Electric Vehicle Battery Market to Soar to $108.2 Billion by 2031, Reports AMR : Key Growth Drivers and Future Trends
Electric Vehicle Battery Market Share
OREGAON, PORTLAND, UNITED STATESย , August 1, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, โElectric Vehicle Battery Market," The electric vehicle battery market was valued at $23.8 billion in 2021, and is estimated to reach $108.2 billion by 2031, growing at a CAGR of 16.6% from 2022 to 2031.
๐ฐ ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/2924
Asia-Pacific dominates the market, in terms of revenue, followed by Europe, North America, and LAMEA. However, on the basis of forecast analysis, North America is expected to lead during the forecast period due to increasing stringent government regulations on vehicle emissions, improved electric vehicle battery technology, and rising domestic production of EV batteries in the region.
The concept of electric vehicle battery is typically attributed to a rechargeable battery used to power the electric motors of a battery electric vehicle (BEV) or hybrid electric vehicle (HEV). Batteries are used as a primary power source with their introduction in the electric automobile. It uses chemical energy stored in rechargeable battery packs for power and therefore does not require any combustion engine for propulsion. An electric vehicle battery is often composed of many hundreds of small, individual cells arranged in a series/parallel configuration to achieve the desired voltage and capacity in the final pack.
The emergence of lithium-ion technology has fueled the growth rate of batteries over the last two decades, owing to its favorable capacity-to-weight ratio. Other factors that contribute towards boosting its adoption include better performance (long life and low maintenance), better shelf life, and decreasing price. In India, lithium-ion batteries are mainly used in electric vehicles. India was a major importer of lithium-ion batteries in the Asia-Pacific region and during 2019-20; the country had imported approximately 450 million units of lithium batteries used in a range of electrical equipment, products, and EVs and were valued at an estimated INR 6,600 crore (approx. $929.26 million), with China, Japan, and South Korea being the major trading partners. Similarly, due to the advancement of cell chemistry and battery pack manufacturing techniques, battery prices are expected to drop below 100 USD/kWh globally in the coming years. Therefore, a decrease in the costs of battery packs that are responsible for around 35% to 45% of electric vehicle manufacturing costs is anticipated to drive the electric vehicle battery market growth.
๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/electric-vehicles-battery-market/purchase-options
In addition, the electric vehicle battery market has witnessed significant growth in recent years, owing to the increased inclination of consumers towards environment-friendly vehicles and advancement of battery chemistry to improve the EV performance in the current market trend. Furthermore, the companies operating in the electric vehicle battery market have adopted partnerships, R&D, and product launches to increase their market share and have expanded their geographical presence. For instance, in November 2022, ENERSYS unveiled its new line of ODYSSEY batteries with proprietary Thin Plate Pure Lead (TPPL) technology for powersports vehicles at the Automotive Aftermarket Products Expo (AAPEX). It can also be used in other powersports vehicles, including snowmobiles and Personal Watercraft (PWC) applications.
The Asia-Pacific region is projected to see exceptional growth throughout the anticipated period owing to the burgeoning automotive sector, rising sales of premium, luxury, and sports cars, presence of major lithium cell manufacturing plants concentrated in China, and availability of more than half of the battery manufacturing gigafactories in China. Moreover, the Government of China has been providing both financial and non-financial incentives to promote the adoption of electric vehicles. In addition to this, emission regulation & the subsidies for hybrid & electric vehicles in the Asia-Pacific region will help to achieve a considerable portion of the overall EV battery market in the forecast period.
๐๐ก๐ ๐ค๐๐ฒ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ฉ๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐๐ง๐๐ฅ๐ฒ๐ณ๐๐ ๐ข๐ง ๐ญ๐ก๐ ๐ ๐ฅ๐จ๐๐๐ฅ ๐๐ฅ๐๐๐ญ๐ซ๐ข๐ ๐ฏ๐๐ก๐ข๐๐ฅ๐ ๐๐๐ญ๐ญ๐๐ซ๐ฒ ๐ฆ๐๐ซ๐ค๐๐ญ ๐ซ๐๐ฉ๐จ๐ซ๐ญ ๐ข๐ง๐๐ฅ๐ฎ๐๐ Contemporary EnerSys, GS Yuasa International Ltd., LG Chem Ltd, Wanxiang Group Corporation, Panasonic Corporation, BYD Company Ltd, Pride Power, Samsung Electronics Co. Ltd., Amperex Technology Co., Limited., and Tianneng rechargeable battery manufacturers. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/2924
KEY FINDINGS OF THE STUDY
By vehicle type, the commercial vehicle segment is projected to dominate the global electric vehicle battery market in terms of growth rate in 2031.
By propulsion type, the hybrid electric vehicle (HEV) segment is projected to dominate electric vehicle battery market in terms of growth rate in 2031.
By battery type, the lithium-ion battery segment is projected to dominate electric vehicle battery market in terms of growth rate in 2031.
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐ ๐จ๐ง ๐๐๐ญ๐ญ๐๐ซ๐ฒ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
https://www.alliedmarketresearch.com/second-life-electric-vehicle-battery-market-A10731 - Global Opportunity Analysis and Industry Forecast, 2023-2035
https://www.alliedmarketresearch.com/electric-vehicle-battery-swapping-market-A10601 - Global Opportunity Analysis and Industry Forecast, 2023-2035
https://www.alliedmarketresearch.com/electric-vehicle-battery-recycling-market - Global Opportunity Analysis and Industry Forecast, 2023 - 2035
https://www.alliedmarketresearch.com/battery-electric-vehicle-market-A08906 - Global Opportunity Analysis and Industry Forecast, 2023-2035
David Correa
Allied Market Research
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