The global electric vehicle battery market is anticipated to grow at a significant CAGR of 31.0% during the forecast period (2022-2028). Electric vehicle batteries are referred to as rechargeable batteries that are used for powering the electric motors of a battery electric vehicle or hybrid electric vehicle. Among all these batteries, the lithium-ion batteries are specifically designed for high electric charge capacity, and therefore hold a significant market share across the globe. The market growth is majorly attributable to the rising demand for electric vehicles owing to to the stringent government regulations on polluting vehicles. In addition to this, the provision of subsidy for such vehicle manufacturers also boosts the demand for electric vehicles, and thereby drives the global electric vehicle battery market. Further, increasing utilization of number of commercial buses in various countries is also positively affecting the growth of the market
China is considered to be far ahead from other countries in utilization of electric buses. According to the Institute of Education Sciences (IES), in 2018, China had more than 421,000 electric buses in different cities of China with around a rate of circulation of 9,500 buses every 5 weeks. In 2018, nearly 99% of e-buses in circulation across the globe were situated in China that had decreased the demand for barrels of diesel by more than 270,000 barrels at the end of 2019. Various market players are coming up with business models that include battery-as-a-service (BaaS) model battery swapping that enable users to change/swap EV batteries once discharged. This saves the time for recharging the batteries, thereby improving customer satisfaction and the global electric vehicle battery market growth.
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Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Battery Type
By Vehicle Type
Regions covered-
North America
Europe
Asia-Pacific
Rest of the World
Competitive Landscape:
LG Electronics Inc., Panasonic Corp., and BYD Co., Ltd., among others.
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Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How are players addressing challenges to sustain growth?
Where is the investment opportunity?
Global Electric Vehicle Battery Market Report by Segment
By Battery Type
Lead Acid Battery
Lithium-Ion Battery
Others
By Vehicle Type
Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)
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