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In 2021, the worldwide market for batteries for EVs was estimated to be worth $37.87 billion. The market is expected to increase at a CAGR of 10.6% between 2022 and 2030, from USD 49.19 billion to USD 99.34 billion. The unprecedented and devastating scale of the global COVID-19 pandemic has resulted in higher-than-anticipated demand for EV batteries in all regions. Our research indicates that by 2020, the global market will have expanded by 27% over the previous year. Battery packs for EVs are in high demand because of the growing market for EVs around the world. Rapid electrification by governments to cut down on fossil fuel imports and combat climate change is a major element in the rise of the electric vehicle market.
Growth in the global market for electric car batteries is expected to be sped up over the next few years by rising environmental awareness among consumers. Electric cars can employ a broad variety of batteries, each with a specific purpose. Many different types of batteries, such as lithium-ion, lead acid, nickel-metal hydride, and others, are used to power electric cars. The demand for EV batteries is expected to skyrocket as major automakers place an emphasis on releasing new vehicles with long-range and high battery capacities for the early development and adoption of their EVs.
Report Coverage
Global Electric Vehicle EV Battery research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Vehicle EV Battery report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Vehicle EV Battery competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Vehicle EV Battery market players and analyses their core competencies in each global market sub-segments.
EFFECTIVE CAUSES
The price of batteries for EVs has been dropping steadily over the past decade. For instance, the price of lithium-ion batteries has decreased by about 97% over the previous 30 years, as reported by the Global Change Data Lab. Since lithium-ion batteries are one of the most widely used types of batteries in EVs, their steadily decreasing price is expected to have a significant impact on EV adoption in the coming years, hence opening up promising new revenue development potential for the industry. Consumer spending on electric vehicles is expected to reach USD 250 billion in 2021, up 108% from 2020, according to the International Energy Agency's (IEA) Global EV Outlook Study. After dropping from over 20% just five years ago, the government's portion of total investment on electric automobiles has stabilised at 10%. Furthermore, EV sales hit a new high of 6.6 million units in 2021, up from a record 2.9 million in 2020. Only over 120,000 electric vehicles were sold around the world in 2012. In 2021, government investment on electric vehicle subsidies and incentives almost doubled, to approximately USD 30 billion. As a result, rising government spending on EV adoption is a key factor propelling the market forward.
CAUSES OF RESTRICTIONS
China provides 70% of the world's cathodes and 85% of the world's anodes for lithium-ion batteries. Europe also accounts for about a quarter of worldwide assembly while having a minuscule supply chain (excluding cobalt processing, which accounts for 20%). In addition, the highly technological manufacture of cathode and anode material accounts for a sizable portion of South Korea's and Japan's economies' supply chain shares after raw material processing. The epidemic put a strain on battery supply lines, which were already stretched thin by the sudden surge in EV sales. The political tensions between economies in the battery supply chain and the closure of battery manufacturing facilities during COVID-19 are expected to cause a shortage of raw materials, further limiting market growth.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Vehicle EV Battery market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Vehicle EV Battery market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
• CATL
• LG Energy Solutions
• Panasonic Corporation Pvt. Ltd.
• BYD Motors Inc.
• Samsung SDI Private Limited
• Amara Raja Batteries Limited
• Exicom Tele-Systems Limited
• EXIDE INDUSTRIES Ltd.
• Okaya Power Pvt. Ltd.
• Tata AutoComp GY Batteries Pvt. Ltd.
• Toshiba Pvt. Ltd.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Vehicle EV Battery market based on the below-mentioned segments:
Global Electric Vehicle EV Battery Market, By Battery Type
Global Electric Vehicle EV Battery market, By Vehicle Type
Global Electric Vehicle EV Battery market, Regional Analysis
Growth in the global market for electric car batteries is expected to be sped up over the next few years by rising environmental awareness among consumers. Electric cars can employ a broad variety of batteries, each with a specific purpose. Many different types of batteries, such as lithium-ion, lead acid, nickel-metal hydride, and others, are used to power electric cars. The demand for EV batteries is expected to skyrocket as major automakers place an emphasis on releasing new vehicles with long-range and high battery capacities for the early development and adoption of their EVs.
