Press release
Electric Vehicle Battery Market Overview 2024: Comprehensive Market Report and Analysis
The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.
Electric Vehicle Battery Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $135.98 Bn In 2028 At A CAGR Of 21% :
The electric vehicle battery market size has grown exponentially in recent years. It will grow from $51.47 billion in 2023 to $63.48 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to government incentives and regulations, advancements in battery technology, environmental concerns and sustainability, rise of renewable energy, reduction in battery costs.
The electric vehicle battery market size is expected to see exponential growth in the next few years. It will grow to $135.98 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%. The growth in the forecast period can be attributed to the rise of electric vehicle fleets, consumer preferences and awareness, geopolitical factors, and supply chain resilience, expansion of charging infrastructure. Major trends in the forecast period include rising mega-trend for electrification, advancements In technology, innovation in battery materials and manufacturing processes, adoption of battery leasing and subscription models, development of fast-charging technologies.
Request A Sample Of This Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=14341&type=smp
Electric Vehicle Battery Market Major Segments
The electric vehicle battery market covered in this report is segmented -
1) By Battery Type: Lead-Acid Battery, Lithium-Ion Battery, Other Battery Types
2) By Propulsion Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Other Vehicle Types
Key Driver - The Rise Of Zero-Emission Vehicles Fuels Electric Vehicle Battery Market Growth
The growing demand for zero-emission vehicles is expected to propel the growth of the electric vehicle battery market going forward. A zero-emission vehicle is a type of vehicle that produces no tailpipe emissions of greenhouse gases or other pollutants during operation. The increasing demand for zero-emission vehicles is driven by environmental concerns, government incentives, and growing awareness of sustainable transportation, prompting a shift towards cleaner and more eco-friendly mobility solutions. Zero-emission vehicles utilize electric vehicle batteries to store and supply electricity to power the electric motor, enabling emission-free and sustainable transportation. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the electric car market was experiencing rapid expansion, surpassing 10 million in sales in 2022, with the share of electric cars in total sales more than tripling from approximately 4% in 2020 to 14% in 2022 within three years. The strong momentum in electric vehicle (EV) sales is anticipated to persist throughout 2023. Therefore, the growing demand for zero-emission vehicles is driving the growth of the electric vehicle battery market.
Customise This Report As Per Your Requirements -
https://www.thebusinessresearchcompany.com/Customise?id=14341&type=smp
Prominent Trend - Sodium-Ion Battery Technology Revolutionizing Electric Vehicle Market
Major companies operating in the electric vehicle battery market are focused on developing innovative material technologies, such as sodium-ion battery technology, to enhance energy density and lower costs in the market. This technology encompasses innovations such as higher energy density, faster charging capabilities, longer cycle life, and improved safety features to enhance overall performance and address key challenges in electrified transportation. For instance, in December 2023, KPIT Technologies, an India-based provider of automotive and mobility software, launched sodium (Na)-ion battery technology. This battery technology shows potential in diminishing reliance on imported core battery materials and finding diverse applications in automotive, particularly for electric two- and three-wheelers and commercial vehicles. Additionally, it has stationary uses such as UPS backups and grid storage, along with applications in the marine and defense sectors. Sodium-ion batteries boast an extended lifespan, retain 80% capacity for 3000-6000 cycles, and exhibit faster charging capabilities compared to lithium batteries.
Electric Vehicle Battery Market Players
Major companies operating in the electric vehicle battery market are Hitachi Chemical Co. Ltd., Tesla Inc., Panasonic Corporation, BYD Company Limited, SK Innovation Co. Ltd., Contemporary Technology Co. Limited, LG Chem Ltd., Mitsubishi Electric Corporation, Fuji Electronic Co Ltd., Johnson Controls International plc, Toshiba Corporation, Samsung SDI Co. Ltd., EVE Energy Co. Ltd., CALB (China Aviation Lithium Battery Co. Ltd.), East Penn Manufacturing Co., Northvolt AB, Wanxiang Group Corporation, Varta AG, A123 Systems LLC, Shenzhen BAK Battery Co. Ltd., SVOLT Energy Technology Co. Ltd., Okaya Power Pvt. Ltd., Microvast Power Systems, Farasis Energy Inc., Beijing Pride Power Battery Technology Co. Ltd., Crown Battery Corporation, Hangzhou Tiecheng Information Technology, Tianjin Lishen Battery Joint-Stock Co. Ltd., OptimumNano Energy Co. Ltd.
View The Full Report Here -
https://www.thebusinessresearchcompany.com/report/electric-vehicle-battery-global-market-report
Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the electric vehicle battery market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Vehicle Battery Market Report Structure
3. Electric Vehicle Battery Market Trends And Strategies
4. Electric Vehicle Battery Market - Macro Economic Scenario
5. Electric Vehicle Battery Market Size And Growth
…..
