Wilmington, Delaware, United States, June 08, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global electric vehicle battery is poised to experience impressive growth, expected to register a CAGR of 19.5% from 2023 to 2031. By the end of the said forecast period, a valuation of US$ 399.7 billion is anticipated for the market.
The overall expansion of the global automotive industry, combined with a shift towards electric mobility, is expected to primarily drive expansion in the coming years.
The International Energy Agency (IEA) establishes that over 10 million electric cars were sold globally in 2022. This number is further expected to increase by an additional 35% in 2023 to reach 14 million units. This explosive growth means electric cars’ share of the overall car market has risen from around 4% in 2020 to 14% in 2022 and is set to increase further to 18% this year.
Electric vehicles are one of the driving forces in the new global energy economy that is rapidly emerging, bringing about a historic transformation of the car manufacturing industry worldwide.
Naturally, automotive manufacturers are expected to capitalize on this ever-promising trend. Significant advancements in battery technologies have been witnessed in the last few years, particularly lithium-ion batteries that are commonly used in EVs. These advancements have improved battery efficiency, capacity, and overall performance, addressing concerns such as range anxiety and charging time. Continuous evolution in battery technology is driving consumer confidence and adoption of EVs.
As per the vehicle battery market analysis, the cost of battery production has been declining at a steady pace, making EVs more affordable and competitive with traditional vehicles. As battery costs continue to decrease, EVs become increasingly accessible to a broader range of consumers, fuelling their demand and propelling the growth of the vehicle battery market.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 80.4 Bn | |
| Estimated Value | US$ 399.7 Bn | |
| Growth Rate - CAGR | 19.5% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 240 Pages | |
| Market Segmentation | By Battery Type, By Battery Capacity, By Battery Cell Form, By Method, By Material Type, By Vehicle Type, Plug-in / Hybrid Electric Vehicle, By Sales Channel | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, South America | |
| Companies Covered | Adaptive Energy Systems [AES], Amara Raja Batteries Ltd, Aqueouss, Ather Energy, Atlbattery Technology (India) Private Limited, Battery Asia (S) Pte Ltd, Battrix (A Unit of Kabra Extrusiontechnik Limited), Bharat Power Solutions, BOSCH, BYD Company Limited, CATL-SAIC Motor Power Battery, Chaowei Power Holdings Ltd, Other Key Players | |
Key Takeaways from the Market Report
- As of 2022, the market for vehicle batteries was valued at US$ 80.4 billion
- From 2023 to 2031, the global vehicle battery market is slated to expand over 4x
- Over 40% of all vehicle batteries are likely to contain lithium-ion as their base material
- By vehicle type, electric vehicles to be the sunshine area for all vehicle battery manufacturers
- From 2022 to 2033, a Y-o-Y growth rate of over 19% was observed, expected to reach US$ 96.08 billion
Vehicle Battery Market: Key Growth Drivers
- The expansion of the global automotive industry has led to a major proliferation of automobile sales. This one significant factor has driven the uptake of vehicle batteries in the past several years.
- Manufacturers in the vehicle battery market are leveraging advanced technologies aimed at improving vehicle efficiency and performance. These include high torque output and compactness in size
- The electric vehicles sector is expected to provide massive expansion opportunities, as the automotive industry looks to opt for greener fuel alternatives
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Vehicle Battery Market: Regional Profile
- Over 50% of the global vehicle battery demand is expected to be stimulated by the Asia Pacific region. Countries such as China, South Korea, and India, are presenting credible growth opportunities, attributed to their extensive manufacturing capabilities
- North America is expected to offer significant growth opportunities for vehicle battery manufacturers. A shift towards electric mobility is one major reason for increased sales. Increasing investment in eco-innovations including electric bikes, cranes, and forklift is likely to aid market expansion.
Competitive Landscape
The global vehicle battery market is fiercely competitive, comprising of a large number of large-scale, medium-scale, and small-scale manufacturers. These players are adopting a host of expansion strategies- from collaborations with major automotive companies to introducing new battery assembly and production lines.
Some of the prominent vehicle battery manufacturers profiled by Transparency Market Research include:
- Adaptive Energy Systems [AES]
- Amara Raja Batteries Ltd
- Aqueouss
- Ather Energy
- Bharat Power Solutions
- BOSCH
- Chaowei Power Holdings Ltd.
- Coslight Group
- Crown Battery
- Cummins, Inc.
- Delta Electronics
- Eclimo
- EnerSys
- Exicom
- Hitachi, Ltd.
- Leoch International Technology Limited Inc.
- Panasonic Corporation
Key developments with respect to vehicle batteries are as follows:
- Amara Raja Batteries Ltd signed a memorandum of understanding with the Government of Telangana in December 2022. The MoU is concerned with the establishment of a state-of-the-art lithium-ion battery manufacturing facility in the Mahbubnagar district in the Indian state of Telangana. The facility is expected to be completed in the coming decade, involving an investment worth INR 9,500 crores (US$ 1.15 billion).
- In January 2022, Panasonic Corporation announced its plans to establish a production facility for manufacturing new lithium-ion batteries for electric vehicles at its Wakayama Factory in Japan. Panasonic’s existing product line in this regard includes the 4680 lithium-ion battery series.
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Market Segmentation
- Traction Battery
- Battery Type
- Lithium-ion Battery
- Nickel-Cadmium Battery
- Nickel-Metal Hydride Battery
- Solid-state Battery
- Ultracapacitor
- By Battery Capacity
- Less than 15 kWh
- 15 kWh to 30 kWh
- 31 kWh to 50 kWh
- 51 kWh to 100 kWh
- 101 kWh to 250 kWh
- More than 250 kWh
- By Battery Cell Form
- Cylindrical
- Prismatic
- Pouch
- By Method
- Wire Bonding
- Laser Bonding
- By Material Type
- Cobalt
- Lithium
- Natural Graphite
- Manganese
- Others
- By Vehicle Type
- Electric Vehicle
- Two / Three Wheeler
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicle
- Bus & Coach
- Heavy Duty Truck
- Off-road Vehicle
- Plug-in / Hybrid Electric Vehicle
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicle
- Bus & Coach
- Heavy Duty Truck
- Off-road Vehicle
- Passenger Vehicle
- Electric Vehicle
- By Sales Channel
- OEM
- Aftermarket
- Battery Type
- Auxiliary Battery
- Battery Type
- Lead Acid Battery
- Flooded
- VRLA
- Lithium-ion Battery
- Nickel Metal Hydride Battery
- Nickel-Cadmium Battery
- Sodium-ion Battery
- By Battery Capacity
- Less than 5 Ah
- 5 Ah to 15 Ah
- 16 Ah to 25 Ah
- More than 25 Ah
- By Material Type
- Cobalt
- Lithium
- Natural Graphite
- Manganese
- Others
- By Vehicle Type
- ICE Vehicle
- Two / Three Wheeler
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicle
- Bus & Coach
- Heavy Duty Truck
- Off-road Vehicle
- Agriculture Tractor & Equipment
- Construction & Mining Equipment
- Electric Vehicle
- Two / Three Wheeler
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicle
- Bus & Coach
- Heavy Duty Truck
- Off-road Vehicle
- Plug-in / Hybrid Electric Vehicle
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicle
- Light Commercial Vehicle
- Bus & Coach
- Heavy Duty Truck
- Off-road Vehicle
- Passenger Vehicle
- ICE Vehicle
- By Sales Channel
- OEM
- Aftermarket
- Battery Type
- Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
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