EV Battery Market worth $134.6 billion by 2027 – Exclusive Report by MarketsandMarkets™
Chicago, March 29, 2023 (GLOBE NEWSWIRE) -- EV Battery Market is projected to grow at a CAGR of 19.0% from USD 56.4 billion in 2022 to USD 134.6 billion by 2027, according to a new report by MarketsandMarkets™.
Browse in-depth TOC on "EV Battery Market"
359 – Tables
75 – Figures
342 – Pages
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Market size value in 2022:
USD 56.4 Billion
Projected to reach 2027:
USD 134.6 Billion
Base Year Considered:
Asia Oceania, Europe, North America, and RoW
Battery Type, Li-Ion Battery Component, Propulsion, Vehicle Type, Method, Battery Capacity, Material Type, Battery Form, And Region
CATL (China), Panasonic Holdings Corporation (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).
The growth of the EV battery market can be attributed to the increasing demand of electric vehicles, improvement in battery technology, supporting government policies and regulations, and launch of new plug-in EV models.
The lithium-ion battery segment is expected to be the during the forecast period
The lithium-ion battery dominates the EV battery market due to its high energy density, fast recharging capability, and high discharge power. As a result, lithium-ion batteries are the only available technology that is capable of fulfilling OEM requirements for developing electric vehicles with adequate drive range and fast charging. The cost of lithium-ion batteries is also a major factor driving its high demand since the decreasing cost of these battery types reached USD 130-140 /kWh in 2021 from around USD 800-900/kWh in the past years (Source: Multidisciplinary Digital Publishing Institute). Battery manufacturers are focusing on lithium-ion batteries and have invested in greenfield as well as capacity expansion projects to ramp-up production. For instance, CATL (China) plans to expand its production in Europe. the company plans to expand the production capacity of its Erfurt manufacturing site to 14GWh by the end of 2022 and 60GWh in 2026.
The 50-110 kWh segment in battery capacity will be leading the EV battery market during the forecast period
The 50-110 KWh segment of the market is estimated to be the largest. Most of the batteries used in electric vehicles operate at a range from 50-110 kilowatt-hours (kWh). Generally, the battery capacity usage depends on the development of the EV fleet as well as the required battery capacity per vehicle, which is generally above 50 kWh and 12 kWh for BEVs and PHEVs, respectively. A major advantage of the 50-110 kWh battery is the fast charging at a low price and high energy efficiency. As a result, major players of the EV market have deployed 50-110 kWh of battery capacity to stay in the competition. For example, Tesla Model S, Tesla Model X, Tesla Model 3, and Chevrolet’s Bolt EV have their battery capacity range between 50-110 kWh.
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The passenger cars segment is expected to be the largest vehicle type market
By vehicle type, the passenger cars segment is expected to dominate the EV battery market during the forecast period. The adoption of electric passenger cars in different cities is expected to accelerate at a fast rate.
The country's abundance of major EV producers like BYD, Byton, BAIC, and Geely, who produce EV passenger cars in significant quantities, can also be credited with the fast growth of the passenger car market. Due to the introduction of emission standards by numerous governments throughout the world, the passenger car category is anticipated to dominate the EV battery market over the forecast period. The prospect for growth for batteries grows since the production of electric passenger cars continues to be the highest among all other EV kinds.
Asia pacific is expected to be the largest EV battery market in the forecast
China, Japan, India, South Korea, and Thailand are included in the Asia Pacific region when analysing markets. With a share of more than 95%, China is the biggest contributor to the global market. Chinese businesses including Panasonic, LG, Chem, Samsung, CATL, and BYD are in charge of the domestic and international EV battery markets, respectively. Due to their access to more affordable parts and materials, Chinese EV producers are able to provide their products at lower costs.
With intentions for exports, China is likewise making large investments in the manufacturing of both commercial and passenger electric vehicles. To accommodate local demand, OEMs like BYD intend to establish factories in other continents to produce electric trucks and buses. The nation encourages the use of EVs by providing a subsidy for EV purchases. The nation is also enticing businesses to create better EV technologies, which will aid in EV batteries overall growth.
Key Market Players:
The EV Battery Market comprises major companies such as players CATL (China), Panasonic Holdings Corporation (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).
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