EV battery cells market is anticipated to grow at a significant CAGR of 19.9% during the forecast period (2024-2031). Electric vehicle (EV) battery cells are the fundamental building blocks of an EV battery pack. They are typically lithium-ion batteries that are designed to have a high power-to-weight ratio and energy density. EV battery cells can come in three formats: cylindrical, prismatic, and pouch.

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A significant factor driving the growth of the EV battery cell market is the surging demand for EVs. For instance, the electric car market is experiencing rapid expansion, with sales surpassing 10 million in 2022. EVs accounted for 14.0% of all new car purchases in 2022, a significant increase from approximately 9.0% in 2021 and less than 5.0% in 2020. This upsurge can be attributed to several converging trends. The growing societal and consumer awareness regarding the detrimental effects of fossil fuels on air quality has driven a shift towards cleaner transportation alternatives, with EVs emerging as a frontrunner. Active implementation of government policies that incentivize EV purchases further aiding to the market demand. For instance, In Korea, the government incentivizes EV adoption by offering higher subsidies for vehicles with longer fully electric ranges. While the maximum incentives for passenger cars decreased slightly from KRW 7 million ($ 5,400) to KRW 6.8 million ($ 5,300) in 2023, consumers can still take advantage of additional local subsidies.

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Market Coverage
Market number available for – 2024-2031
Base year- 2024
Forecast period- 2024-2031
Segment Covered- By Source, By Product Type, By Applications
Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
, and others

Market Segmentation

Global EV Battery Cells by Type

Lithium-Ion Battery Cells
NI-MH Battery Cells
Other (Solid-state batteries, Sodium-ion batteries, Redox flow batteries)

Global EV Battery Cells by Application

PHEVs (Plug-in Hybrid Vehicles)
HEVs (Hybrid Electric Vehicles)
BEVs (Battery Electric Vehicles)

Company Profiles 

AESC Group
Amara Raja Energy & Mobility Limited.
American Battery Solutions Inc.
Contemporary Amperex Technology Co., Limited.
EXIDE INDUSTRIES LTD.
Farasis Energy Europe GmbH
Shanghai Electric
Sunwoda Electronic Co., Ltd
SVOLT Energy Technology (Europe) GmbH (Baoding Great Wall Holding)

The Report Covers

Market value data analysis of 2023and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global EV battery cells based on the availability of data, information related to new product launches, and relevant news is also available in the report.
Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
Analysis of market-entry and market expansion strategies.
Competitive strategies by identifying ‘who-stands-where’ in the market.

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