The report incorporates the study of the global electric vehicle battery market that focuses on the energy storage devices that provide electricity to power vehicle accessories and battery-based electric engines for propulsion. Some commonly available EV batteries include lithium-ion, nickel-metal hydride, and lead-acid batteries. They are widely used in battery electric vehicles (BEV), plug-in hybrid (PHEV), and hybrid electric vehicles (HEV), such as bikes, e-rickshaws, e-cars, buses, and loaders. They assist in minimizing carbon emissions, eliminating fuel dependency, reducing maintenance costs, and generating high energy per unit mass. In comparison to fuel-based engines, they offer a high power-to-weight ratio, a noise-free travel experience, and cost-effectiveness. As a result, EV batteries are gaining immense traction with the surging sales globally.
As a part of their respective climate conditions, governments are unveiling several policies & schemes that give EV sector, an edge over ICE vehicle sector. For instance, in October 2022, the U.S. government invested over $2.8 billion to expand the nation’s domestic battery manufacturing capabilities with regards to the EV sector. Also, the government of India is targeting the conversion of two and three-wheelers into 100% electric ones and the total automotive sales to 30% into e-mobility by 2030. Currently, India is dependent on other countries for sourcing EV batteries, which has resulted in the hiked price of EVs. Meanwhile, the penetration of EVs in the Indian automotive sector is expected to bolster the indigenous manufacturing of Li-ion batteries to make them economically viable. For instance, in November 2020, Delhi-based battery maker Inverted Energy announced the opening of its lithium battery manufacturing facility. The commissioning of the plant, which currently has a production capacity of 100 MWh (megawatt hour) annually, is aimed at reducing dependence on China.
For the purpose of analysis, the global electric vehicle battery market is segmented on the basis of propulsion type, battery type, vehicle type, and region. Based on propulsion type, the market is divided into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV). Based on battery type, the market is categorized into lead-acid, nickel metal hydride, and lithium-ion. Based on vehicle type, it is bifurcated into passenger car, commercial vehicle, and two-wheeler. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The leading players operating in the electric vehicle battery market are BYD Company Ltd, Contemporary Amperex Technology Co., Limited., ENERSYS, GS Yuasa International Ltd., LG Chem Ltd, Panasonic Corporation, Pride Power, Samsung Electronics Co. Ltd., Tianneng rechargeable battery manufacturers, and Wanxiang Group Corporation.
KEY BENEFITS FOR STAKEHOLDERS
This study presents analytical depiction of the global electric vehicle battery market analysis along with current trends and future estimations to depict imminent investment pockets.
The overall electric vehicle battery market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the global electric vehicle battery market with a detailed impact analysis.
The current electric vehicle battery market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Battery Type
Lead Acid Battery
Nickel Metal Hydride Battery
Lithium ion Battery
By Vehicle Type
Passenger Car
Commercial Vehicle
Two-Wheeler
By Propulsion Type
Battery Electric Vehicle
Hybrid Electric Vehicle
Plug-in Hybrid Electric Vehicle
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
ENERSYS
BYD Company Ltd
Panasonic Corporation
LG Chem Ltd
Pride Power
Wanxiang Group Corporation
GS Yuasa International Ltd.
Tianneng rechargeable battery manufacturers
Contemporary Amperex Technology Co., Limited.
Samsung Electronics Co. Ltd.
