Global Electric Vehicle Battery Market Valued at USD 26.5 Billion in 2022, Expected to Grow at a CAGR of 18.2% from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Electric Vehicle Battery market size accounted for USD 26.5 Billion in 2022, growing at a CAGR of 18.2% from 2023 to 2033. The electric vehicle (EV) battery market refers to the segment of the automotive industry that focuses on the development, production, and distribution of batteries specifically designed for electric vehicles. These batteries are essential components of EVs and provide the necessary energy storage for powering electric motors and enabling electric propulsion. The electric vehicle battery market has witnessed significant growth in recent years, driven by the increasing adoption of electric vehicles worldwide. The market size is influenced by factors such as government incentives, environmental regulations, technological advancements, declining battery costs, and the shift toward sustainable transportation.

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Key Highlights:

  • The global Electric Vehicle Battery Market size was valued at USD 5 billion in 2022 growing at a CAGR of 18.2% from 2023 to 2033.
  • North America dominated the market in 2022
  • Asia Pacific is expected to fastest-growing at the highest CAGR from 2023 to 2033

Evolve Business Intelligence has published a new market research report on Global Electric Vehicle Battery Market focusing in various aspects including market size and forecast, market dynamics, competitors market share analysis, market size in terms of value and volume, SWOT analysis, product benchmarking, key players recent developments, and opportunities, among others. The market has also been analyzed based on 4 indicators in the market dynamic chapter which includes Drivers, Restraints, Key Trends, and Challenges. The overall sum of these sections will help to understand the best strategies to be adopted in order to prosper through this industry over short and long terms. The quantitative analysis includes our authentic findings out of this research study where we provided additional insight into what our readers can do to embrace new opportunities or plan against threats that might hinder the market.

In terms of COVID 19 impact, the Electric Vehicle Battery market report also includes the following data points:

  • COVID19 Impact on Electric Vehicle Battery market size
  • End-User/Industry/Application Trend, and Preferences
  • Government Policies/Regulatory Framework
  • Key Players Strategy to Tackle Negative Impact/Post-COVID Strategies
  • Opportunity in Electric Vehicle Battery market

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Key Players

Some of the major Electric Vehicle Battery players holding high market share include Enersys, BYD Company Ltd, Panasonic Corporation, and LG Chem Ltd. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders.

The key players profiled in the report are:

  • Enersys
  • BYD Company Ltd
  • Panasonic Corporation
  • LG Chem Ltd
  • Pride Power
  • Wanxiang Group Corporation
  • GS Yuasa International Ltd.
  • Tianneng rechargeable battery manufacturers
  • Contemporary Amperex Technology Co., Limited.
  • Samsung Electronics Co. Ltd.

Segmental Analysis

Market Segment By battery type with focus on market share, consumption trend, and growth rate of Electric Vehicle Battery Market:

  • Lead Acid Battery
  • Nickel Metal Hydride Battery
  • Lithium-ion Battery

Market Segment By Vehicle Type with focus on market share, consumption trend, and growth rate of Electric Vehicle Battery Market:

  • Passenger Car
  • Commercial Vehicle
  • Two-Wheeler

Market Segment By propulsion type with a focus on market share, consumption trend, and growth rate of the Electric Vehicle Battery Market:

  • Battery Electric Vehicle
  • Hybrid Electric Vehicle
  • Plug-in Hybrid Electric Vehicle
Parameters Details
Market Size (2022) $ 26.5 Billion
CAGR (2023 to 2033) 18.2%
Market Segmentation Battery Type, Vehicle Type, Propulsion Type
Country Covered US, Canada, Mexico, UK, Germany, France, Italy, Spain, Nordic Countries, BeNeLux, Rest of Europe, China, India, Japan, South Korea, Indonesia, Malaysia, Australia, Rest of Asia Pacific, Middle East & Africa, and South America

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Global Electric Vehicle Battery Geographic Coverage:

  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • UK
    • Germany
    • France
    • Italy
    • Spain
    • Nordic Countries
    • Benelux
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Indonesia
    • Malaysia
    • Australia
    • Rest of Asia Pacific
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Egypt
    • South Africa
    • Rest of MEA
  • Latin America
    • Mexico
    • Brazil
    • Argentina
    • Rest of Latin America

Reasons to Buy this Report:

  • Detail analysis of the impact of market drivers, restraints, and opportunities
  • Competitive Intelligence provides an understanding of the ecosystem
  • Details analysis of the Total Addressable Market (TAM) of your products
  • Investment Pockets and New Business Opportunities
  • Demand-supply gap analysis
  • Strategy Planning

About EvolveBI
Evolve Business Intelligence is a market research, business intelligence, and advisory firm providing innovative solutions to challenging pain points of a business. Our market research reports include data useful to micro, small, medium, and large-scale enterprises. We provide solutions ranging from mere data collection to business advisory.

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