Electric Vehicle Battery market will Surge from USD 18.97 Billion in 2023 to USD 192.55 billion by 2032
Research Reports
Oct 02, 2023
Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), Electric Vehicle Battery Market Information by Battery Type, Vehicle Technology, End Market, and Region – Forecast till 2032″ ” the Electric Vehicle Battery market will surge from USD 18.97 Billion in 2023 to USD 192.55 billion by 2032, with a CAGR of 33.60% from 2023 to 2032.
Any electric vehicle’s (EV) battery is its most important component. Through an electrochemical reaction, a battery transforms chemical energy into electric energy. The movement of electrons from one material to another in an electronic circuit is referred to as an electrochemical reaction. The battery is frequently built so that it satisfies the needs of the motor(s) and charging system that an electric vehicle requires. To produce the appropriate voltage for propulsion, a typical EV battery pack is made up of blocks of 18–30 parallel cells connected in series.
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Market Competitive Landscape:
- Automotive Energy Supply Corporation (Japan)
- Panasonic Corporation (Japan)
- BYD Company Limited (China)
- Quallion (US)
- LG Chem Ltd (South Korea)
Market Drivers:
Automobile manufacturers are currently concentrating on the creation of sophisticated electric vehicle systems, such as batteries and smaller engines, which are anticipated to have reduced emissions at comparably lower costs. Lithium-nickel-manganese-cobalt-oxide (NMC) is presently the material of choice for batteries used in electric vehicles. Additionally, the Tesla Model X, S, and 3 are among the electric vehicles in the United States that use lithium-nickel-cobalt-aluminum oxide (NCA).
To illustrate the aforementioned, in May 2023, Stellantis N.V. and Lyten, Inc. announced that Stellantis Ventures, the corporate venture fund of Stellantis, had invested in Lyten to hasten the commercialization of Lyten 3D Graphene applications for the mobility industry, including the LytCellTM Lithium-Sulfur EV battery, lightweight composites, and novel on-board sensing. With the goal of decarbonizing the transportation industry, Lyten, a pioneer in three-dimensional (3D) Graphene, will take advantage of the material’s exceptional tunability to enable improved vehicle performance and customer experience.
Additionally, governments from all around the world are encouraging the purchase of electric vehicles by offering tax breaks and other advantages. In addition, a few national governments, including those in China, Japan, and India, exclude electric vehicles from paying highway tolls. The Indian government, for instance, proposes to reduce the goods and service tax (GST) on e-vehicles from 5% to 12% in order to promote the adoption of electric vehicles more quickly.
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In a similar vein, the government of South Korea has said that it will grant tax breaks and subsidies of $900 million for the creation and acquisition of electric and fuel-cell vehicles. Thus, one of the key factors driving the demand for electric vehicles is an increase in government support for their development and purchase in the form of tax credits, subsidies, and incentives. This is expected to generate a lucrative opportunity for EV battery market share in the forecast period.
Market Restraints:
China provides 75% of the world’s lithium-ion batteries, 70% of the cathode production capacity, and 85% of the anode production capacity. Additionally, Europe is in charge of roughly a quarter of the world’s assembly, although it only has a small supply chain—cobalt processing accounts for 20% of it. Additionally, the economies of South Korea and Japan account for sizeable portions of the supply chain downstream of raw material processing, especially in the highly sophisticated fabrication of cathode and anode material.
The pandemic’s sharp rise in EV sales put the supply chains’ endurance under stress. During COVID-19, battery production facilities are expected to close, and political tensions between economies that are involved in the battery supply chain are predicted to result in a shortage of raw materials and constrain market expansion even more.
Market Segmentation
The Lithium-Ion Battery, Nickel Hybrid Battery, and Lead-Acid Battery categories make up the market segmentation for electric vehicle batteries.
Plug-in hybrid vehicles, battery electric vehicles, and hybrid electric vehicles are the types of vehicle technologies.
The market end-users are aftermarkets and OEMS.
Regional Insights
In light of an uptick in the number of people using electric vehicles, the Asia-Pacific Electric Vehicle Battery Market Size will rule this market. Additionally, it is anticipated that over the anticipated time period, the government’s emphasis on the conversion of two- and three-wheelers into electric vehicles will bolster demand and accelerate market expansion in this region.
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