Table of Contents
CHAPTER 1: INTRODUCTION
1.1. Report description 1.2. Key market segments 1.3. Key benefits to the stakeholders 1.4. Research Methodology 1.4.1. Primary research 1.4.2. Secondary research 1.4.3. Analyst tools and models
CHAPTER 2: EXECUTIVE SUMMARY
2.1. CXO Perspective
CHAPTER 3: MARKET OVERVIEW
3.1. Market definition and scope 3.2. Key findings 3.2.1. Top impacting factors 3.2.2. Top investment pockets 3.3. Porter’s five forces analysis 3.3.1. Bargaining power of suppliers 3.3.2. Bargaining power of buyers 3.3.3. Threat of substitutes 3.3.4. Threat of new entrants 3.3.5. Intensity of rivalry 3.4. Market dynamics 3.4.1. Drivers 3.4.1.1. Growth in demand for zero emission vehicles 3.4.1.2. Reduction in cost of electric vehicle batteries 3.4.1.3. Technological advancement in battery system 3.4.2. Restraints 3.4.2.1. Stringent lead pollution norms 3.4.2.2. Instability of the raw material 3.4.2.3. High import taxes on EV batteries 3.4.3. Opportunities 3.4.3.1. Evolution of lithium-ion technology 3.4.3.2. Proactive government initiatives 3.5. COVID-19 Impact Analysis on the market
CHAPTER 4: ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE
4.1. Overview 4.1.1. Market size and forecast 4.2. Passenger Car 4.2.1. Key market trends, growth factors and opportunities 4.2.2. Market size and forecast, by region 4.2.3. Market share analysis by country 4.3. Commercial Vehicle 4.3.1. Key market trends, growth factors and opportunities 4.3.2. Market size and forecast, by region 4.3.3. Market share analysis by country 4.4. Two-Wheeler 4.4.1. Key market trends, growth factors and opportunities 4.4.2. Market size and forecast, by region 4.4.3. Market share analysis by country
CHAPTER 5: ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE
5.1. Overview 5.1.1. Market size and forecast 5.2. Battery Electric Vehicle 5.2.1. Key market trends, growth factors and opportunities 5.2.2. Market size and forecast, by region 5.2.3. Market share analysis by country 5.3. Hybrid Electric Vehicle 5.3.1. Key market trends, growth factors and opportunities 5.3.2. Market size and forecast, by region 5.3.3. Market share analysis by country 5.4. Plug-in Hybrid Electric Vehicle 5.4.1. Key market trends, growth factors and opportunities 5.4.2. Market size and forecast, by region 5.4.3. Market share analysis by country
CHAPTER 6: ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE
6.1. Overview 6.1.1. Market size and forecast 6.2. Lead Acid Battery 6.2.1. Key market trends, growth factors and opportunities 6.2.2. Market size and forecast, by region 6.2.3. Market share analysis by country 6.3. Nickel Metal Hydride Battery 6.3.1. Key market trends, growth factors and opportunities 6.3.2. Market size and forecast, by region 6.3.3. Market share analysis by country 6.4. Lithium ion Battery 6.4.1. Key market trends, growth factors and opportunities 6.4.2. Market size and forecast, by region 6.4.3. Market share analysis by country
CHAPTER 7: ELECTRIC VEHICLE BATTERY MARKET, BY REGION
7.1. Overview 7.1.1. Market size and forecast By Region 7.2. North America 7.2.1. Key trends and opportunities 7.2.2. Market size and forecast, by Vehicle Type 7.2.3. Market size and forecast, by Propulsion Type 7.2.4. Market size and forecast, by Battery Type 7.2.5. Market size and forecast, by country 7.2.5.1. U.S. 7.2.5.1.1. Key market trends, growth factors and opportunities 7.2.5.1.2. Market size and forecast, by Vehicle Type 7.2.5.1.3. Market size and forecast, by Propulsion Type 7.2.5.1.4. Market size and forecast, by Battery Type 7.2.5.2. Canada 7.2.5.2.1. Key market trends, growth factors and opportunities 7.2.5.2.2. Market size and forecast, by Vehicle Type 7.2.5.2.3. Market size and forecast, by Propulsion Type 7.2.5.2.4. Market size and forecast, by Battery Type 7.2.5.3. Mexico 7.2.5.3.1. Key market trends, growth factors and opportunities 7.2.5.3.2. Market