Market overview:
A battery is utilized as an auxiliary power source in autos. An electric vehicle battery is an auxiliary (battery-powered) battery. It utilizes compound energy put away in battery-powered batteries to produce power and in this way doesn't need an ignition motor for impetus. An electric vehicle battery or a traction battery controls the drive of battery electric vehicles.

Recent developments:
China's CATL (300750.SZ) turned into the principal major auto battery creator to present a sodium-particle battery on Thursday, saying it wanted to set up a production network for the new innovation in 2023.

Market Drivers and Restrains:
The emergence of lithium-ion technology has driven the growth rate of batteries for the past two decades. While early hybrid vehicles used Nickel Metal Hydride (NiMH) batteries, lithium-ion batteries have been the main solutions for car manufacturers to power Plug-in Hybrid Electric Vehicles (PHEVs) and Battery Electric Vehicles (BEVs). High energy density, charge holding capacity, and low maintenance are some of the benefits that have accelerated the growth of Li-ion as a battery technology. Car manufacturers introducing BEV and PHEV to the electric vehicle battery market are further improving the technology and are expected to offer lithium-ion solutions as the main power source in their vehicles.

To know more read:
https://www.marketdataforecast.com/market-reports/electric-vehicle-battery-market

Report is segmented as:
By Propulsion Type:
• Hybrid electric vehicle
• Battery electric vehicle
• Plug in hybrid electric vehicle
By Battery type:
• Lithium ion battery
• Nickel metal hydride battery
• Lead acid battery
By Vehicle Type:
• Commercial vehicle
• Passenger car
• Two wheeler

Geographical Segmentation:
Europe is expected to account for a 31.0% share of the global electric vehicle battery market, by volume, in 2021 and is expected to grow at a CAGR of 35.3% over the forecast period. The growth of the electric vehicle battery market in the region is highly dependent on government funding and incentives, as electric vehicles are currently very expensive. France is expected to be the fastest growing market for electric vehicle batteries in the region. Initiatives taken by the French government to promote electric vehicles and the electrification of public transport fleets are the driving force behind the country's electric vehicle battery market. The German government is also focusing on increasing the use of electric vehicles.

Impact of COVID-19 on Electric Vehicle Battery Market:
Although the production and general sales of new vehicles have stopped worldwide due to the COVID-19 outbreak, the impact on electric vehicles has been positive. The number of electric vehicles sold in 2020 was greater than the total number of electric vehicles sold in 2019. However, component manufacturing was negatively affected and the smaller Tier II and III manufacturers faced liquidity problems. Manufacturing units around the world were shut down and EV sales were initially significantly affected. However, most car manufacturers have resumed production of vehicles with limited production and the necessary measures.

Key market players:
CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea) are the major companies operating in the global EV battery market.