Product Code: GVR-3-68038-687-5
Electric Vehicle Battery Market Growth & Trends:
The global electric vehicle battery market size is expected to reach USD 198.86 billion in 2030 growing at a CAGR of 22.2% from 2025 to 2030, according to a new study conducted by Grand View Research, Inc. Increasing government initiatives for reducing carbon emissions and promoting the adoption of electric vehicles (EVs) drive the market growth. Growing consumer interest in EVs owing to lower operating costs and environmental benefits boosts the product demand. Rising advancements in battery technologies and the development of batteries that give better range, enhanced performance, and faster charging times, safety, and reliability are further expected to boost the growth of the market. Lithium-ion batteries have become more efficient, reliable, and cost-effective, driving down the cost of electric vehicles.
These types of batteries are currently used in the majority of EVs and are expected to maintain their dominance during the forecast period. Several manufacturers, including Nissan Motor Corp. and Tesla Inc., have invested heavily in this battery technology. Furthermore, various companies are establishing battery manufacturing plants to produce batteries owing to the rising demand for EVs. For instance, in May 2022, Stellantis N.V., an automotive manufacturing corporation, and Samsung SDI Co., Ltd., a battery manufacturing company, signed definitive agreements to create an electric vehicle battery production plant in Kokomo, Indiana, U.S. The facility is planned to start operations in 2025 and is expected to have an initial production capacity of 23 GWh per year, with an aim to increase to 33 GWh over the next few years.
In addition, in November 2022, Canoo, a prominent high-tech mobility firm, announced the establishment of a battery module manufacturing plant at MidAmerica Industrial Park in Pryor, Oklahoma, U.S. as part of its expansion plan to increase manufacturing capabilities and job opportunities in the area. The outbreak of the COVID-19 pandemic severely impacted several economies. In addition, increased fuel prices owing to the Russia-Ukraine conflict are expected to prompt consumers to adopt electric vehicles considering the lower lifecycle cost of an electric vehicle as compared to internal combustion engine (ICE) vehicles, which is ultimately making more demand for electric vehicle batteries. Furthermore, aggressive investments in innovation and subsequent advances in battery technology are expected to create new opportunities for the growth of the EV battery market.
Electric Vehicle Battery Market Report Highlights:
- The lithium-ion battery segment accounted for the largest share of 67.4% in 2024. The segment is also anticipated to grow at the highest CAGR during the forecast period.
- The battery electric vehicle (BEV) segment held the largest market share in 2024. The segment is also anticipated to grow at the highest CAGR during the forecast period.
- The cans energy drinks segment held a share of 92.5% of the U.S. revenue in 2024. Metal cans offer superior convenience, product protection, and sustainability that strongly appeal to consumers and manufacturers alike
- The passenger cars segment dominated the market in 2024. The growing sales of electric passenger cars such as sedans, hatchbacks, SUVs, and others (including XUVs, station wagons, and minivans) continue to propel the segment's growth
- Asia Pacific electric vehicle battery market led the global market with a revenue share of 51.8% in 2024, led by China, Japan, South Korea, and emerging markets like India.
