EV Battery Market Trends, Analysis, and Future Outlook - 2030

EV Battery Market Projected to Expand at 14.4% CAGR Through 2030

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., 2025-30. The industry growth is attributed to the increasing awareness related to environmental concerns and rising vehicular emissions leading to high air pollution levels across the globe.

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Strategic Takeaways from the Report:

• Market Sizing and Forecasting

• Regulatory and Policy Influence

• Competitive Trends and M&A Activity

• Innovation Drivers and Disruptive Technologies

• Investment Hotspots and Emerging Niches

• Geographical Dynamics and Trade Flows

EV Battery Market Segment Overview & Classification

This market is categorized to offer targeted insights across various operational and consumer-related verticals.

Segment List:

By Battery Type

• Lithium-Ion- Market Size & Forecast 2020-2030F, (Thousand Units)

• Lead-Acid- Market Size & Forecast 2020-2030F, (Thousand Units)

• Nickel-Metal Hydride- Market Size & Forecast 2020-2030F, (Thousand Units)

• Others (Sodium Ion, Solid-State)- Market Size & Forecast 2020-2030F, (Thousand Units)

Lithium-Ion holds a significant share of the Global EV Battery Market due to its cost-effectiveness and better reliability. These batteries have been incorporated in vehicles for many years as they are pioneers in the EV battery industry, making these battery types a popular choice for EV manufacturers. Moreover, lithium-ion batteries have been commercialized across the globe and are widely available, further increasing their adoption in manufacturing EV vehicles.

By Battery Capacity

• <50 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)

• 50-110 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)

• 111-200 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)

• 201-300 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)

• >300 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)

By Battery Form

• Prismatic- Market Size & Forecast 2020-2030F, (Thousand Units)

• Pouch- Market Size & Forecast 2020-2030F, (Thousand Units)

• Cylindrical - Market Size & Forecast 2020-2030F, (Thousand Units)

By Propulsion Type

• Battery Electric Vehicle (BEV)- Market Size & Forecast 2020-2030F, (Thousand Units)

• Plug-In Hybrid Electric Vehicle (PHEV)- Market Size & Forecast 2020-2030F, (Thousand Units)

• Fuel-Cell Electric Vehicle- Market Size & Forecast 2020-2030F, (Thousand Units)

• Hybrid Vehicle- Market Size & Forecast 2020-2030F, (Thousand Units)

By Vehicle Type

• Two-wheeler- Market Size & Forecast 2020-2030F, USD Million

• Passenger Cars- Market Size & Forecast 2020-2030F, USD Million

• Commercial Vehicles- Market Size & Forecast 2020-2030F, USD Million

  • Vans/Light Trucks- Market Size & Forecast 2020-2030F, USD Million

  • Medium & Heavy Trucks- Market Size & Forecast 2020-2030F, USD Million

  • Buses- Market Size & Forecast 2020-2030F, USD Million

  • Off-Highway Vehicles- Market Size & Forecast 2020-2030F, USD Million

The Passenger Cars segment accounts for the maximum share of the Global EV Battery Market due to the rising sales and usage of electric cars for mobility. People around the globe are becoming more environment-conscious and seeking sustainable & eco-friendly transportation solutions to travel intercity & intracity. Moreover, cab-hailing companies, like Ola & Uber, are also looking for ways to reduce their carbon footprint. Owing to this, they are adding more EV cars to their fleet. The expansion of their EV passenger car fleet is generating the demand for EV batteries, supporting market growth. Moreover, to provide consumers with more adequate passenger cars, the leading companies are launching different Sedan, Hatchback, and SUV models, which would continue to propel the market growth.

By Method

• Wire Bonding- Market Size & Forecast 2020-2030F, (Thousand Units)

• Laser Bonding- Market Size & Forecast 2020-2030F, (Thousand Units)

• Ultrasonic Bonding - Market Size & Forecast 2020-2030F, (Thousand Units)

By Region

• North America

• South America

• Europe

• The Middle East & Africa

• Asia-Pacific.

Asia-Pacific accounts for a substantial share of the Global EV Battery Market due to the burgeoning automotive manufacturing sector across the region. Asia-Pacific nations like China, Thailand, India, etc., boast robust automobile manufacturing facilities owing to which the demand for EV batteries is directly generated from the OEMs. Along with this, the individuals in these nations prefer the EVs due to the higher fuel & gasoline prices. This, extensive usage of EVs especially in China propels the demand for batteries for replacement, supporting market growth.

These divisions help clarify demand patterns and expected shifts.

Market Opportunities

Emergence of Battery-as-a-Service Model – The Battery-as-a-service model is emerging as a concrete approach and solution to the high cost of electric vehicles worldwide. The model allows the consumers to subscribe or lease the electric vehicle battery separately from the vehicle itself, thereby reducing the overall cost of electric vehicles and increasing overall affordability. Moreover, the concerns about battery degradation and high replacement costs are also alleviated by the BaaS model, as the service providers handle all these maintenance and upgrade costs. Various automobile manufacturers, start-ups, battery providers, etc., have been providing this model under their offerings to reduce the cost burden on consumers prompting electric vehicle adoption globally.  

These models would be more economically viable for the consumers. As a result, they would continue to adopt the BaaS services. Along with it, this service model addresses the concerns about battery longevity, health, performance, degradation, replacements, etc., which would help to gain consumer trust and confidence. This, in turn, would create significant market opportunities in the Global Electric Vehicle Battery Market and surge market growth in forecast years.

EV Battery Market Competitive Snapshot from 2025-2030

The report highlights established and emerging players in the global EV Battery Market, evaluating their strengths, challenges, and potential for innovation.

Key Competitors Include:

• 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.

• 
  

Their activities include partnerships, product launches, and geographic expansions.

EV Battery Industry Prime Challenge

Raw Material Shortage for EV Battery Manufacturing – The limited production of essential minerals and the disruption in the supply chain caused by the geopolitical tensions between the nations are adversely affecting the production of EV batteries. Along with this, the costs of essential raw materials have also increased due to their limited supply. Therefore, to maintain the profit, the top companies have started selling these batteries at higher costs, making them inaccessible to the population with financial constraints.

Additionally, European countries are witnessing a slowdown in industrial activities due to the low economic growth & reduced consumer spending in this region. Therefore, the EVs' production in the region is on halt and registering a decline, which is consequently slowing down the demand for EV batteries from the direct manufacturing units, i.e., OEMs. Hence, the production delays in the automotive industry and the high price of the batteries due to constrained supply are limiting the Global EV Battery Market growth.

Frequently Asked Questions (FAQs):

• What industries are most impacted by this market?

• How is technology reshaping operations and offerings?

• Which competitors dominate the landscape?

• What risks could disrupt market expansion?

• How should businesses respond to demand fluctuations?

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