The "Global Electric Vehicle Battery Market Size By Type, By Vehicle, By Geographic Scope And Forecast" report has been published by Verified Market Research®. The report provides an in-depth analysis of the global Electric Vehicle Battery Market, including its growth prospects, market trends, and market challenges.
JERSEY CITY, N.J., Aug. 21, 2023 /PRNewswire/ -- The Global Electric Vehicle Battery Market is projected to grow at a CAGR of 18.05% from 2020 to 2027, according to a new report published by Verified Market Research®. The report reveals that the market was valued at USD 35.16 Billion in 2019 and is expected to reach USD 133.46 Billion by the end of the forecast period.
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Browse in-depth TOC on "Electric Vehicle Battery Market"
202 - Pages
126 - Tables
37 - Figures
Emerging Market Trends Propelling Growth in the Electric Vehicle Battery Industry
The global Electric Vehicle Battery Market is experiencing a notable surge in demand driven by a convergence of factors including environmental concerns, technological advancements, and robust government support for sustainable transportation solutions.
Market Drivers:
Increasing awareness and concerns regarding the detrimental effects of climate change, primarily attributed to emissions from fuel-powered vehicles, have spurred a heightened demand for electric vehicles (EVs). Alarming pollution levels observed in major countries have further intensified the need for cleaner transportation alternatives. The rising costs of traditional gasoline and diesel fuels due to the depletion of fossil fuel reserves are compelling the adoption of advanced fuel-efficient technologies, thereby catalyzing the growth of the Electric Vehicle Battery Market. Notably, ongoing innovations in lithium-ion battery technology have empowered manufacturers to develop high-performance batteries optimized for lightweight vehicles, further propelling market expansion.
Market Outlook:
Manufacturers are strategically channeling investments towards the development of high-density lithium-ion batteries and solid-state battery technology. These innovations are aimed at achieving extended battery ranges and swift recharging capabilities, which are pivotal in addressing the growing demand for energy-efficient automobiles. With the automotive sector witnessing robust production levels in both developed and developing nations, including China, Japan, Germany, Mexico, South Korea, and Taiwan, the Electric Vehicle Battery Market is poised for significant growth. Governments across various countries are proactively investing in the establishment of a robust electric vehicle infrastructure, adding a further impetus to the market expansion.
Key Players:
Leading companies that are contributing significantly to the growth and innovation of the Electric Vehicle Battery Market include:
- Panasonic Corporation
- GS Yuasa International Ltd.
- Hitachi, Ltd.
- Narada Power Source Co. Ltd.
- Byd company limited
- SAMSUNG SDI CO., LTD.
- Contemporary Amperex Technology Co Ltd.
- LG Chem Ltd.
- Johnson Controls International PLC
- General Motors Company
These key players are at the forefront of research and development, driving advancements in battery technology and bolstering the EV ecosystem. Their commitment to sustainability and innovation underscores their pivotal role in shaping the Electric Vehicle Battery Market landscape.
As the world shifts towards sustainable transportation solutions to combat climate change and resource depletion, the Electric Vehicle Battery Market stands as a cornerstone of this transformation. Despite challenges such as supply-demand imbalances and fluctuating raw material prices, the market's resilience and continued advancements in technology are poised to open new avenues for growth.
To get market data, market insights, financial statements and a comprehensive analysis of the Global Electric Vehicle Battery Market, please Contact Verified Market Research®.
Based on the research, Verified Market Research® has segmented the global Electric Vehicle Battery Market into Type, Vehicle, And Geography.
- Electric Vehicle Battery Market, by Type
- Lead-Acid Battery
- Lithium-ion Battery
- Others
- Electric Vehicle Battery Market, by Vehicle
- Battery Electric Vehicle
- Plug-In Hybrid Electric Vehicle
- Hybrid Electric Vehicle
- Electric Vehicle Battery Market, by Geography
- North America
- U.S
- Canada
- Mexico
- Europe
- Germany
- France
- U.K
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of Asia Pacific
- ROW
- Middle East & Africa
- Latin America
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