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Electric Vehicle Battery Market: Industry Size, Share, and Competition Analysis

Electric Vehicle Battery Market: Industry Size, Share, and Competition Analysis

The global electric vehicle battery market is expected to achieve a CAGR of 16.06% and reach USD 147.64 billion by 2027, according to a TechSci Research report titled "Electric Vehicle Battery Market - Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027". This growth is attributed to the increasing sales of electric vehicles and technological advancements that enhance battery pack performance. An electric vehicle battery is a rechargeable power source used to power electric vehicles, which is characterized by high specific energy, power to weight ratios, and energy densities. Lithium-ion batteries are commonly used in modern electric vehicles due to their high energy density. Recently, variations of lithium-ion batteries have been developed with features such as fire resistance, environmental friendliness, rapid charging, and longer lifespans.

The demand for electric vehicles is increasing due to the growing adoption of various types of electric vehicles, technological advancements, collaborations, and the installation of battery swap stations in different regions. The electric vehicle battery market is mainly driven by the increasing sales of zero-emission vehicles and the decreasing cost of battery packs due to technological innovations. China currently holds the largest market share due to the faster adoption of electric vehicles.

Browse more than 131 market data Figures spread through 110 Pages and an in-depth TOC on "Electric Vehicle Battery Market" - https://www.techsciresearch.com/report/electric-vehicle-battery-market/14177.html

The electric car battery is a critical component of the electric drivetrain that ensures its range and safety. Despite supply chain disruptions and auto parts shortages, electric car production and penetration are increasing in Asia Pacific and Europe due to the rise in environmental awareness. Alternatively, exhausted batteries can be swapped out for fully charged ones and recharged. The main obstacle to the widespread acceptance of electric vehicles is the prolonged charging duration. However, the emergence of swap stations in various locations is meeting the increasing demand. Nevertheless, the development of the electric vehicle battery market is hindered by factors such as manufacturers' resistance to standardizing battery access, safety issues, and concerns about the integration of old batteries into systems.

In vehicle type, the medium & heavy commercial vehicle is the fastest growing segment is expected to grow at a CAGR of 21.44%, followed by two-wheeler segment, light commercial vehicle, passenger cars. In terms of propulsion type, the global electric vehicle battery market is segmented into BEV, PHEV, and HEV. Battery electric vehicles account for more than 54% of the overall market share, followed by hybrid electric vehicles, due to their high sales volume.

The global electric vehicle battery market can be segmented based on vehicle type, propulsion type, battery type, battery capacity, demand category, region, and by company. Based on vehicle type, passenger cars currently hold more than the half of the market share in volume, followed by two-wheeler with nearly 37%. On the basis of propulsion type, BEV led the market with more than 54% market share in 2021, followed by HEV and then the PHEV segment. Based on battery type, the lithium-ion segment holds the majority of the market share, followed by lead acid. Based on battery capacity, due to high volume of HEV and two-wheelers, < 51 KWh segment captured more than 80% of overall market share. Based on demand category, OEM segment has majority of shares, but replacement segment is the fastest growing at CAGR of 30.76% during the forecast period due to increasing number of battery swap stations.

“In 2021, Asia-Pacific accounted for the largest market share i.e., 75.37% in the global electric vehicle battery market. The APAC region is expected to maintain its dominance over the next five years growing at CAGR of 15%. To meet its net zero target, European union is growing at CAGR of 13.47% in the next five years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Some of the major companies operating in the global electric vehicle battery market include:

  • Robert Bosch GmbH
  • Contemporary Amperex Technology Co. Ltd.
  • Denso Corporation
  • LG Chem Energy Solutions
  • Samsung SDI Co. Ltd.
  • Panasonic Corporation
  • GS Yuasa Energy Co. Ltd.
  • BYD Co. Ltd.
  • Hitachi Ltd.
  • SK innovation Co. Ltd.

These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.

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“The global electric vehicle battery market appears to be one of the fastest growing markets in the electric vehicle industry. With more than 55% of the market share, passenger vehicles hold the largest share of the worldwide electric vehicle battery market and are expected to maintain their dominance during the projected period.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“Electric vehicle battery market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027”, has evaluated the future growth potential of global electric vehicle battery market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive battery management system market.

Download Free Sample Report - https://www.techsciresearch.com/sample-report.aspx?cid=14177


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About TechSci Research:

TechSci Research is a research based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high value market research and advisory services that helps them identify new market opportunities, growth engines and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends. Not bound by legacy, TechSci’s cutting-edge research model leverages its decades of research knowledge and an increased use of technology as engines of innovation to deliver unique research value. Provided as an alternative to traditional market research, TechSci Research reports do not just deliver data and knowledge rather highlights the insights in a more usable and interactive format for its clients.



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