From Innovation to $415.9 Billion: Electric Vehicle Battery Market Forecast
Meticulous Research®, a globally recognized market research company, has published a new report titled "Electric Vehicle Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Battery), Battery Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Battery Form, Application, End User, and Geography - Global Forecast to 2031."
The report forecasts that the Electric Vehicle Battery Market will expand to $415.9 billion by 2031, growing at a CAGR of 33.1% from 2023 to 2031.
This growth is attributed to favorable government policies, declining battery prices, and increased investments by major automotive manufacturers. However, challenges such as limited lithium mining capacity and the lower energy density of lithium-ion batteries may restrict market expansion.
Key opportunities highlighted in the report include the increasing adoption of electric vehicles in emerging markets and greater investments in lithium-ion battery production. Nonetheless, safety concerns regarding EV batteries could slow market growth.
The report segments the Electric Vehicle Battery Market by type, battery capacity, bonding type, battery form, application, end user, and geography. The lithium-ion battery segment is expected to dominate the market, driven by its high energy density, compact design, and long lifespan. This segment is also projected to experience the highest growth rate during the forecast period.
Significant industry developments include BMW Group's partnership with Rimac Technology to develop high-voltage EV batteries and Hyundai Motor's collaboration with Exide Energy to expand battery production in India. These collaborations highlight the strategic efforts of automotive OEMs to secure battery supply chains and achieve technological leadership in the EV battery market.
The 51kWh to 100kWh battery capacity segment is anticipated to lead the market, driven by the launch of long-range electric vehicles and increased EV adoption in developing regions. The laser bonding segment is expected to grow at the highest CAGR, owing to its precision and minimal heat generation during welding.
Asia-Pacific is expected to dominate the market, driven by rapid EV adoption and supportive government initiatives. Meanwhile, Europe is projected to experience the highest growth rate, supported by investments in battery manufacturing and the European Battery Alliance's initiatives to boost regional production.
Key Players:
The key players operating in the global electric vehicle Battery market are SK Innovations Co. Ltd. ( South Korea), LG Chem, Ltd (South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), SVOLT Energy Technology Co., Ltd. (China), BYD Company Limited (China), Samsung SDI Co., Ltd. (South Korea), GS Yuasa International Ltd. (Japan), Vehicle Energy Japan Inc. (Japan), Northvolt AB (Sweden), Panasonic Corporation (Japan), Contemporary Amperex Technology Co. Limited (CATL) (China), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd. (Japan), E-One Moli Energy Corp. (Taiwan), StoreDot Ltd. (Israel), NOHMs Technologies, Inc. (U.S.), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), and QuantumScape Corporation (U.S.).
Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5210
Key Questions Answered in the Report:
- What are the high-growth market segments in terms of the type, battery capacity, bonding type, battery form, application, and end user?
- What is the historical market size for the global electric vehicle Battery market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global electric vehicle Battery market?
- Who are the major players in the global electric vehicle Battery market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global electric vehicle Battery market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global electric vehicle Battery market, and how do they compete with other players?
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