Electric Vehicle Batteries Market is segmented by Type (Lithium-ion Batteries, Sealed Lead Acid Batteries, Nickel-Metal Hydride Batteries, Ultra Capacitors, Solid-State Batteries, and Others), by Capacity (Less Than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and More Than 30kWh), by Bonding type (Wire Bonding and Laser Bonding), by Form (Prismatic, Cylindrical, and Pouch), by Application (Electric Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, E-Scooters and Motorcycles, and E-Bikes), by End-User (Electric Vehicle OEMs and Battery Swapping Station) and Region (United States, Canada, Mexico, France, Germany, Italy, Spain, United Kingdom, Russia, China, India, Philippines, Malaysia, Australia, Austria, South Korea, Middle East, Japan, Africa, Rest of World)
Electric Vehicle Batteries Market size was estimated at $28 billion in 2021 and is expected to reach $175.11 billion by 2031, growing at a CAGR of 26% during the forecast period of 2022 to 2031.
Electric Vehicle Batteries Market
An electric vehicle battery is also known as a traction battery, is used to power the electric motor of an automobile. These batteries are usually rechargeable and specifically designed for a high ampere-hour capacity. Moreover, these batteries are distinguished by their relatively high power-to-weight ratio, specific energy, and density. Usually, the demand for smaller and lighter batteries is high as it reduces the vehicle weight and enhances its performance. Compared to liquid fuels, the advanced battery technology reflects higher energy efficiency.
Electric Vehicle Batteries Market Growth and Trend
The electric vehicle batteries market has witnessed robust growth in recent years due to the increasing adoption of electric vehicles worldwide. The leading companies in the automobile industry are collaborating with battery manufacturers to expand their operations in the EV battery market. Moreover, increasing investment by automotive original equipment manufacturers to secure the supply chain for future electric vehicle demand is also a key factor driving the growth of this market. In addition, the launch of new electric vehicles in emerging economies and increasing adoption by the public offer significant growth opportunities to the market players. Also, the decreasing prices of batteries and increasing investment in developing advanced tech batteries are propelling the market growth.
The outbreak of the Covid-19 pandemic has caused an economic downturn. The worldwide lockdown has affected many sectors of the economy including the automotive sector. The shutdown in the manufacturing process and disruption in the supply chain have negatively affected the automotive industry. The economic decline has hampered the automobile industry leading to a rapid decline in vehicle sales and limiting the market growth.
Electric Vehicle Batteries Market Segmentation
The global electric vehicle batteries market is segmented on the basis of types, capacity, bonding type, form, application and end-user. Based on types of batteries, the market is divided into lithium-ion batteries, sealed lead acid batteries, nickel-metal hydride batteries, ultra capacitors, solid-state batteries, and others. The solid-state battery segment is projected to grow faster after its commercialization. Based on capacity, the market is segregated into less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 30kWh. 101kWh to 300kWh segment is expected to witness growth over the forecast period due to its widespread use in light commercial and utility vehicles. By bonding type, the market is classified into wire bonding and laser bonding. The laser bonding segment is projected to witness fastest growth as laser-welded bond can withstand higher current and have low heating level. Based on form, the market is divided into prismatic, cylindrical, and pouch. The pouch segment is expected to witness fastest growth over the period. The segmental growth can be attributed to the high energy density, high safety performance and low internal resistance. The application segment of the electric vehicle batteries market includes electric cars, light commercial vehicles, heavy commercial vehicles, E-scooters and motorcycles, and E-bikes. The electric car segment is further divided into battery electric vehicle, plug-in hybrid electric vehicle, and pure hybrid electric vehicle. The light commercial vehicle segment is projected to witness growth at the highest CAGR value over the forecasted timeframe. By end-users, the market is segmented into electric vehicle OEMs and battery swapping station. Due to low acquisition costs the battery swapping station segment is projected to grow at a rapid pace.
Electric Vehicle Batteries Market Country Analysis
European regional market has huge growth potential and is likely to make massive contribution towards the overall business growth in the foreseeable future. The regional growth can be attributed to the high adoption of electric mobility and huge mechanical engineering industry. However, Asia-Pacific will hold the second-largest market share for the electric vehicle batteries market over the forecast timeframe.
Electric Vehicle Batteries Market Share and Competition
The key players in the global electric vehicle batteries market are SK Innovations Co. Ltd. ( South Korea), LG Chem, Ltd (South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), SVOLT Energy Technology Co., Ltd. (China), BYD Company Limited (China), Samsung SDI Co., Ltd. (South Korea), GS Yuasa International Ltd. (Japan), Vehicle Energy Japan Inc. (Japan), Northvolt AB (Sweden), Panasonic Corporation (Japan), Contemporary Amperex Technology Co. Limited (CATL) (China), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd. (Japan), E-One Moli Energy Corp. (Taiwan), StoreDot Ltd. (Israel), NOHMs Technologies, Inc. (U.S.), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), and QuantumScape Corporation (U.S.).
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• Estimation/projections/forecast for revenue and unit sales (2022 – 2031)
• Data breakdown for every market segment (2022 – 2031)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy
Industry Segmentation and Revenue Breakdown
Type Analysis (Revenue, USD Million, 2022 - 2031)
• Lithium-ion Batteries
• Sealed Lead Acid Batteries
• Nickel-Metal Hydride Batteries
• Solid-State Batteries
• Other Batteries
Capacity Analysis (Revenue, USD Million, 2022 - 2031)
• Less Than 50 kWh
• 51 kWh to 100 kWh
• 101 kWh to 300 kWh
• More Than 300 kWh
Bonding Type Analysis (Revenue, USD Million, 2022 - 2031)
• Wire Bonding
• Laser Bonding
Form Analysis (Revenue, USD Million, 2022 - 2031)
Application Analysis (Revenue, USD Million, 2022 - 2031)
• Electric Cars
Battery Electric Vehicles
End-Users Analysis (Revenue, USD Million, 2022 - 2031)
• Electric Vehicle OEMs
• Battery Swapping Stations
Region Analysis (Revenue, USD Million, 2022 – 2031)
• United States
• United Kingdom
• South Korea
• Middle East
• Rest of World
Electric Vehicle Batteries Market Companies
• SK Innovations Co. Ltd.
• LG Chem, Ltd
• Farasis Energy (GanZhou) Co., Ltd.
• SVOLT Energy Technology Co., Ltd.
• BYD Company Limited
• Samsung SDI Co., Ltd.
• GS Yuasa International Ltd.
• Vehicle Energy Japan Inc.
• Northvolt AB
• Panasonic Corporation
• Contemporary Amperex Technology Co. Limited (CATL)
• A123 Systems, LLC
• Exide Industries Ltd.
• Primearth EV Energy Co., Ltd.
• E-One Moli Energy Corp.
• StoreDot Ltd.
• NOHMs Technologies, Inc.
• Lithium Werks B.V.
• Faradion Limited
• QuantumScape Corporation
• United States Electric Vehicle Batteries Industry Research Report
• Europe Electric Vehicle Batteries Industry Research Report
• Asia Pacific Electric Vehicle Batteries Industry Research Report
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