EV Batteries Market Size, Statistics, Growth Trend Analysis, and Forecast Report, 2022 – 2032

EV Batteries Market is segmented by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Form, Application, End-user, and Geography.

  • Report ID : MD2808
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  • Pages : 220
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  • Tables : 70
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  • Formats :

The EV Batteries Market is anticipated to reach a market size value of USD 175.11 billion by 2028, at a 26% CAGR.

Electric Vehicle batteries are also called traction batteries specifically utilized in powering electric motors or hybrid electric vehicles (BEV) and is usually rechargeable. The growth drivers of this market are, the global adoption of EVs, low battery prices, and investments by major automotive key players to further support the battery supply chain for the benefit of their electric vehicles. The significant growth opportunities for the market players are, high demand for electric mobility adoption in emerging economies, the increasing investments to develop a lithium-ion battery capacity, and the increasing preparation of battery-as-a-service in the market.

COVID-19 Analysis

COVID-19 has adversely affected economies and disrupted the supply chains regarding distributing and manufacturing parts and equipment needed for in this market. With the limited operation caused by restrictions and safety protocols, decline in vehicle sales dropped considerably since manufacturing are affected with respect to workforce, facility operations and supply of raw materials.

Regional areas whose investments are of high value have also halted their operations to comply with government restrictions. This has been a challenge for the manufacturing industry related to the EV batteries market because the disrupted supply chain has proportionately slowed down the economy in this market and posted a negative decline of sales in the automotive industry since shortage or absence of raw materials mean that production cannot be had.

In the European region, manufacturing facilities, factories, supply chains and demands from consumers were put to a halt due to lock downs imposed in 2020. The market has been reasonably affected since production facilities have been shut down thus, demand for EV batteries lowered than the usual. With this challenge on hand, key market players opted to boost the market by promoting another market--the electric vehicle market. These initiatives by known companies, aided the the sales of EV batteries as well.

Another opportunity for this market’s growth, is the initiatives of major key players in terms of investing in developing new battery capabilities in manufacturing. In April 2020, South Korean company, SK Innovation has invested USD 2.5 million to build plants abroad. The same company is also planning to invest in its US battery business to meet consumers’ demands in an amount valued at USD 5 million.

Key Findings in the EV Batteries Market Study

In terms of type, when it is commercialized, the solid state battery segment is expected to grow at the fastest. Solid-state battery gives a higher energy density than a lithium-ion battery which uses liquid electrolyte solution. This segment is much favorable and safer because it has a lesser chance of catching fire, therefore, compacting it to save space is possible.

In terms of capacity, during the forecast period, the 101kWh to 300kWh segment is expected to grow at the highest CAGR. This is mainly attributed to factors such as, these batteries are popularly used in medium-sized EVs like light commercial vehicles as well as utility vehicles. The high demand for using electronic vehicles nowadays are due to initiatives from the government to support such market, fuel prices hike, and availability of EV batteries in the market. The 51kWh to 100 kWh segment on the other hand, is projected to have the largest share accounted for in the market in 2021.

In terms of bonding type, the laser bonding is projected to grow at the highest CAGR because laser-welded bonds can hold up higher currents, narrow welds advantage, better welding speed, and heat level is low, which makes it significant for battery tab welding. In terms of form, the pouch segment is anticipated to grow at the highest CAGR during the forecast period because of its better performance, high energy density, and internal resistance is very low.

During the forecast period, the light commercial vehicle segment is projected to grow at the highest CAGR. The growth can be attributed to the shifting from retail MNCs and fleet operators transport to lighter commercial vehicles, increasing awareness regarding the use of electric vehicles and its impact on the environment, and reduction of fleet emissions. The government initiatives played an important role as well in promoting and regulating emissions.

With respect to end-user segment, the battery swapping stations is projected to grow at the highest CAGR mainly because battery swapping services aided in the reduction of acquisition costs in EVs.

Regional Market Analysis

Asia Pacific region is projected to have the largest share accounted for in the market. Next on the list would be Europe, North America, Latin America, and the Middle East & Africa. The growth factors are, countless emergence of gigafactories, and the growing adoption of electric mobility in the said region.

Key Players: Share and Competition

These players are known to have a strong product portfolio and has been adopting key strategies to improve the growth of the market. These leading companies in EV Batteries market are, SK Innovations Co. Ltd. ( South Korea), LG Chem, Ltd (South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), SVOLT Energy Technology Co., Ltd. (China), BYD Company Limited (China), Samsung SDI Co., Ltd. (South Korea), GS Yuasa International Ltd. (Japan), Vehicle Energy Japan Inc. (Japan), Northvolt AB (Sweden), Panasonic Corporation (Japan), Contemporary Amperex Technology Co. Limited (CATL) (China), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd. (Japan), E-One Moli Energy Corp. (Taiwan), StoreDot Ltd. (Israel), NOHMs Technologies, Inc. (U.S.), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), and QuantumScape Corporation (U.S.).

Report Highlights

• Historical data available (as per request)
• Estimation/projections/forecast for revenue and unit sales (2021 – 2028)
• Data breakdown for every market segment (2021 – 2028)
• Gross margin and profitability analysis of companies
• Price analysis of each product type
• Business trend and expansion analysis
• Import and export analysis
• Competition analysis/market share
• Supply chain analysis
• Client list and case studies
• Market entry strategy

Industry Segmentation and Revenue Breakdown

Type Analysis (Revenue, USD Million, 2021 - 2028)

• Lithium-ion Batteries
• Sealed Lead Acid Batteries
• Nickel-Metal Hydride Batteries
• Ultracapacitors
• Solid-State Batteries
• Other Batteries

Capacity Analysis (Revenue, USD Million, 2021 - 2028)

• Less Than 50 kWh
• 51 kWh to 100 kWh
• 101 kWh to 300 kWh
• More Than 300 kWh

Bonding Type Analysis (Revenue, USD Million, 2021 - 2028)

• Wire Bonding
• Laser Bonding

Form Analysis (Revenue, USD Million, 2021 - 2028)

• Prismatic
• Cylindrical
• Pouch

Application Analysis (Revenue, USD Million, 2021 - 2028)

• Electric Cars
• Battery Electric Vehicles
• Lithium-ion Batteries
• Nickel-Metal Hydride Batteries
• Ultracapacitors
• Solid-state Batteries
• Other Batteries
• Plug-in Hybrid Electric Vehicles
• Lithium-ion Batteries
• Ultracapacitors
• Solid-State Batteries
• Other Batteries
• Pure Hybrid Electric Vehicles
• Lithium-ion Batteries
• Nickel-Metal Hydride Batteries
• Ultracapacitors
• Solid-State Batteries
• Other Batteries
• Light Commercial Vehicles
• Heavy Commercial Vehicles
• E-scooters & Motorcycles
• E-bikes

End User Analysis (Revenue, USD Million, 2021 - 2028)

• Electric Vehicle OEMs
• Battery Swapping Stations

Region Analysis (Revenue, USD Million, 2020 – 2028)

• United States
• Canada
• Mexico
• France
• Germany
• Italy
• Spain
• United Kingdom
• Russia
• China
• India
• Philippines
• Malaysia
• Australia
• Austria
• South Korea
• Qatar
• Saudi Arabia
• Japan
• Africa
• Rest of World

Available Versions:
• United States EV Batteries Industry Research Report
• Europe EV Batteries Industry Research Report
• Asia Pacific EV Batteries Industry Research Report

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