EV Battery Market Set for Explosive Growth with 14.4% CAGR by 2030

MarkNtel Advisors recently published a detailed industry analysis of theGlobal EV Battery Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.

Global EV Battery Market, Share, and Trends Analysis Report Industry Overview and Forecast to 2030

TheEV Battery Marketsize 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., 2025-30.

Key Findings in GlobalEV Battery Market:

• Historical Analysis:20202023
• Base Year:2024
• Forecast Period:20252030

Leading Market Players-Contemporary Amperex Technology Co., Limited, 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, Others

Key Highlights of the Report

• Market Dimensions & Projections
• Pricing Evaluation,
• Recent Strategic Moves by Companies,
• Primary Stakeholders,
• Analysis of Import and Export Trends,
• Competitive Landscape Assessment,
• Emerging Opportunities,
• Market Trends and Indicators

What are the major Driver the GlobalEV Battery Market?

Rising Government Initiatives Promoting EV Adoption Among Consumers The surging government policies & plans towards adopting alternative fuel vehicles worldwide are emerging as a significant driving factor in the EV battery industry. Conventional vehicles running on fossil fuels have been a pivotal source of GHG emissions. Moreover, the global CO2 emissions due to transportation activities grew by more than 250Mt CO2 to nearly 8Gt CO2 in 2022 making the transport sector a major contributor to overall emissions. Hence, official authorities across the globe have been trying to reduce the emission rates by providing subsidies, incentives, and tax reductions on electric automobiles. Countries like Thailand, India, Germany, the US, etc., have offered subsidies and financial incentives such as value-added tax (VAT) and exemptions from car registration taxes for higher EV Adoption. For instance:

In 2022, under its Internal Revenue Code Section 30D, the US government stated that credit up to USD 7,500 is provided to consumers if they buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV).

These exemptions from taxes coupled with subsidies and incentives have resulted in the increasing adoption of electric vehicles due to increased affordability and cost-effectiveness for consumers. As a result, the demand for reliable battery solutions powering these electric vehicles is also increasing, which is surging the demand for electric vehicle batteries and propelling the growth of the Global EV Battery Market.

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What segments define the Global EV Battery Market from 2025 to 2030? How do these segments contribute to market dynamics and growth?

By Battery Type

• Lithium-Ion- Market Size & Forecast 2020-2030F, (Thousand Units)
• Lead-Acid- Market Size & Forecast 2020-2030F, (Thousand Units)
• Nickel-Metal Hydride- Market Size & Forecast 2020-2030F, (Thousand Units)
• Others (Sodium Ion, Solid-State)- Market Size & Forecast 2020-2030F, (Thousand Units)

According to report, Lithium-Ion holds a significant share of the Global EV Battery Market due to its cost-effectiveness and better reliability.

By Battery Capacity

• <50 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)
• 50-110 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)
• 111-200 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)
• 201-300 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)
• >300 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)

By Battery Form

• Prismatic- Market Size & Forecast 2020-2030F, (Thousand Units)
• Pouch- Market Size & Forecast 2020-2030F, (Thousand Units)
• Cylindrical - Market Size & Forecast 2020-2030F, (Thousand Units)

By Propulsion Type

• Battery Electric Vehicle (BEV)- Market Size & Forecast 2020-2030F, (Thousand Units)
• Plug-In Hybrid Electric Vehicle (PHEV)- Market Size & Forecast 2020-2030F, (Thousand Units)
• Fuel-Cell Electric Vehicle- Market Size & Forecast 2020-2030F, (Thousand Units)
• Hybrid Vehicle- Market Size & Forecast 2020-2030F, (Thousand Units)

By Vehicle Type

• Two-wheeler- Market Size & Forecast 2020-2030F, USD Million
• Passenger Cars- Market Size & Forecast 2020-2030F, USD Million
• Commercial Vehicles- Market Size & Forecast 2020-2030F, USD Million
• Vans/Light Trucks- Market Size & Forecast 2020-2030F, USD Million
• Medium & Heavy Trucks- Market Size & Forecast 2020-2030F, USD Million
• Buses- Market Size & Forecast 2020-2030F, USD Million
• Off-Highway Vehicles- Market Size & Forecast 2020-2030F, USD Million

According to report, The Passenger Cars segment accounts for the maximum share of the Global EV Battery Market due to the rising sales and usage of electric cars for mobility.

By Method

• Wire Bonding- Market Size & Forecast 2020-2030F, (Thousand Units)
• Laser Bonding- Market Size & Forecast 2020-2030F, (Thousand Units)
• Ultrasonic Bonding - Market Size & Forecast 2020-2030F, (Thousand Units)

Explore the Complete Global EV Battery Market Analysis Report https://www.marknteladvisors.com/research-library/ev-battery-market.html

Geographical Analysis: Global EV Battery Market

By Region

• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Global EV Battery Market Recent Development:

• 2024:CATLlaunched a new EV battery pack with a range of about 1 million miles and a lifespan of around 15 years.
• 2024: LG Energy Solutionsannounced the opening of its new plant producing chargers for electric vehicle batteries in Fort Worth, Texas, the US.

Key Questions Addressed in This Study

• What are the primary factors driving the growth of the EV Battery Market?
• How is the EV Battery Market expected to evolve over the next five years?
• What key insights can be drawn from current trends shaping the market?
• What is the current market size, and how is it forecasted to change in the coming years?
• What is the future outlook for the market in terms of technological innovation and geographic expansion?

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Why MarkNtel Advisors?

MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.

Our specialization in niche industries informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.

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