What is the current market size and future outlook for the electric vehicle (ev) batteries market?
The electric vehicle (EV) batteries market size has grown exponentially in recent years. It will grow from $66.43 billion in 2024 to $87.78 billion in 2025 at a compound annual growth rate (CAGR) of 32.1%. The growth in the historic period can be attributed to reduced cost of ev batteries, emerging markets growth, a rise in domestic manufacturing and a rise in disposable income.
The electric vehicle (EV) batteries market size is expected to see exponential growth in the next few years. It will grow to $197.32 billion in 2029 at a compound annual growth rate (CAGR) of 22.4%. The growth in the forecast period can be attributed to increase in fuel prices, growing demand for electric vehicles, urbanization, and increasing investments by automotive oems. Major trends in the forecast period include vehicle to grid technology, adoption of lithium-ion batteries, partnerships and collaborations and increasing investments in electric vehicle (EV) batteries.
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How has the electric vehicle (ev) batteries market evolved, and what factors have shaped its growth?
Advances in electric vehicle (EV) batteries and their associated technologies are attracting the interests of individuals to purchase EVs, contributing to the growth of the EV batteries. Recent advancements such as lithium-ion batteries, fast charging, and better mileage have helped the electric cars become more passenger-friendly. For instance, January 2022, according to the Office of Energy Efficiency and Renewable Energy, a US-based government agency, although the maximum range for any electric vehicle (EV) in the 2021 model year was 405 miles, some EV models for the 2022 model year are already achieving ranges exceeding 500 miles. Moreover, the technological developments are contributing to reduced prices of the electronic batteries. According to the Bloomberg report, average prices for lithium-ion battery is $151/kWh in 2022. Therefore, the advances in electronic battery and its associated technologies increase the vehicles mileage and draws more customers driving the electric vehicle batteries market.
What are the major segments of the electric vehicle (ev) batteries market?
The electric vehicle (EV) batteries market covered in this report is segmented –
1) By Battery Type: Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Others
2) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
3) By Propulsion: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicles, Fuel Cell Electric Vehicles.
Subsegments:
1) By Lithium-Ion Batteries: Lithium Iron Phosphate (LiFePO4), Lithium Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Other Lithium-Ion Variants
2) By Lead-Acid Batteries: Flooded Lead-Acid (FLA), Absorbed Glass Mat (AGM), Gel Lead-Acid
3) By Nickel-Metal Hydride Batteries: Standard Nickel-Metal Hydride, Advanced Nickel-Metal Hydride
4) By Others: Solid-State Batteries, Flow Batteries, Other Emerging Battery Technologies
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Which companies dominate the electric vehicle (ev) batteries market?
Major companies operating in the electric vehicle (EV) batteries market include LG Energy Solution Ltd, Samsung SDI Co. Ltd, SK Innovation Co. Ltd, Panasonic Corporation, Contemporary Amperex Technology Co. Ltd, Clarios, BYD Co. Ltd, Narada Power Source Co. Ltd, GS Yuasa Corporation, Tianneng Power International Ltd, SVOLT Energy Technology Co, Ltd, EVTronic, Britishvolt, Aceleron, Williams Advanced Engineering, Zenobe, Northvolt, Verkor, Italvolt, Fortum, ElecSys, Volkswagen, BMW, Groupe Renault, Cobham, Varta, SAFT, AKOM, InoBat Auto, Ligier Group, Polaris Industries, Skoda Auto, Proterra, BMZ Inc, Microvast, Romeo Power, Quantumscape Corporation, Horwin, Byvin, HDK Electric Vehicles, Ingersoll Rand Inc, Shandong Shifeng (Group), Speedway Electric, Eleksa EV, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Jet Motors
How will evolving trends contribute to the growth of the electric vehicle (ev) batteries market?
Major companies operating in the electric vehicle (EV) batteries market are developing technologically advanced products, such as lithium iron phosphate (LiFePO4) batteries, to provide superior safety, long cycle life, thermal stability, and high discharge rates. A lithium iron phosphate (LiFePO4) battery is a type of rechargeable lithium-ion battery known for its safety, thermal stability, long cycle life, and high power output, making it suitable for applications in electric vehicles, renewable energy storage, and portable devices. For instance, in June 2024, Geely, a China-based automobile manufacturer, launched the Aegis Short Blade Battery. The Aegis Short Blade Battery boasts an energy density of 192 Wh/kg and an impressive cycle life of up to 3,500 cycles, enabling it to power vehicles for approximately 1 million kilometers with minimal impact on range. With a service life of up to 50 years, this battery significantly enhances the longevity and residual value of used cars. It effectively addresses the issue of high internal resistance found in many long blade batteries by utilizing long, thin carbon nanotubes to create a “highway” for ion transmission, along with additives that improve film permeability for easier lithium ion movement between electrodes. Consequently, the Aegis Short Blade Battery offers superior fast-charging capabilities, with an average charging time of just 17 minutes and 4 seconds to reach 80 percent capacity at a charging rate of 2.45 C, compared to the 26 minutes and 1.61 C rate typical of other long blade batteries with similar capacity.
What are the key regional dynamics of the electric vehicle (ev) batteries market, and which region leads in market share?
The countries covered in the electric vehicle (ev) batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain
What Does The Electric Vehicle (EV) Batteries Market Report 2025 Offer?
The electric vehicle (ev) batteries market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Electric vehicle batteries are defined as batteries that are used to power electronic vehicles and are rechargeable in nature. These batteries support the clean energy initiative as they don’t emit any harmful gases which cause damage to the environment.
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