Electric Vehicle (EV) Battery Market Overview
Global Electric Vehicle (EV) Battery Market size is anticipated to reach USD 27.4 billion in 2021 growing at a CAGR of 25.4% during the forecasting period, 2021-2028.
The battery used in the electrical vehicle is the lithium-ion battery. These batteries provide high energy density and increased power per mass. There are multiple batteries developed with these aims. These batteries operate at a voltage of 200-800 volt. The cells in the battery are connected in series. The cathode is made up of metal oxide and anode of graphite.
Also check report on Electric Vehicle (EV) Charging Station Market
With an increase in demand for electric vehicles and multiple government policies favouring electric vehicles such as, several national governments provide financial incentives such as tax breaks and rebates, subsidies, reduced parking and toll fees for electric vehicles, and free charging are some of the factors that have supported long-term growth for the Global Electric Vehicle (EV) Battery industry. The United States Department of Energy (DOE) announced a $96 million funding opportunity to aid in the decarbonization of the domestic transportation sector.
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Also, companies are developing business models such as battery swapping and battery-as-a-service (BaaS) that allow users to change/swap EV batteries after they have been discharged. This saves users time spent on battery charging, improving customer satisfaction and addressing one of the main reasons consumers do not choose EVs.
Key Findings
Global Electric Vehicle (EV) Battery Market is segmented into Battery Capacity, Battery Form, Propulsion, Battery Type, Material Type, Li-ion Battery Component, Method, Vehicle Type, and geography.
Battery Capacity segment is segmented into 300
Battery Form segment is segmented into Wire and Laser
The propulsion segment is segmented into BEV, PHEV, PHEV, and FCEV
Geographically, the global Electric Vehicle (EV) Battery Market is sub-segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America and insights are provided for each region and major countries within the regions
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Electric Vehicle (EV) Battery Market Regional Analysis
North America electric vehicle battery market is expected to grow at a CAGR of 22.8% during forecast period.
Electric Vehicle (EV) Battery Market Competitive Landscape
• CATL (China)
• Panasonic (Japan)
• LG Chem (South Korea)
• BYD (China)
• Samsung SDI (South Korea)
Electric Vehicle (EV) Battery Market Recent Developments
Suzuki Motor Corporation (SMC) signed a Memorandum of Understanding (MOU) with the State of Gujarat, India, to invest approximately US$1.4 billion for local manufacturing of electric vehicles (BEV) and BEV batteries.
Electric Vehicle (EV) Battery Market Reasons to Acquire
• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Global Electric Vehicle (EV) Battery Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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