Electric Vehicle Battery Market Surges to USD 573.08 Billion by 2031, Propelled by 25.1% CAGR – Verified Market Research®


The Electric Vehicle (EV) Battery Market is driven by increasing demand for EVs due to environmental concerns, supportive government policies, and advancements in battery technology, leading to longer ranges and faster charging times. However, market growth is restrained by high battery costs, limited charging infrastructure, and concerns over battery disposal and recycling. The dependency on raw materials like lithium and cobalt, which have volatile prices and supply chain risks, also poses significant challenges.

Lewes, Delaware, July 03, 2024 (GLOBE NEWSWIRE) — The Global Electric Vehicle Battery Market is projected to grow at a CAGR of 25.1% from 2024 to 2031, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 63.51 Billion in 2024 and is expected to reach USD 573.08 Billion by the end of the forecast period.


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Browse in-depth TOC onGlobal Electric Vehicle Battery Market

202 – Pages

126 – Tables

37 – Figures

Scope Of The Report

STUDY PERIOD 2021-2031
UNIT Value (USD Billion)
KEY COMPANIES PROFILED CATL (Contemporary Amperex Technology Co. Limited) (China), BYD Company Ltd. (China), LG Energy Solution (South Korea), Panasonic Corporation (Japan), Samsung SDI (South Korea), SK Innovation Co., Ltd. (South Korea), Tesla, Inc. (USA), Bosch (Germany), GS Yuasa Corporation (Japan), AESC (Automotive Energy Supply Corporation) (Japan)
SEGMENTS COVERED Battery Type, Application, End-User, and Geography
CUSTOMIZATION SCOPE Free report customization (equivalent to up to 4 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

Electric Vehicle Battery Market Overview

Increasing Environmental Regulations: The Electric Vehicle Battery Market is being driven by strict environmental rules and carbon emission limits. Governments worldwide are providing incentives to encourage the use of electric vehicles (EVs), which is driving manufacturers to develop new and improved technologies. This is leading to an increase in market opportunities and a faster pace of expansion in the EV industry.

Technological Advancements: The ongoing progress in battery technology, including enhancements in energy density and faster charging capabilities, is increasing the attractiveness of electric vehicles. This advancement not only entices a larger number of consumers but also enhances investor trust in the Electric Vehicle Battery Market.

Government Incentives and Subsidies: The Electric Vehicle Battery Market is being greatly influenced by substantial subsidies and tax advantages that encourage the adoption of electric vehicles. The financial advantages decrease the total expense for consumers, promoting increased sales and cultivating a strong growth path for the market.

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High Production Costs: The exorbitant expense associated with producing electric vehicle batteries continues to pose a substantial obstacle. Notwithstanding technical progress, the high costs of raw materials and intricate production procedures persistently impede market expansion by maintaining elevated prices for electric vehicles.

Limited Charging Infrastructure: The absence of a comprehensive and dependable charging infrastructure poses a significant obstacle to the growth of the Electric Vehicle Battery Market. The broad adoption of electric vehicles is hindered by consumers’ range anxiety and the trouble of locating charging stations, which in turn slows down the expansion of the market.

Raw Material Supply Chain Issues: The problems are significant because to disruptions in the supply chain and the unpredictable price fluctuations of essential raw materials like as lithium and cobalt. These problems result in delays in production and higher prices, which impede the expansion of the Electric Vehicle Battery Market by making batteries less accessible due to their increasing price.

Geographic Dominance:

Asia-Pacific, especially China, has a dominant position in the Electric Vehicle Battery Market. This is mostly owing to its strong manufacturing capabilities, wide supply chain, and favorable government regulations. This dominance expedites market expansion by stimulating innovation and achieving economies of scale. However, it also generates regional interdependencies and exposes supply chain vulnerabilities for other markets, notably Europe and North America, which might possibly affect global market stability and growth dynamics.

Electric Vehicle Battery Market Key Players Shaping the Future

Major players, including CATL (Contemporary Amperex Technology Co. Limited) (China), BYD Company Ltd. (China), LG Energy Solution (South Korea), Panasonic Corporation (Japan), Samsung SDI (South Korea), SK Innovation Co., Ltd. (South Korea), Tesla, Inc. (USA), Bosch (Germany), GS Yuasa Corporation (Japan), AESC (Automotive Energy Supply Corporation) (Japan) and more, play a pivotal role in shaping the future of the Electric Vehicle Battery Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry’s key players.

Electric Vehicle Battery Market Segment Analysis

Based on the research, Verified Market Research® has segmented the global Electric Vehicle Battery Market into Battery Type, Application, End-User, And Geography.

To get market data, market insights, and a comprehensive analysis of the Global Electric Vehicle Battery Market, please Contact Verified Market Research®.

  • Electric Vehicle Battery Market, by Battery Type
    • Lithium-Ion Battery
    • Nickel-Metal Hydride (NiMH) Battery
    • Lead-Acid Battery
    • Solid-State Battery
  • Electric Vehicle Battery Market, by Application
    • Passenger Vehicles
    • Commercial Vehicles
    • Two-Wheelers
  • Electric Vehicle Battery Market, by End-User
    • OEMs (Original Equipment Manufacturers)
    • Aftermarket
  • Electric Vehicle Battery Market, by Geography
    • North America
      • U.S
      • Canada
      • Mexico
    • Europe
      • Germany
      • France
      • U.K
      • Rest of Europe
    • Asia Pacific
      • China
      • Japan
      • India
      • Rest of Asia Pacific
    • ROW
      • Middle East & Africa
      • Latin America

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