Electric Vehicle Battery Market | Exactitude Consultancy Reports

Exactitude Consultancy Latest Published Electric Vehicle Battery Market Research Report 2022 by Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle), Battery Type (Lead Acid Battery, Nickel Metal Hydride Battery, and Lithium-ion Battery), and Vehicle Type (Passenger Car, Commercial Vehicle, and Two-Wheeler), by Region (North America, Europe, Asia Pacific, South America, Middle East and Africa), Global trends and forecast from 2023 to 2028

The global electric vehicle battery market is expected to grow at 21% CAGR from 2023 to 2028. It is expected to reach above USD 95 billion by 2028 from USD 17 billion in 2022.

Based on battery type, the market has been further segmented into lead-acid, lithium-ion, nickel-metal hydride, sodium-ion, and others. The lithium-ion segment held the largest market share. Lithium-ion batteries are used in applications that require low weight and high energy density. These batteries have a high energy density per weight and are thus widely used in automotive applications such as electric and hybrid vehicles. Adequate availability of EV charging infrastructure remains critical for the rollout of e-mobility and bodes well for lithium-ion battery sales growth.

Based on vehicle type, the market has been further segmented into passenger vehicles and commercial vehicles. The passenger vehicle segment held the largest market share. The commercial vehicles segment, on the other hand, is expected to grow at the fastest rate during the forecast period. Government initiatives to promote the use of electric passenger and commercial vehicles as part of efforts to reduce air pollution caused by vehicular emissions are expected to drive the growth of the electric vehicle battery market over the forecast period.

Based on propulsion, the market has been further segmented into battery electric vehicles (BEV), and plug-in hybrid electric vehicles (PHEV). The BEV segment dominated the market and is expected to remain dominant throughout the forecast period. The PHEV segment, on the other hand, is expected to grow at the fastest rate. Because of fuel economy regulations, the BEV segment is expected to gain a lot of traction in emerging economies.

The major players in the global EV battery market are CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).

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