size and forecast, by Vehicle Type 7.2.5.3.3. Market size and forecast, by Propulsion Type 7.2.5.3.4. Market size and forecast, by Battery Type 7.3. Europe 7.3.1. Key trends and opportunities 7.3.2. Market size and forecast, by Vehicle Type 7.3.3. Market size and forecast, by Propulsion Type 7.3.4. Market size and forecast, by Battery Type 7.3.5. Market size and forecast, by country 7.3.5.1. UK 7.3.5.1.1. Key market trends, growth factors and opportunities 7.3.5.1.2. Market size and forecast, by Vehicle Type 7.3.5.1.3. Market size and forecast, by Propulsion Type 7.3.5.1.4. Market size and forecast, by Battery Type 7.3.5.2. Germany 7.3.5.2.1. Key market trends, growth factors and opportunities 7.3.5.2.2. Market size and forecast, by Vehicle Type 7.3.5.2.3. Market size and forecast, by Propulsion Type 7.3.5.2.4. Market size and forecast, by Battery Type 7.3.5.3. France 7.3.5.3.1. Key market trends, growth factors and opportunities 7.3.5.3.2. Market size and forecast, by Vehicle Type 7.3.5.3.3. Market size and forecast, by Propulsion Type 7.3.5.3.4. Market size and forecast, by Battery Type 7.3.5.4. Italy 7.3.5.4.1. Key market trends, growth factors and opportunities 7.3.5.4.2. Market size and forecast, by Vehicle Type 7.3.5.4.3. Market size and forecast, by Propulsion Type 7.3.5.4.4. Market size and forecast, by Battery Type 7.3.5.5. Rest of Europe 7.3.5.5.1. Key market trends, growth factors and opportunities 7.3.5.5.2. Market size and forecast, by Vehicle Type 7.3.5.5.3. Market size and forecast, by Propulsion Type 7.3.5.5.4. Market size and forecast, by Battery Type 7.4. Asia-Pacific 7.4.1. Key trends and opportunities 7.4.2. Market size and forecast, by Vehicle Type 7.4.3. Market size and forecast, by Propulsion Type 7.4.4. Market size and forecast, by Battery Type 7.4.5. Market size and forecast, by country 7.4.5.1. China 7.4.5.1.1. Key market trends, growth factors and opportunities 7.4.5.1.2. Market size and forecast, by Vehicle Type 7.4.5.1.3. Market size and forecast, by Propulsion Type 7.4.5.1.4. Market size and forecast, by Battery Type 7.4.5.2. Japan 7.4.5.2.1. Key market trends, growth factors and opportunities 7.4.5.2.2. Market size and forecast, by Vehicle Type 7.4.5.2.3. Market size and forecast, by Propulsion Type 7.4.5.2.4. Market size and forecast, by Battery Type 7.4.5.3. India 7.4.5.3.1. Key market trends, growth factors and opportunities 7.4.5.3.2. Market size and forecast, by Vehicle Type 7.4.5.3.3. Market size and forecast, by Propulsion Type 7.4.5.3.4. Market size and forecast, by Battery Type 7.4.5.4. Australia 7.4.5.4.1. Key market trends, growth factors and opportunities 7.4.5.4.2. Market size and forecast, by Vehicle Type 7.4.5.4.3. Market size and forecast, by Propulsion Type 7.4.5.4.4. Market size and forecast, by Battery Type 7.4.5.5. Rest of Asia-Pacific 7.4.5.5.1. Key market trends, growth factors and opportunities 7.4.5.5.2. Market size and forecast, by Vehicle Type 7.4.5.5.3. Market size and forecast, by Propulsion Type 7.4.5.5.4. Market size and forecast, by Battery Type 7.5. LAMEA 7.5.1. Key trends and opportunities 7.5.2. Market size and forecast, by Vehicle Type 7.5.3. Market size and forecast, by Propulsion Type 7.5.4. Market size and forecast, by Battery Type 7.5.5. Market size and forecast, by country 7.5.5.1. Latin America 7.5.5.1.1. Key market trends, growth factors and opportunities 7.5.5.1.2. Market size and forecast, by Vehicle Type 7.5.5.1.3. Market size and forecast, by Propulsion Type 7.5.5.1.4. Market size and forecast, by Battery Type 7.5.5.2. Middle East 7.5.5.2.1. Key market trends, growth factors and opportunities 7.5.5.2.2. Market size and forecast, by Vehicle Type 7.5.5.2.3. Market size and forecast, by Propulsion Type 7.5.5.2.4. Market size and forecast, by Battery Type 7.5.5.3. Africa 7.5.5.3.1. Key market trends, growth factors and opportunities 7.5.5.3.2. Market size and forecast, by Vehicle Type 7.5.5.3.3. Market size and forecast, by Propulsion Type 7.5.5.3.4. Market size and forecast, by Battery Type
