Mar 11, 2023
Electric Vehicle Battery Market Size Projected to Register 8.5% CAGR through 2032
The global electric vehicle battery market size is estimated to develop at a
The global electric vehicle battery market size is estimated to develop at a robust CAGR of 8.5% from 2022 to 2032. The target market will reach a valuation of US$ 18.09 billion by 2032, rising from US$ 8.68 billion in 2022.
The market for electric vehicle batteries is strongly influenced by surging fuel prices, increasing use of lithium-ion batteries, and growing sales of hybrid/ electric vehicles. Technology advancements and an evolving automotive industry further aid the expansion of the electric vehicle battery market during the forecast period.
With numerous governments across the world promoting the use of electric or hybrid vehicles, the prospects for the electric vehicle battery market are strong over the upcoming years. Hybrid or electric vehicles make use of alternative or sustainable fuels which are necessary for environmental preservation and aid with emission control. This environmental-friendly factor prompts governments all over the globe to foster the growth of electric vehicles which, in turn, augurs well for the electric vehicle battery market.
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The sustainability drives are encouraging more and more consumers to opt for electric vehicles as they are financially and environmentally friendly. Densely populated countries like India and China are leaning towards alternative fuels due to the low availability of fuel, high prices, and low per capita income. As a result, there's a notable growth in the demand for electric vehicles which augurs well for the electric vehicles battery market.
The introduction of enhanced and powerful batteries that have a longer shelf life and exhibit better performance also spurs the growth of the electric vehicle battery market. Further, the growing awareness of the advantages of electric vehicle batteries such as low running costs, cost-effective maintenance, and no tailpipe pollution also aids the market growth. With constant product upgradation and the launch of innovative products, consumers have a wide range of choices which bodes well for the overall market growth. Other factors like high fuel prices, troubling socio-political conditions, and increasing innovations further aid the growth of the electric vehicle battery market during the projection period.
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LG Chem Ltd, BYD Company Limited, Panasonic Corporation, Tesla Motors, Inc., Samsung SDI Co, Ltd, and Narada Power Source Co., Ltd, among others, are some of the prominent players in the electric vehicle battery market profiled in the full version of the report.
Leading market players are focusing on product upgradation and development as well as the release of new products. These companies are adopting novel chemistry techniques and engaging in various organic and inorganic business strategies to enhance their market footprints.
By Battery Capacity:
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By Vehicle Technology:
By Vehicle Type:
By Battery Type:
More Insights into Electric Vehicle Battery Market
In its latest report, FMI offers an unbiased analysis of the global electric vehicle battery market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. For a comprehensive understanding of the global market potential, growth, and scope, the market is segmented on the basis of battery type, vehicle technology, vehicle type, battery capacity, and region.
According to the same reports, based on segmentation, the passenger car vehicle type segment will dominate the global marketplace. In terms of vehicle technology, hybrid electronic vehicle technology will contribute substantially to the overall market growth. Based on region, the electric vehicle battery market in Asia Pacific will assume the lead in the international space with the ownership of a sizable portion of the market share. Rising fuel prices, environmental concerns, and expanding automotive sector are responsible for the growth of the Asia Pacific electric vehicle battery market. Europe, too, will aid the global growth of the electric vehicle battery market.
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Request a Sample of this Report: Key Takeaways: Get Your Report Customize, Visit: Competitive Landscape Key Segments By Battery Capacity: Ask the Analyst: By Vehicle Technology: By Vehicle Type: By Battery Type: By Region: More Insights into Electric Vehicle Battery Market About Future Market Insights (FMI) Contact: