Electric Vehicle Battery Market to Register a CAGR of 16.06% CAGR by 2027
According to
TechSci Research report, “Electric Vehicle Battery
market- Global Industry Size, Share, Trends, Competition, Opportunity, and
Forecast, 2017-2027”, the global electric vehicle
battery market is anticipated to reach USD 147.64 billion at a CAGR of 16.06% by
2027 because of rapidly expanding electric
vehicle sales and advancements in technology to improve battery pack
performance. An electric vehicle battery is a rechargeable power supply used to
power the electric vehicle (EV). Batteries
for electric vehicles differentiate out for having relatively high specific
energy, power to weight ratios, and energy densities. The most common battery
type used in modern electric vehicles is lithium-ion due to its high energy
density relative to their weight. Recently, EV industry has started
using new variations on lithium-ion batteries that provide fire resistance,
environmental friendliness, rapid charging, and longer lifespans. Demand for electric
vehicles is increasing owing to factors such as growing adoption of the use of
all sorts of electric vehicles, collaborations, and technological advancement
along with battery swap stations being installed in various regions.
The electric vehicle battery
market is largely driven by increasing sales of zero emission vehicles,
decrease in cost of battery pack due to innovation in technology. China now holds the biggest market share as a result of
the quicker uptake of electric vehicles. The battery of an electric car is a
crucial component of the electric drivetrain, ensuring its range and safety. Despite supply chain disruptions and
shortages of auto parts, electric car production and penetration are increasing
in Asia Pacific and Europe as a result of the rise in environmental awareness. Alternately,
you can swap out fully charged batteries for exhausted ones and recharge them.
The prolonged charging durations for electric vehicles are the main obstacle to
their general acceptance. Due to the increase in demand, swap stations are emerging everywhere. However, factors
such as manufacturers resistance to standardizing battery access, safety issues,
and concern over integration of old batteries into systems hinder its
development.
In vehicle type, the medium & heavy commercial vehicle is the
fastest growing segment is expected to grow at a CAGR of 21.44%, followed by two-wheeler segment,
light commercial vehicle, passenger cars. In terms of propulsion type, the global
electric vehicle battery market is segmented into BEV, PHEV, and HEV. Battery electric vehicles account for
more than 54% of the overall market share, followed by hybrid electric
vehicles, due to their high sales volume.
Browse more than 131 market data Figures spread
through 110 Pages and an
in-depth TOC on "Electric Vehicle Battery Market"
The global electric vehicle
battery market can be segmented based on vehicle type, propulsion type, battery
type, battery capacity, demand category, region, and by company. Based on vehicle
type, passenger cars currently hold more than the half of the market share in
volume, followed by two-wheeler with nearly 37%. On the basis of
propulsion type, BEV led the market with more than 54% market share in 2021,
followed by HEV and then the PHEV segment. Based on battery type, the lithium-ion
segment holds the majority of the market share, followed by lead acid. Based on
battery capacity, due to high volume of HEV and two-wheelers, < 51 KWh
segment captured more than 80% of overall market share. Based on demand
category, OEM segment has majority of shares, but replacement segment is the fastest
growing at CAGR of 30.76% during the forecast period due to increasing number
of battery swap stations.
“In 2021, Asia-Pacific
accounted for the largest market share i.e., 75.37% in the global electric
vehicle battery market. The APAC region is expected to maintain its dominance
over the next five years growing at CAGR of 15%. To meet its net zero target,
European union is growing at CAGR of 13.47% in the next five years.” said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
Some of the major companies operating in the global
electric vehicle battery market include:
- Robert Bosch GmbH
- Contemporary Amperex Technology Co. Ltd.
- Denso Corporation
- LG Chem Energy Solutions
- Samsung SDI Co. Ltd.
- Panasonic Corporation
- GS Yuasa Energy Co. Ltd.
- BYD Co. Ltd.
- Hitachi Ltd.
- SK innovation Co. Ltd.
These are the key players developing advanced
technologies and launching new products to stay competitive in the market.
Other competitive strategies include mergers with tech firms, new product
developments, and marketing activities to increase customer outreach.
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“The global electric vehicle battery
market appears to be one of the fastest growing markets in the electric vehicle
industry. With more than 55% of the market share, passenger vehicles hold the
largest share of the worldwide electric vehicle battery market and are expected
to maintain their dominance during the projected period.”, said Mr.
Karan Chechi, Research Director with TechSci Research, a research-based global
management consulting firm.
“Electric vehicle battery market- Global Industry
Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, has evaluated
the future growth potential of global electric vehicle battery market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global automotive battery management
system market.
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