CHAPTER 8: COMPETITIVE LANDSCAPE
8.1. Introduction 8.2. Top winning strategies 8.3. Product Mapping of Top 10 Player 8.4. Competitive Dashboard 8.5. Competitive Heatmap 8.6. Top player positioning, 2021
CHAPTER 9: COMPANY PROFILES
9.1. ENERSYS 9.1.1. Company overview 9.1.2. Key Executives 9.1.3. Company snapshot 9.1.4. Operating business segments 9.1.5. Product portfolio 9.1.6. Business performance 9.1.7. Key strategic moves and developments 9.2. BYD Company Ltd 9.2.1. Company overview 9.2.2. Key Executives 9.2.3. Company snapshot 9.2.4. Operating business segments 9.2.5. Product portfolio 9.2.6. Business performance 9.3. Panasonic Corporation 9.3.1. Company overview 9.3.2. Key Executives 9.3.3. Company snapshot 9.3.4. Operating business segments 9.3.5. Product portfolio 9.3.6. Business performance 9.3.7. Key strategic moves and developments 9.4. LG Chem Ltd 9.4.1. Company overview 9.4.2. Key Executives 9.4.3. Company snapshot 9.4.4. Operating business segments 9.4.5. Product portfolio 9.4.6. Business performance 9.4.7. Key strategic moves and developments 9.5. Samsung Electronics Co. Ltd. 9.5.1. Company overview 9.5.2. Key Executives 9.5.3. Company snapshot 9.5.4. Operating business segments 9.5.5. Product portfolio 9.5.6. Business performance 9.5.7. Key strategic moves and developments 9.6. GS Yuasa International Ltd. 9.6.1. Company overview 9.6.2. Key Executives 9.6.3. Company snapshot 9.6.4. Operating business segments 9.6.5. Product portfolio 9.6.6. Business performance 9.6.7. Key strategic moves and developments 9.7. Pride Power 9.7.1. Company overview 9.7.2. Key Executives 9.7.3. Company snapshot 9.7.4. Operating business segments 9.7.5. Product portfolio 9.8. Tianneng rechargeable battery manufacturers 9.8.1. Company overview 9.8.2. Key Executives 9.8.3. Company snapshot 9.8.4. Operating business segments 9.8.5. Product portfolio 9.9. Contemporary Amperex Technology Co., Limited. 9.9.1. Company overview 9.9.2. Key Executives 9.9.3. Company snapshot 9.9.4. Operating business segments 9.9.5. Product portfolio 9.9.6. Key strategic moves and developments 9.10. Wanxiang Group Corporation 9.10.1. Company overview 9.10.2. Key Executives 9.10.3. Company snapshot 9.10.4. Operating business segments 9.10.5. Product portfolio
List of Tables
TABLE 01. GLOBAL ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 02. ELECTRIC VEHICLE BATTERY MARKET FOR PASSENGER CAR, BY REGION, 2021-2031 ($MILLION) TABLE 03. ELECTRIC VEHICLE BATTERY MARKET FOR COMMERCIAL VEHICLE, BY REGION, 2021-2031 ($MILLION) TABLE 04. ELECTRIC VEHICLE BATTERY MARKET FOR TWO-WHEELER, BY REGION, 2021-2031 ($MILLION) TABLE 05. GLOBAL ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 06. ELECTRIC VEHICLE BATTERY MARKET FOR BATTERY ELECTRIC VEHICLE, BY REGION, 2021-2031 ($MILLION) TABLE 07. ELECTRIC VEHICLE BATTERY MARKET FOR HYBRID ELECTRIC VEHICLE, BY REGION, 2021-2031 ($MILLION) TABLE 08. ELECTRIC VEHICLE BATTERY MARKET FOR PLUG-IN HYBRID ELECTRIC VEHICLE, BY REGION, 2021-2031 ($MILLION) TABLE 09. GLOBAL ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 10. ELECTRIC VEHICLE BATTERY MARKET FOR LEAD ACID BATTERY, BY REGION, 2021-2031 ($MILLION) TABLE 11. ELECTRIC VEHICLE BATTERY MARKET FOR NICKEL METAL HYDRIDE BATTERY, BY REGION, 2021-2031 ($MILLION) TABLE 12. ELECTRIC VEHICLE BATTERY MARKET FOR LITHIUM ION BATTERY, BY REGION, 2021-2031 ($MILLION) TABLE 13. ELECTRIC VEHICLE BATTERY MARKET, BY REGION, 2021-2031 ($MILLION) TABLE 14. NORTH AMERICA ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 15. NORTH AMERICA ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 16. NORTH AMERICA ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 17. NORTH AMERICA ELECTRIC VEHICLE BATTERY MARKET, BY COUNTRY, 2021-2031 ($MILLION) TABLE 18. U.S. ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 19. U.S. ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 20. U.S. ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 21. CANADA ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 22. CANADA ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 23. CANADA ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 24. MEXICO ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 25. MEXICO ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 26. MEXICO ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 27. EUROPE ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 28. EUROPE ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 29. EUROPE ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 30. EUROPE ELECTRIC VEHICLE BATTERY MARKET, BY COUNTRY, 2021-2031 ($MILLION) TABLE 31. UK ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 32. UK ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 33. UK ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 34. GERMANY ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 35. GERMANY ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 36. GERMANY ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 37. FRANCE ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 38. FRANCE ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 39. FRANCE ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 40. ITALY ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 41. ITALY ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 42. ITALY ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 43. REST OF EUROPE ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 44. REST OF EUROPE ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 45. REST OF EUROPE ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 46. ASIA-PACIFIC ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 47. ASIA-PACIFIC ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 48. ASIA-PACIFIC ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 49. ASIA-PACIFIC ELECTRIC VEHICLE BATTERY MARKET, BY COUNTRY, 2021-2031 ($MILLION) TABLE 50. CHINA ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 51. CHINA ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 52. CHINA ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 53. JAPAN ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 54. JAPAN ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 55. JAPAN ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 56. INDIA ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 57. INDIA ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 58. INDIA ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 59. AUSTRALIA ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 60. AUSTRALIA ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 61. AUSTRALIA ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 62. REST OF ASIA-PACIFIC ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 63. REST OF ASIA-PACIFIC ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 64. REST OF ASIA-PACIFIC ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 65. LAMEA ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 66. LAMEA ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 67. LAMEA ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 68. LAMEA ELECTRIC VEHICLE BATTERY MARKET, BY COUNTRY, 2021-2031 ($MILLION) TABLE 69. LATIN AMERICA ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 70. LATIN AMERICA ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 71. LATIN AMERICA ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 72. MIDDLE EAST ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 73. MIDDLE EAST ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 74. MIDDLE EAST ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 75. AFRICA ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021-2031 ($MILLION) TABLE 76. AFRICA ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021-2031 ($MILLION) TABLE 77. AFRICA ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021-2031 ($MILLION) TABLE 78. ENERSYS: KEY EXECUTIVES TABLE 79. ENERSYS: COMPANY SNAPSHOT TABLE 80. ENERSYS: PRODUCT SEGMENTS TABLE 81. ENERSYS: PRODUCT PORTFOLIO TABLE 82. ENERSYS: KEY STRATERGIES TABLE 83. BYD COMPANY LTD: KEY EXECUTIVES TABLE 84. BYD COMPANY LTD: COMPANY SNAPSHOT TABLE 85. BYD COMPANY LTD: PRODUCT SEGMENTS TABLE 86. BYD COMPANY LTD: PRODUCT PORTFOLIO TABLE 87. PANASONIC CORPORATION: KEY EXECUTIVES TABLE 88. PANASONIC CORPORATION: COMPANY SNAPSHOT TABLE 89. PANASONIC CORPORATION: SERVICE SEGMENTS TABLE 90. PANASONIC CORPORATION: PRODUCT PORTFOLIO TABLE 91. PANASONIC CORPORATION: KEY STRATERGIES TABLE 92. LG CHEM LTD: KEY EXECUTIVES TABLE 93. LG CHEM LTD: COMPANY SNAPSHOT TABLE 94. LG CHEM LTD: PRODUCT SEGMENTS TABLE 95. LG CHEM LTD: PRODUCT PORTFOLIO TABLE 96. LG CHEM LTD: KEY STRATERGIES TABLE 97. SAMSUNG ELECTRONICS CO. LTD.: KEY EXECUTIVES TABLE 98. SAMSUNG ELECTRONICS CO. LTD.: COMPANY SNAPSHOT TABLE 99. SAMSUNG ELECTRONICS CO. LTD.: PRODUCT SEGMENTS TABLE 100. SAMSUNG ELECTRONICS CO. LTD.: PRODUCT PORTFOLIO TABLE 101. SAMSUNG ELECTRONICS CO. LTD.: KEY STRATERGIES TABLE 102. GS YUASA INTERNATIONAL LTD.: KEY EXECUTIVES TABLE 103. GS YUASA INTERNATIONAL LTD.: COMPANY SNAPSHOT TABLE 104. GS YUASA INTERNATIONAL LTD.: PRODUCT SEGMENTS TABLE 105. GS YUASA INTERNATIONAL LTD.: PRODUCT PORTFOLIO TABLE 106. GS YUASA INTERNATIONAL LTD.: KEY STRATERGIES TABLE 107. PRIDE POWER: KEY EXECUTIVES TABLE 108. PRIDE POWER: COMPANY SNAPSHOT TABLE 109. PRIDE POWER: PRODUCT SEGMENTS TABLE 110. PRIDE POWER: PRODUCT PORTFOLIO TABLE 111. TIANNENG RECHARGEABLE BATTERY MANUFACTURERS: KEY EXECUTIVES TABLE 112. TIANNENG RECHARGEABLE BATTERY MANUFACTURERS: COMPANY SNAPSHOT TABLE 113. TIANNENG RECHARGEABLE BATTERY MANUFACTURERS: PRODUCT SEGMENTS TABLE 114. TIANNENG RECHARGEABLE BATTERY MANUFACTURERS: PRODUCT PORTFOLIO TABLE 115. CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: KEY EXECUTIVES TABLE 116. CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: COMPANY SNAPSHOT TABLE 117. CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: PRODUCT SEGMENTS TABLE 118. CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: PRODUCT PORTFOLIO TABLE 119. CONTEMPORARY AMPEREX TECHNOLOGY CO., LIMITED.: KEY STRATERGIES TABLE 120. WANXIANG GROUP CORPORATION: KEY EXECUTIVES TABLE 121. WANXIANG GROUP CORPORATION: COMPANY SNAPSHOT TABLE 122. WANXIANG GROUP CORPORATION: PRODUCT SEGMENTS TABLE 123. WANXIANG GROUP CORPORATION: PRODUCT PORTFOLIO
List of Figures
FIGURE 01. ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 FIGURE 02. SEGMENTATION OF ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 FIGURE 03. TOP INVESTMENT POCKETS IN ELECTRIC VEHICLE BATTERY MARKET (2022-2031) FIGURE 04. LOW BARGAINING POWER OF SUPPLIERS FIGURE 05. LOW BARGAINING POWER OF BUYERS FIGURE 06. LOW THREAT OF SUBSTITUTES FIGURE 07. LOW THREAT OF NEW ENTRANTS FIGURE 08. LOW INTENSITY OF RIVALRY FIGURE 09. DRIVERS, RESTRAINTS AND OPPORTUNITIES: GLOBALELECTRIC VEHICLE BATTERY MARKET FIGURE 10. ELECTRIC VEHICLE BATTERY MARKET, BY VEHICLE TYPE, 2021 (%) FIGURE 11. COMPARATIVE SHARE ANALYSIS OF ELECTRIC VEHICLE BATTERY MARKET FOR PASSENGER CAR, BY COUNTRY 2021-2031 (%) FIGURE 12. COMPARATIVE SHARE ANALYSIS OF ELECTRIC VEHICLE BATTERY MARKET FOR COMMERCIAL VEHICLE, BY COUNTRY 2021-2031 (%) FIGURE 13. COMPARATIVE SHARE ANALYSIS OF ELECTRIC VEHICLE BATTERY MARKET FOR TWO-WHEELER, BY COUNTRY 2021-2031 (%) FIGURE 14. ELECTRIC VEHICLE BATTERY MARKET, BY PROPULSION TYPE, 2021 (%) FIGURE 15. COMPARATIVE SHARE ANALYSIS OF ELECTRIC VEHICLE BATTERY MARKET FOR BATTERY ELECTRIC VEHICLE, BY COUNTRY 2021-2031 (%) FIGURE 16. COMPARATIVE