Report Coverage
Global Electric Vehicle EV Battery research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Electric Vehicle EV Battery report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Electric Vehicle EV Battery competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Electric Vehicle EV Battery market players and analyses their core competencies in each global market sub-segments.
EFFECTIVE CAUSES
The price of batteries for EVs has been dropping steadily over the past decade. For instance, the price of lithium-ion batteries has decreased by about 97% over the previous 30 years, as reported by the Global Change Data Lab. Since lithium-ion batteries are one of the most widely used types of batteries in EVs, their steadily decreasing price is expected to have a significant impact on EV adoption in the coming years, hence opening up promising new revenue development potential for the industry. Consumer spending on electric vehicles is expected to reach USD 250 billion in 2021, up 108% from 2020, according to the International Energy Agency's (IEA) Global EV Outlook Study. After dropping from over 20% just five years ago, the government's portion of total investment on electric automobiles has stabilised at 10%. Furthermore, EV sales hit a new high of 6.6 million units in 2021, up from a record 2.9 million in 2020. Only over 120,000 electric vehicles were sold around the world in 2012. In 2021, government investment on electric vehicle subsidies and incentives almost doubled, to approximately USD 30 billion. As a result, rising government spending on EV adoption is a key factor propelling the market forward.
CAUSES OF RESTRICTIONS
China provides 70% of the world's cathodes and 85% of the world's anodes for lithium-ion batteries. Europe also accounts for about a quarter of worldwide assembly while having a minuscule supply chain (excluding cobalt processing, which accounts for 20%). In addition, the highly technological manufacture of cathode and anode material accounts for a sizable portion of South Korea's and Japan's economies' supply chain shares after raw material processing. The epidemic put a strain on battery supply lines, which were already stretched thin by the sudden surge in EV sales. The political tensions between economies in the battery supply chain and the closure of battery manufacturing facilities during COVID-19 are expected to cause a shortage of raw materials, further limiting market growth.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2020 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2019 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | CATL, LG Energy Solutions, Panasonic Corporation Pvt. Ltd., BYD Motors Inc., Samsung SDI Private Limited , Amara Raja Batteries Limited, Exicom Tele-Systems Limited, EXIDE INDUSTRIES Ltd., Okaya Power Pvt. Ltd., Tata AutoComp GY Batteries Pvt. Ltd., Toshiba Pvt. Ltd. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Electric Vehicle EV Battery Market from 2021 to 2030.
- Market Forecast for Electric Vehicle EV Battery Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Electric Vehicle EV Battery competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Electric Vehicle EV Battery
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Electric Vehicle EV Battery market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Electric Vehicle EV Battery market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
• CATL
• LG Energy Solutions
• Panasonic Corporation Pvt. Ltd.
• BYD Motors Inc.
• Samsung SDI Private Limited
• Amara Raja Batteries Limited
• Exicom Tele-Systems Limited
• EXIDE INDUSTRIES Ltd.
• Okaya Power Pvt. Ltd.
• Tata AutoComp GY Batteries Pvt. Ltd.
• Toshiba Pvt. Ltd.
Primary Target Market
- Market Players of Electric Vehicle EV Battery
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. Spherical Insights has segmented the global Electric Vehicle EV Battery market based on the below-mentioned segments:
Global Electric Vehicle EV Battery Market, By Battery Type
- Lithium-ion
- Lead Acid
- Nickel Metal Hydride
Global Electric Vehicle EV Battery market, By Vehicle Type
- Battery Electric Vehicles (BEVs)
- Plug-in Hybrid Electric Vehicles (PHEVs)
- Hybrid Electric Vehicles (HEVs)
Global Electric Vehicle EV Battery market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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