Electric Vehicle Battery Market Size to Reach $108.2 Billion by 2031: Says Allied Market Research
The global electric vehicle battery market is experiencing growth due to an uptick in electric vehicle sales, despite the challenges posed by a lack of charging infrastructure and government support for green mobility. The Lithium-ion battery segment currently holds the largest market share, and the Asia-Pacific region is expected to remain a promising market through 2031.
Portland, OR, March 21, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global electric vehicle battery market was valued at $23.8 billion in 2021 and is projected to reach $108.2 billion by 2031, registering a CAGR of 16.6% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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EV Battery Industry Report Coverage & Details:
|Market Size in 2021||$23.8 Billion|
|Market Size in 2031||$108.2 Billion|
|No. of Pages in Report||255|
|Segments Covered||Battery Type, Vehicle Type, Propulsion Type, and Region.|
|Drivers||Growth in demand for zero-emission vehicles|
|Reduction in cost of electric vehicle batteries|
|Technological advancement in the battery system|
|Restraints||Stringent lead pollution norms|
|Instability in the prices of the raw materials|
|High import taxes on EV batteries|
|Opportunities||The evolution of lithium-ion technology|
|Proactive government initiatives|
- The COVID-19 pandemic had a negative impact on the automotive industry as a whole, including the electric vehicle and EV battery sectors. However, experts predict that although electric vehicle sales were temporarily affected, the industry is expected to experience even higher growth than in previous years.
- This is due to the continuous increase in fuel prices, growing concerns about environmental pollution, and government subsidies being provided. Additionally, manufacturers are taking steps to implement large-scale Li-ion battery production facilities in the post-pandemic era, which will help to lower battery prices in the years ahead.
The global electric vehicle battery market is analyzed across propulsion, battery, vehicle type, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By vehicle type, the passenger car segment held the highest share in 2021, garnering more than four-fifths of the global electric vehicle battery market revenue. The commercial vehicle segment, on the other hand, would showcase the fastest CAGR of 20.8% throughout the forecast period.
By propulsion type, the battery electric vehicle segment contributed to nearly three-fourths of the global electric vehicle battery market share in 2021 and is projected to rule the market by 2031. However, the hybrid electric vehicle segment would display the fastest CAGR of 17.9% throughout the forecast period.
By battery type, the lithium-ion battery segment accounted for the highest share in 2021, generating more than two-thirds of the global electric vehicle battery market revenue. The same segment would also portray the fastest CAGR of 17.1% during the forecast period.
By region, Asia-Pacific held the major share in 2021, garnering nearly half of the global electric vehicle battery market revenue. However, North America would showcase the fastest CAGR of 18.4% from 2022 to 2031. The other provinces studied through the report include Europe and LAMEA.
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The key market players analyzed in the global electric vehicle battery market report include Contemporary EnerSys, GS Yuasa International Ltd., LG Chem Ltd, Wanxiang Group Corporation, Panasonic Corporation, BYD Company Ltd, Pride Power, Samsung Electronics Co. Ltd., Amperex Technology Co., Limited., and Tianneng rechargeable battery manufacturers. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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