SHARE ANALYSIS OF ELECTRIC VEHICLE BATTERY MARKET FOR HYBRID ELECTRIC VEHICLE, BY COUNTRY 2021-2031 (%) FIGURE 17. COMPARATIVE SHARE ANALYSIS OF ELECTRIC VEHICLE BATTERY MARKET FOR PLUG-IN HYBRID ELECTRIC VEHICLE, BY COUNTRY 2021-2031 (%) FIGURE 18. ELECTRIC VEHICLE BATTERY MARKET, BY BATTERY TYPE, 2021 (%) FIGURE 19. COMPARATIVE SHARE ANALYSIS OF ELECTRIC VEHICLE BATTERY MARKET FOR LEAD ACID BATTERY, BY COUNTRY 2021-2031 (%) FIGURE 20. COMPARATIVE SHARE ANALYSIS OF ELECTRIC VEHICLE BATTERY MARKET FOR NICKEL METAL HYDRIDE BATTERY, BY COUNTRY 2021-2031 (%) FIGURE 21. COMPARATIVE SHARE ANALYSIS OF ELECTRIC VEHICLE BATTERY MARKET FOR LITHIUM ION BATTERY, BY COUNTRY 2021-2031 (%) FIGURE 22. ELECTRIC VEHICLE BATTERY MARKET BY REGION, 2021 FIGURE 23. U.S. ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 24. CANADA ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 25. MEXICO ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 26. UK ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 27. GERMANY ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 28. FRANCE ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 29. ITALY ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 30. REST OF EUROPE ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 31. CHINA ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 32. JAPAN ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 33. INDIA ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 34. AUSTRALIA ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 35. REST OF ASIA-PACIFIC ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 36. LATIN AMERICA ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 37. MIDDLE EAST ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 38. AFRICA ELECTRIC VEHICLE BATTERY MARKET, 2021-2031 ($MILLION) FIGURE 39. TOP WINNING STRATEGIES, BY YEAR FIGURE 40. TOP WINNING STRATEGIES, BY DEVELOPMENT FIGURE 41. TOP WINNING STRATEGIES, BY COMPANY FIGURE 42. PRODUCT MAPPING OF TOP 10 PLAYERS FIGURE 43. COMPETITIVE DASHBOARD FIGURE 44. COMPETITIVE HEATMAP: ELECTRIC VEHICLE BATTERY MARKET FIGURE 45. TOP PLAYER POSITIONING, 2021 FIGURE 46. ENERSYS: NET SALES, 2020-2022 ($MILLION) FIGURE 47. ENERSYS: REVENUE SHARE BY SEGMENT, 2022 (%) FIGURE 48. BYD COMPANY LTD: RESEARCH & DEVELOPMENT EXPENDITURE, 2018-2020 FIGURE 49. BYD COMPANY LTD: NET SALES, 2018-2020 ($MILLION) FIGURE 50. BYD COMPANY LTD: REVENUE SHARE BY SEGMENT, 2020 (%) FIGURE 51. BYD COMPANY LTD: REVENUE SHARE BY REGION, 2020 (%) FIGURE 52. PANASONIC CORPORATION: NET REVENUE, 2019-2021 ($MILLION) FIGURE 53. PANASONIC CORPORATION: RESEARCH & DEVELOPMENT EXPENDITURE, 2019-2021 FIGURE 54. PANASONIC CORPORATION: REVENUE SHARE BY SEGMENT, 2021 (%) FIGURE 55. PANASONIC CORPORATION: REVENUE SHARE BY REGION, 2021 (%) FIGURE 56. LG CHEM LTD: NET SALES, 2019-2021 ($MILLION) FIGURE 57. SAMSUNG ELECTRONICS CO. LTD.: NET REVENUE, 2019-2021 ($MILLION) FIGURE 58. SAMSUNG ELECTRONICS CO. LTD.: RESEARCH & DEVELOPMENT EXPENDITURE, 2019-2021 FIGURE 59. SAMSUNG ELECTRONICS CO. LTD.: REVENUE SHARE BY SEGMENT, 2021 (%) FIGURE 60. SAMSUNG ELECTRONICS CO. LTD.: REVENUE SHARE BY REGION, 2021 (%) FIGURE 61. GS YUASA INTERNATIONAL LTD.: RESEARCH & DEVELOPMENT EXPENDITURE, 2019-2021 ($MILLION) FIGURE 62. GS YUASA INTERNATIONAL LTD.: NET SALES, 2019-2021 ($MILLION) FIGURE 63. GS YUASA INTERNATIONAL LTD.: REVENUE SHARE BY SEGMENT, 2021 (%) FIGURE 64. GS YUASA INTERNATIONAL LTD.: REVENUE SHARE BY REGION, 2021 (%)
Executive Summary
The electric vehicle battery market is expected to experience a significant growth rate of 16.6% from 2022 to 2031, owing to the supportive government policies to promote electric vehicle sales, investment for the deployment of the public charging infrastructure clubbed with the increasing efficiency of the electric vehicle, and introduction of various customization options for EV batteries.