27. Electric Vehicle Battery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
Electric Vehicle Battery Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $135.98 Bn In 2028 At A CAGR Of 21% :
The electric vehicle battery market size has grown exponentially in recent years. It will grow from $51.47 billion in 2023 to $63.48 billion in 2024 at a compound annual growth rate (CAGR) of 23.3%. The growth in the historic period can be attributed to government incentives and regulations, advancements in battery technology, environmental concerns and sustainability, rise of renewable energy, reduction in battery costs.
The electric vehicle battery market size is expected to see exponential growth in the next few years. It will grow to $135.98 billion in 2028 at a compound annual growth rate (CAGR) of 21.0%. The growth in the forecast period can be attributed to the rise of electric vehicle fleets, consumer preferences and awareness, geopolitical factors, and supply chain resilience, expansion of charging infrastructure. Major trends in the forecast period include rising mega-trend for electrification, advancements In technology, innovation in battery materials and manufacturing processes, adoption of battery leasing and subscription models, development of fast-charging technologies.
Request A Sample Of This Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=14341&type=smp
Electric Vehicle Battery Market Major Segments
The electric vehicle battery market covered in this report is segmented -
1) By Battery Type: Lead-Acid Battery, Lithium-Ion Battery, Other Battery Types
2) By Propulsion Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle
3) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Other Vehicle Types
Key Driver - The Rise Of Zero-Emission Vehicles Fuels Electric Vehicle Battery Market Growth
The growing demand for zero-emission vehicles is expected to propel the growth of the electric vehicle battery market going forward. A zero-emission vehicle is a type of vehicle that produces no tailpipe emissions of greenhouse gases or other pollutants during operation. The increasing demand for zero-emission vehicles is driven by environmental concerns, government incentives, and growing awareness of sustainable transportation, prompting a shift towards cleaner and more eco-friendly mobility solutions. Zero-emission vehicles utilize electric vehicle batteries to store and supply electricity to power the electric motor, enabling emission-free and sustainable transportation. For instance, in July 2023, according to the International Energy Agency, a France-based autonomous intergovernmental organization, the electric car market was experiencing rapid expansion, surpassing 10 million in sales in 2022, with the share of electric cars in total sales more than tripling from approximately 4% in 2020 to 14% in 2022 within three years. The strong momentum in electric vehicle (EV) sales is anticipated to persist throughout 2023. Therefore, the growing demand for zero-emission vehicles is driving the growth of the electric vehicle battery market.
Customise This Report As Per Your Requirements -
https://www.thebusinessresearchcompany.com/Customise?id=14341&type=smp
Prominent Trend - Sodium-Ion Battery Technology Revolutionizing Electric Vehicle Market
Major companies operating in the electric vehicle battery market are focused on developing innovative material technologies, such as sodium-ion battery technology, to enhance energy density and lower costs in the market. This technology encompasses innovations such as higher energy density, faster charging capabilities, longer cycle life, and improved safety features to enhance overall performance and address key challenges in electrified transportation. For instance, in December 2023, KPIT Technologies, an India-based provider of automotive and mobility software, launched sodium (Na)-ion battery technology. This battery technology shows potential in diminishing reliance on imported core battery materials and finding diverse applications in automotive, particularly for electric two- and three-wheelers and commercial vehicles. Additionally, it has stationary uses such as UPS backups and grid storage, along with applications in the marine and defense sectors. Sodium-ion batteries boast an extended lifespan, retain 80% capacity for 3000-6000 cycles, and exhibit faster charging capabilities compared to lithium batteries.
Electric Vehicle Battery Market Players
Major companies operating in the electric vehicle battery market are Hitachi Chemical Co. Ltd., Tesla Inc., Panasonic Corporation, BYD Company Limited, SK Innovation Co. Ltd., Contemporary Technology Co. Limited, LG Chem Ltd., Mitsubishi Electric Corporation, Fuji Electronic Co Ltd., Johnson Controls International plc, Toshiba Corporation, Samsung SDI Co. Ltd., EVE Energy Co. Ltd., CALB (China Aviation Lithium Battery Co. Ltd.), East Penn Manufacturing Co., Northvolt AB, Wanxiang Group Corporation, Varta AG, A123 Systems LLC, Shenzhen BAK Battery Co. Ltd., SVOLT Energy Technology Co. Ltd., Okaya Power Pvt. Ltd., Microvast Power Systems, Farasis Energy Inc., Beijing Pride Power Battery Technology Co. Ltd., Crown Battery Corporation, Hangzhou Tiecheng Information Technology, Tianjin Lishen Battery Joint-Stock Co. Ltd., OptimumNano Energy Co. Ltd.
View The Full Report Here -
https://www.thebusinessresearchcompany.com/report/electric-vehicle-battery-global-market-report
Largest And Fastest Growing Region In The Market
Asia-Pacific was the largest region in the electric vehicle battery market in 2023 and is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle battery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Electric Vehicle Battery Market Report Structure
3. Electric Vehicle Battery Market Trends And Strategies
4. Electric Vehicle Battery Market - Macro Economic Scenario
5. Electric Vehicle Battery Market Size And Growth
…..
27. Electric Vehicle Battery Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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