The Global Electric Vehicle Battery Market is driven by favorable government policies
Electric vehicles (EVs) are automobiles that run on electric motors rather than internal combustion engines requiring petrol or diesel. They are powered by rechargeable batteries that when charged provides power to the electric motor. EVs have zero direct emissions and lower operating costs compared to traditional internal combustion engine vehicles. The batteries used in EVs are large rechargeable batteries, usually lithium-ion battery packs. Lithium-ion batteries are the most commonly used batteries in EVs due to their high power-to-weight ratio, high energy density, low self-discharge, and slow loss of charge when not in use.
The electric vehicle battery market is estimated to be valued at USD 62.84 Bn in 2025 and is expected to reach USD 97.01 Bn by 2032. It is projected to grow at a compound annual growth rate (CAGR) of 6.4% from 2025 to 2032.
The growing demand for Electric Vehicle Battery Market is fueling the market for EV batteries globally. Stringent government regulations regarding vehicle emissions and rising environmental concerns are propelling the sales of EVs.
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