New Plug in EV Models Driving Market Demand for EV batteries
Luton, Bedfordshire, United Kingdom, Aug. 19, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Electric Vehicle Battery Market.
The global electric vehicle battery market is expected to grow at 21% CAGR from 2019 to 2028. It is expected to reach above USD 95 billion by 2028 from USD 17 billion in 2019.
Since they complete a variety of tests before use, the majority of electric car batteries are regarded as safe. But a number of incidents, like the recall of 68,000 Chevy EV Bolts after five battery-related fires, have prompted questions about the security of these batteries.
Lithium, manganese, and polymers are among the flammable materials that go into making electric vehicle batteries. Lithium becomes incredibly reactive when it comes into contact with water. As a result, concerns exist over the safety and performance of these batteries in highly dry or wet environments, which will limit their sales in the future.
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The Asia Pacific region held the largest share of the market. China's EV Battery Market is expected to account for about 28.5% of global revenue, making Asia the region with the largest market share. Asian nations, particularly China, India, and South Korea, have seen a growth in the demand for electric car batteries in recent years as a result of the rising popularity of electric vehicles. China has a large concentration of electric and conventional vehicle battery producers due to low labour costs and low maintenance costs.
New Plug-in EV Models Driving Market Demand
The demand for electric vehicles is growing quickly all around the world. Major automakers are entering the market as a result of the rising demand for EVs, which will eventually be projected to boost demand for EV batteries.
To improve their market share, well-known automakers including Toyota, Tata Motors, Mercedes-Benz, and Hyundai are creating electric vehicle models. Due to major manufacturers' interest in the market, the development of electric cars is expected to pick up speed soon.
Recently, in April 2021, Toyota Motor Corporation announced the release of its new battery electric vehicle (BEV) series- Toyota bZ. A concept version of the first model in the series, the bZ4X would be unveiled in Shanghai, while 15 BEVs, including 7 Toyota bZ BEVs, would be introduced globally by 2025.
As more people switch to electric vehicles, Hitachi High-Tech predicts a rise in demand for used lithium-ion batteries. According to the business, the annual global market for testing batteries is expected to reach between 500 billion ($4.8 billion) and 1 trillion yen by 2030.
As a part of Electric Vehicle Battery Market segmentation, our study exhibits a market analysis based on type, Market application and Historic Data:
Electric Vehicle Battery Market CAGR
Base Year Considered
Total revenue and forecast, CAGR, Market value, share, and Y-o-Y growth by segment and region
Value (USD Million) and Volume (Million Units)
Vehicle Type, Propulsion Type, Battery Type
Asia Pacific, Europe, North America, South America, Middle East & Africa
Key players in the Electric Vehicle Battery Market are CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea). Additionally, the report covers 15 other players.
Market growth driving factors, challenges & pitfalls, opportunities, trends, key players analysis, and region analysis
Market Size Available for Years
Yes, the report can be customized as per your need. (Free 15% Customization)
PDF, and Excel through Email
Browse Detailed Research Insights with TOC:
Once they become commercially available, solid-state batteries are anticipated to grow at the quickest rate.
Once commercialised, the solid-state battery segment is anticipated to grow faster than other battery types. According to Meticulous Research's estimate, solid-state battery commercialisation is anticipated to begin in 2025. A Li-ion battery that uses a liquid electrolyte solution has a lower energy density than a solid-state battery. Due to the extremely low risk of fire, this sort of battery may be manufactured very small to conserve space. Compared to lithium-ion batteries, a solid-state battery can significantly increase the energy density per unit area. A solid-state battery pack will have more capacity than a lithium-ion battery of the same size because of these characteristics.
Key Market Segments: Electric vehicle battery Market
Electric Vehicle Battery by Vehicle Type, 2019-2028, (IN USD Million)
Electric Vehicle Battery by Propulsion Type, 2019-2028, (In USD Million)
Battery Electric Vehicle
Hybrid Electric Vehicle
Plug-In Hybrid Electric Vehicle
Electric Vehicle Battery Market by Battery Type, 2019-2028, (In USD Million)
Lead Acid Battery
Nickel Metal Hydride Battery
Electric Vehicle Battery Market by Region, 2019-2028, (In USD Million)
The Middle East And Africa
Important Countries In All Regions Are Covered.
Additionally, the report's primary conclusions indicate that
– Detailed overview of Electric Vehicle Battery Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Electric Vehicle Battery Market.
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.
Finally, researchers throw light on the pinpoint analysis of Global Electric Vehicle Battery Market dynamics. It also measures the sustainable trends and platforms which are the basic roots behind the market growth. The degree of competition is also measured in the research report. With the help of SWOT and Porter’s five analysis, the market has been deeply analyzed. It also helps to address the risk and challenges in front of the businesses. Furthermore, it offers extensive research on sales approaches.
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