Accelerating Growth: Global EV Battery Market to Surge at 14.4% CAGR by 2030

 The Global EV Battery Market size was valued at USD 132.5 billion in 2023 & is projected to reach USD 495.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 14.4% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. The aspects leading to the growth in the demand for EV batteries are the rising pollution levels, surging awareness among consumers regarding greenhouse gas emissions & environmental sustainability, and increasing sales of electric vehicles. The rapid pace of urbanization along with the rising middle-class individuals has resulted in higher vehicle ownership rates. This, in turn, is amplifying emissions and causing environmental & human health degradation.

Additionally, developed & developing nations are laying their specific emission targets to reduce vehicle emissions, as the transport sector is a significant contributor to the global emission rates. Thus, to attain these targets, automobile manufacturers have been providing new and clean energy electric vehicles to consumers. Hence, all this, in turn, is surging the adoption of eco-friendly vehicles and e-mobility among consumers, further instigating the demand for EV batteries as well

Moreover, rising technological advancements in battery technology are also driving the market growth. Further, the continuous integration of technologically advanced materials and manufacturing processes is creating batteries with greater durability, fast charging, longer lifespan, and less need for replacement.  Thus, with the increasing reliance on electric vehicles and electric vehicle batteries, the demand for the same is surging rapidly, which is boosting the market growth as well, further states the research report, “Global EV Battery Market Analysis, 2024.”

Global EV Battery Market Segmentation Analysis  

Lithium-Ion Segment to Hold a Considerable Market Share

Based on the battery type, the market is further bifurcated into, Lithium-Ion, Lead-Acid, Nickel, and Others. Of them all, the Lithium-Ion segment captured an impressive share of the EV Battery Market, owing to its wide adoption by different automotive manufacturers. The easy availability of lithium-ion batteries due to their widened market reach, cost-effective nature, and low maintenance costs, further increases their adoption. Also, the presence of strong EV charging infrastructure suiting lithium-ion battery type further propels the market growth.

Furthermore, the increasing research & development to produce more efficient lithium-ion batteries across the globe increase their affordability and efficiency for consumers, which drives consumers towards the adoption of lithium-ion battery-operated vehicles, thereby surging the demand and adoption of lithium-ion batteries.

North America to Outperform in Forthcoming Years

Asia-Pacific is expected to hold a major market share driven by increasing manufacturing of EVs in the region. Electric Vehicles are extensively manufactured in countries like China, Thailand, India, etc. Companies like Honda, Tata, Maruti Suzuki, etc., produce various passenger car models with electric propulsion, further increasing EV battery growth. The region also supplies and exports electric vehicles to other nations such as the UAE, and European nations. All this, in turn, surges the demand for electric vehicle batteries augmenting market growth.

Moreover, official authorities in the region particularly in countries like China, Japan, South Korea, etc., are increasingly focusing on emission reduction from the transport sector. Also, with the increasing government initiatives, surging automobile manufacturing, and rising consumer inclination towards EVs, the demand for reliable battery solutions for electric vehicles would continue to surge, augmenting Asia-Pacific EV Battery Market growth.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Contemporary Amperex Technology Co., Limited (CATL), LG Energy Solutions, BYD Company Limited, Panasonic Corporation, Toshiba Corporation, Mitsubishi Corporation, Enersys, SK Inc., CALB, Gotion Inc, Sunwoda Electronic Co. Ltd, Farasis Energy, Vehicle Energy Japan, Inc, Exide Industries, Primearth EV Energy Co., Ltd, and others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the Global EV Battery Market?
3. What key factors would propel and impede the industry across the globe?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?