EV Battery Market Analysis, Price Trend, Industry Overview and Report 2024-2030

Market Insights

As per recent research by MarkNtel Advisors, The Global EV Battery Market size was valued at USD 132.5 billion in 2023 & is projected to reach USD 495.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 14.4% during the forecast period, i.e., 2024-30.

Global EV Battery Market Driver:

Rising Government Initiatives Promoting EV Adoption Among Consumers – The surging government policies & plans towards adopting alternative fuel vehicles worldwide are emerging as a significant driving factor in the EV battery industry. Conventional vehicles running on fossil fuels have been a pivotal source of GHG emissions. Moreover, the global CO2 emissions due to transportation activities grew by more than 250Mt CO2 to nearly 8Gt CO2 in 2022 making the transport sector a major contributor to overall emissions. Hence, official authorities across the globe have been trying to reduce the emission rates by providing subsidies, incentives, and tax reductions on electric automobiles. Countries like Thailand, India, Germany, the US, etc., have offered subsidies and financial incentives such as value-added tax (VAT) and exemptions from car registration taxes for higher EV Adoption. For instance:

In 2022, under its Internal Revenue Code Section 30D, the US government stated that credit up to USD 7,500 is provided to consumers if they buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV).

These exemptions from taxes coupled with subsidies and incentives have resulted in the increasing adoption of electric vehicles due to increased affordability and cost-effectiveness for consumers. As a result, the demand for reliable battery solutions powering these electric vehicles is also increasing, which is surging the demand for electric vehicle batteries and propelling the growth of the Global EV Battery Market.

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Market Segmentation and Consumer Behavior:

By Battery Type

Lithium-Ion- Market Size & Forecast 2019-2030F, (Thousand Units)
Lead-Acid- Market Size & Forecast 2019-2030F, (Thousand Units)
Nickel-Metal Hydride- Market Size & Forecast 2019-2030F, (Thousand Units)
Others (Sodium Ion, Solid-State)- Market Size & Forecast 2019-2030F, (Thousand Units)

By Battery Capacity

<50 KWh- Market Size & Forecast 2019-2030F, (Thousand Units)
50-110 KWh- Market Size & Forecast 2019-2030F, (Thousand Units)
111-200 KWh- Market Size & Forecast 2019-2030F, (Thousand Units)
201-300 KWh- Market Size & Forecast 2019-2030F, (Thousand Units)
>300 KWh- Market Size & Forecast 2019-2030F, (Thousand Units)

By Battery Form

Prismatic- Market Size & Forecast 2019-2030F, (Thousand Units)
Pouch- Market Size & Forecast 2019-2030F, (Thousand Units)
Cylindrical - Market Size & Forecast 2019-2030F, (Thousand Units)

By Propulsion Type

Battery Electric Vehicle (BEV)- Market Size & Forecast 2019-2030F, (Thousand Units)
Plug-In Hybrid Electric Vehicle (PHEV)- Market Size & Forecast 2019-2030F, (Thousand Units)
Fuel-Cell Electric Vehicle- Market Size & Forecast 2019-2030F, (Thousand Units)
Hybrid Vehicle- Market Size & Forecast 2019-2030F, (Thousand Units)

By Vehicle Type

Two-wheeler- Market Size & Forecast 2019-2030F, USD Million
Passenger Cars- Market Size & Forecast 2019-2030F, USD Million
Commercial Vehicles- Market Size & Forecast 2019-2030F, USD Million

Vans/Light Trucks- Market Size & Forecast 2019-2030F, USD Million
Medium & Heavy Trucks- Market Size & Forecast 2019-2030F, USD Million
Buses- Market Size & Forecast 2019-2030F, USD Million
Off-Highway Vehicles- Market Size & Forecast 2019-2030F, USD Million

By Method

Wire Bonding- Market Size & Forecast 2019-2030F, (Thousand Units)
Laser Bonding- Market Size & Forecast 2019-2030F, (Thousand Units)
Ultrasonic Bonding - Market Size & Forecast 2019-2030F, (Thousand Units)

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EV Battery Market Geographical Analysis:

By Region:

North America
South America
Europe
Middle East & Africa
Asia-Pacific

Key Players and Competitive Strategies in the EV Battery Market

Several prominent players dominate the EV Battery Market, including:

Contemporary Amperex Technology Co., Limited (CATL)
LG Energy Solutions
BYD Company Limited
Panasonic Corporation
Toshiba Corporation
Mitsubishi Corporation
Enersys
SK Inc.
CALB
Gotion Inc.
Sunwoda Electronic Co. Ltd.
Farasis Energy
Vehicle Energy Japan, Inc.
Exide Industries
Primearth EV Energy Co., Ltd.

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Questions Addressed in this Study

1.What factors are driving the EV Battery Market growth?

2.How is the EV Battery Market expected to grow over the next five years?

3.What are the key insights into the current trends in the EV Battery Market?

4.What is the current size of the EV Battery Market, and how is it projected to change in the future?

5.What is the future outlook for the EV Battery Market in terms of technological advancements and market expansion?

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MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.