Fact.MR’s recently published electric vehicle battery report forecasts the market to expand at a whopping 25% CAGR, reaching US$ 900 Bn by the end of the 2021-2031 assessment period. Short-term prospects also appear highly lucrative, with a CAGR of 13.6% projected until 2022.
Historical data suggests that the market expanded healthily from 2016 to 2020, registering an impressive 12% CAGR. Although a general contraction in the automotive industry was experienced in the past half-a-decade, this didn’t appear to dampen the electric vehicle battery market growth prospects. The market closed in at US$ 91 Bn as of 2020.
Electric vehicle battery sales have been influenced by a significant increase in demand for zero-emission vehicles, given the rising fuel prices, depletion of fossil fuel reserves, and tightening pollution rules. The growing development of new battery chemistries for electric cars is expected to boost the global electric vehicle battery industry. Preference for lithium-nickel-manganese-cobalt-aluminum oxide (NMCA) alloys because of their better energy density and a longer life cycle is increasing, opening new growth avenues.
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Key Segments Covered
- Stored Electricity Electric Vehicle Battery
- On-board Electric Generator Electric Vehicle Battery
- Series Hybrid Electric Vehicle Battery
- Parallel Hybrid Electric Vehicle Battery
- Combined Hybrid Electric Vehicle Battery
- Electric Vehicle Battery for Passenger Cars
- Electric Vehicle Battery for Commercial Vehicles
- Electric Vehicle Battery for Two Wheelers
- Electric Vehicle Battery for Others (Golf Carts etc.)
Key takeaways from the Market study
- Global EV battery market to expand nearly 10x by 2031
- By vehicle type, demand for EV batteries across passenger cars to capture 50% of global sales
- Stored electricity electric vehicle batteries to expand at over 10% CAGR
- Europe likely to account for over 3 out of 10 electric vehicle battery sales
- Asia to emerge as the dominant market, with China accounting for 28.3% of the revenue
- India to be an opportunistic market, poised to grow at a CAGR of 15% through 2031
“As vehicular emission regulations tighten, automobile owners are shifting towards hybrid and electric vehicles usage, prompting manufacturers to deploy batteries equipped with greater load carrying capacity,” says a Fact.MR analyst.
In the coming centuries, manufacturers in the electric vehicle battery market will primarily focus on strategic acquisitions, collaborations, and product launches.
- When Sony first unveiled its electric automobile, the Vision S, at the Consumer Electronics Show (CES) 2020, it caught everyone off guard. However, based on the images, it looks that the battery-powered car is getting closer to being a reality.
- As more people switch to electric vehicles, Hitachi High-Tech predicts a rise in demand for used lithium-ion batteries. According to the business, the annual global market for testing batteries is expected to reach between 500 billion ($4.8 billion) and 1 trillion yen by 2030.
- As more people switch to electric vehicles, Hitachi High-Tech predicts a rise in demand for used lithium-ion batteries. According to the business, the annual global market for testing batteries is expected to reach between 500 billion and 1 trillion yen by 2030.
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