric Vehicle (BEV) |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Plug-in Hybrid Electric Vehicle (PHEV) |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. Hybrid Electric Vehicle (HEV) |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 8.Global Lev Battery Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. Commercial Vehicle |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Passenger Vehicle |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 9.Global Lev Battery Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. North America |
| 9.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.1.3. Market Opportunity Analysis |
| 9.2. Europe |
| 9.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.2.3. Market Opportunity Analysis |
| 9.3. Asia Pacific (APAC) |
| 9.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.3.3. Market Opportunity Analysis |
| 9.4. Middle East and Africa (MEA) |
| 9.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.4.3. Market Opportunity Analysis |
| 9.5. Latin America |
| 9.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.5.3. Market Opportunity Analysis |
| 10.North America Lev Battery Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. LEV Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.E-Bike & E-Scooters |
| 10.1.2.E-Three Wheelers |
| 10.1.3.E-Rickshaws |
| 10.2. Battery Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Li-ion Battery |
| 10.2.2.Lead Acid Battery |
| 10.2.3.Nickel Cadmium [NiCd] |
| 10.2.4.Nickel Metal Hydride Batteries |
| 10.3. poprulasion Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Battery Electric Vehicle (BEV) |
| 10.3.2.Plug-in Hybrid Electric Vehicle (PHEV) |
| 10.3.3.Hybrid Electric Vehicle (HEV) |
| 10.4. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Commercial Vehicle |
| 10.4.2.Passenger Vehicle |
| 10.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.5.1.United States of America (USA) |
| 10.5.2.Canada |
| 11.Europe Lev Battery Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. LEV Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.E-Bike & E-Scooters |
| 11.1.2.E-Three Wheelers |
| 11.1.3.E-Rickshaws |
| 11.2. Battery Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Li-ion Battery |
| 11.2.2.Lead Acid Battery |
| 11.2.3.Nickel Cadmium [NiCd] |
| 11.2.4.Nickel Metal Hydride Batteries |
| 11.3. poprulasion Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Battery Electric Vehicle (BEV) |
| 11.3.2.Plug-in Hybrid Electric Vehicle (PHEV) |
| 11.3.3.Hybrid Electric Vehicle (HEV) |
| 11.4. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.Commercial Vehicle |
| 11.4.2.Passenger Vehicle |
| 11.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.5.1.Germany |
| 11.5.2.France |
| 11.5.3.Italy |
| 11.5.4.United Kingdom (UK) |
| 11.5.5.Spain |
| 12.Asia Pacific (APAC) Lev Battery Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. LEV Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.E-Bike & E-Scooters |
| 12.1.2.E-Three Wheelers |
| 12.1.3.E-Rickshaws |
| 12.2. Battery Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Li-ion Battery |
| 12.2.2.Lead Acid Battery |
| 12.2.3.Nickel Cadmium [NiCd] |
| 12.2.4.Nickel Metal Hydride Batteries |
| 12.3. poprulasion Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Battery Electric Vehicle (BEV) |
| 12.3.2.Plug-in Hybrid Electric Vehicle (PHEV) |
| 12.3.3.Hybrid Electric Vehicle (HEV) |
| 12.4. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.Commercial Vehicle |
| 12.4.2.Passenger Vehicle |
| 12.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.5.1.China |
| 12.5.2.India |
| 12.5.3.Australia and New Zealand (ANZ) |
| 12.5.4.Japan |
| 12.5.5.Rest of APAC |
| 13.Middle East and Africa (MEA) Lev Battery Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 13.1. LEV Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.E-Bike & E-Scooters |
| 13.1.2.E-Three Wheelers |
| 13.1.3.E-Rickshaws |
| 13.2. Battery Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Li-ion Battery |
| 13.2.2.Lead Acid Battery |
| 13.2.3.Nickel Cadmium [NiCd] |
| 13.2.4.Nickel Metal Hydride Batteries |
| 13.3. poprulasion Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Battery Electric Vehicle (BEV) |
| 13.3.2.Plug-in Hybrid Electric Vehicle (PHEV) |
| 13.3.3.Hybrid Electric Vehicle (HEV) |
| 13.4. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Commercial Vehicle |
| 13.4.2.Passenger Vehicle |
| 13.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.5.1.GCC Countries |
| 13.5.2.South Africa |
| 13.5.3.Rest of MEA |
| 14.Latin America Lev Battery Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 14.1. LEV Type Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.1.1.E-Bike & E-Scooters |
| 14.1.2.E-Three Wheelers |
| 14.1.3.E-Rickshaws |
| 14.2. Battery Type Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.2.1.Li-ion Battery |
| 14.2.2.Lead Acid Battery |
| 14.2.3.Nickel Cadmium [NiCd] |
| 14.2.4.Nickel Metal Hydride Batteries |
| 14.3. poprulasion Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.3.1.Battery Electric Vehicle (BEV) |
| 14.3.2.Plug-in Hybrid Electric Vehicle (PHEV) |
| 14.3.3.Hybrid Electric Vehicle (HEV) |
| 14.4. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.4.1.Commercial Vehicle |
| 14.4.2.Passenger Vehicle |
| 14.5. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.5.1.Brazil |
| 14.5.2.Mexico |
| 14.5.3.Rest of LA |
| 15. Competition Landscape |
| 15.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 15.2.1.Kingbo Power Technology Co |
| 15.2.2. Vestel |
| 15.2.3.ZHANGZHOU AUCOPO ENERGY TECHNOLOGY CO.,LTD |
| 15.2.4.Sunbright Power Co.,Ltd. |
| 15.2.5.Phylion |
| 15.2.6.OptimumNano Energy Co.,Ltd |
| 15.2.7.SAMSUNG SDI CO.,LTD. |
| 15.2.8.LG Chem |
| 15.2.9.GenZe ( Mahindra) |
| 15.2.10.Okinawa |
| 16. Research Methodology |
| 17. Appendix and Abbreviations |
Key Market Players
Author
Sravani is a proficient Business Analyst with an MBA and a background in Computer Science, with seven years of experience in the field of market research. Sravani is adept at creating competitive evaluations, precise market estimations, and market projections, emphasizing the food and beverage and information and communication technology (ICT) industries. Her areas of competence are identifying important players, projecting market trends, and assessing the potential for industry growth. She applies a strong analytical approach to provide precise market estimates and thorough industry analysis, empowering organizations to make data-driven decisions. Sravani's estimating and forecasting abilities are essential for businesses to take advantage of new opportunities and effectively manage dynamic market environments.
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