Electric vehicles have motors that are powered by rechargeable batteries. Particularly high specific energy, power-to-weight ratios, and energy densities are their characteristics. Lithium-ion batteries are the most widely used battery type in modern electric vehicles because of their high energy density in relation to their weight. For instance, in March 2021, General Motors partnered with SolidEnergy Systems, a lithium metal battery start up that aimed at boosting the U.S. automobile manufacturer’s battery development, thereby allowing for a high EV driving range in a smaller package.
The key factors driving the growth of the electric vehicle battery market include rising awareness regarding the benefits of electric vehicles, surging popularity of the advanced electric vehicles, and the growing production by the top automakers, which creates lucrative opportunities for the growth of the market across the globe. Moreover, factors such as the government policies to promote the establishment of charging stations through public-private partnerships, rising investments in urbanization, and the growing government investments in infrastructural development also propel the global market. Furthermore, the rising pollution levels and deteriorating environmental conditions have forced the government to adopt strict policies regarding the reduction of carbon footprint and conservation of the environment. Therefore, the rising efforts to control the emission from vehicles are expected to spur the demand for electric vehicles and subsequently the demand for EV batteries.
The market also offers growth factors to the key players operating in the market owing to the various customization options for EV batteries installed in trucks, buses, loaders, excavators, and vans. This is further anticipated to expand product applications across numerous industries, including construction, logistics, transportation, and mining. Along with this, the development of new cell chemistries to make EV batteries smaller & lighter by leading players enhanced the market growth during the forecast period. For instance, in September 2022, Contemporary Amperex Technology Co., Limited. (CATL) signed an agreement with the BMW Group to deliver its new cylindrical battery cells, which come with a standard diameter of 46 millimeters and will be produced at two of CATL's future battery plants in China and Europe, each with an annual capacity of up to 20 GWh dedicated to BMW Group.
The electric vehicle battery market is segmented on the basis of propulsion type, battery type, vehicle type, and region. Based on propulsion type, the market is divided into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV). Based on battery type, the market is categorized into lead-acid, nickel metal hydride, and lithium-ion. Based on vehicle type, it is bifurcated into passenger car, commercial vehicle, and two-wheeler. By region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (UK, Germany, France, Italy, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
The key players profiled in the study include BYD Company Ltd, Contemporary Amperex Technology Co., Limited., ENERSYS, GS Yuasa International Ltd., LG Chem Ltd, Panasonic Corporation, Pride Power, Samsung Electronics Co. Ltd., Tianneng rechargeable battery manufacturers, and Wanxiang Group Corporation. The players in the market have been actively engaged in the adoption of various strategies such as partnerships, investments, and product launches to remain competitive and gain an advantage over the competitors in the market. For instance, in November 2022, LG Chem Ltd invested more than $3 billion to build a battery cathode factory in Tennessee and plans to meet the rising demand for U.S. electric vehicle components. It's one of the first major EV-related investments announced by a South Korean firm in the U.S. to supply cathode materials to Ultium Cells, a battery joint venture between General Motors and LG Chem's subsidiary LG Energy Solution Ltd (LGES).
Key Market Insights
By vehicle type, the passenger car segment was the highest revenue contributor to the market and is estimated to reach $85,281.5 million by 2031, with a CAGR of 5.6%. However, the commercial vehicle segment is estimated to be the fastest-growing segment, with a CAGR of 20.8% during the forecast period.
By propulsion type, the battery electric vehicle segment was the highest revenue contributor to the market and is estimated to reach $78,111.1 million by 2031, with a CAGR of 16.3%. However, the hybrid electric vehicle segment is estimated to be the fastest-growing segment, with a CAGR of 17.9% during the forecast period.
By battery type, the lithium-ion battery segment was the highest revenue contributor as well as fastest-growing segment to the market and is estimated to reach $76,235.3 million by 2031, with a CAGR of 17.1%.
Companies Mentioned
ENERSYS
BYD Company Ltd
Panasonic Corporation
LG Chem Ltd
Pride Power
Wanxiang Group Corporation
GS Yuasa International Ltd.
Tianneng rechargeable battery manufacturers
Contemporary Amperex Technology Co., Limited.
Samsung Electronics Co. Ltd.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
Scientific and technical writings for product information and related preemptions
Regional government and statistical databases for macro analysis
Authentic news articles and other related releases for market evaluation
Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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