Table of Contents
Chapter 1. Methodology and Scope
- 1.1. Market Segmentation and Scope
- 1.2. Research Methodology
- 1.2.1. Information Procurement
- 1.3. Information or Data Analysis
- 1.4. Methodology
- 1.5. Research Scope and Assumptions
- 1.6. Market Formulation & Validation
- 1.7. Country Based Segment Share Calculation
- 1.8. List of Data Sources
Chapter 2. Executive Summary
- 2.1. Market Outlook
- 2.2. Segment Outlook
- 2.3. Competitive Insights
Chapter 3. Electric Vehicle (EV) Battery Market Variables, Trends, & Scope
- 3.1. Market Lineage Outlook
- 3.2. Market Dynamics
- 3.2.1. Market Driver Analysis
- 3.2.2. Market Restraint Analysis
- 3.2.3. Industry Challenge
- 3.3. Electric Vehicle (EV) Battery Market Analysis Tools
- 3.3.1. Industry Analysis - Porter's
- 3.3.1.1. Bargaining power of the suppliers
- 3.3.1.2. Bargaining power of the buyers
- 3.3.1.3. Threats of substitution
- 3.3.1.4. Threats from new entrants
- 3.3.1.5. Competitive rivalry
- 3.3.2. PESTEL Analysis
- 3.3.2.1. Political landscape
- 3.3.2.2. Economic landscape
- 3.3.2.3. Social landscape
- 3.3.2.4. Technological landscape
- 3.3.2.5. Environmental landscape
- 3.3.2.6. Legal landscape
Chapter 4. Electric Vehicle (EV) Battery Market: Battery Type Estimates & Trend Analysis
- 4.1. Segment Dashboard
- 4.2. Electric Vehicle (EV) Battery Market: Battery Type Movement Analysis, 2024 & 2030 (USD Million)
- 4.3. Lithium-Ion Battery
- 4.3.1. Lithium-Ion Battery Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.4. Lead-Acid Battery
- 4.4.1. Lead-Acid Battery Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 4.5. Others (Solid-state Battery, Nickel-Metal Hydride, Sodium-ion Battery)
- 4.5.1. Others (Solid-state Battery, Nickel-Metal Hydride, Sodium-ion Battery) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 5. Electric Vehicle (EV) Battery Market: Propulsion Type Estimates & Trend Analysis
- 5.1. Segment Dashboard
- 5.2. Electric Vehicle (EV) Battery Market: Propulsion Type Movement Analysis, 2024 & 2030 (USD Million)
- 5.3. Battery Electric Vehicle (BEV)
- 5.3.1. Battery Electric Vehicle (BEV) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 5.4. Plug-In Hybrid Electric Vehicle (PHEV)
- 5.4.1. Plug-In Hybrid Electric Vehicle (PHEV) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 6. Electric Vehicle (EV) Battery Market: Vehicle Type Estimates & Trend Analysis
- 6.1. Segment Dashboard
- 6.2. Electric Vehicle (EV) Battery Market: Vehicle Type Movement Analysis, 2024 & 2030 (USD Million)
- 6.3. Two-Wheeler
- 6.3.1. Two-Wheeler Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.4. Passenger Cars
- 6.4.1. Passenger Cars Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.5. Buses
- 6.5.1. Buses Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6. Commercial Light Duty Vehicles
- 6.6.1. Commercial Light Duty Vehicles Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6.2. Three-Wheeler
- 6.6.2.1. Three-Wheeler Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.6.3. Four-Wheeler
- 6.6.3.1. Four-Wheeler Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
- 6.7. Others (Trucks, Trailers)
- 6.7.1. Others (Trucks, Trailers) Market Revenue Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 7. Electric Vehicle (EV) Battery Market: Regional Estimates & Trend Analysis
- 7.1. Electric Vehicle (EV) Battery Market Share, By Region, 2024 & 2030 (USD Million)
- 7.2. North America
- 7.2.1. North America Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.2.2. U.S.
- 7.2.2.1. U.S. Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.2.3. Canada
- 7.2.3.1. Canada Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.2.4. Mexico
- 7.2.4.1. Mexico Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3. Europe
- 7.3.1. Europe Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.2. UK
- 7.3.2.1. UK Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.3. Germany
- 7.3.3.1. Germany Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.3.4. France
- 7.3.4.1. France Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4. Asia Pacific
- 7.4.1. Asia Pacific Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.2. China
- 7.4.2.1. China Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.3. Japan
- 7.4.3.1. Japan Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.4. India
- 7.4.4.1. India Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.5. South Korea
- 7.4.5.1. South Korea Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.4.6. Australia
- 7.4.6.1. Australia Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5. Latin America
- 7.5.1. Latin America Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.5.2. Brazil
- 7.5.2.1. Brazil Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6. Middle East and Africa
- 7.6.1. Middle East and Africa Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.2. UAE
- 7.6.2.1. UAE Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.3. KSA
- 7.6.3.1. KSA Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
- 7.6.4. South Africa
- 7.6.4.1. South Africa Electric Vehicle (EV) Battery Market Estimates and Forecasts, 2018 - 2030 (USD Million)
Chapter 8. Competitive Landscape
- 8.1. Company Categorization
- 8.2. Company Market Positioning
- 8.3. Company Heat Map Analysis
- 8.4. Company Profiles/Listing
- 8.4.1. Contemporary Amperex Technology Co., Limited.
- 8.4.1.1. Participant's Overview
- 8.4.1.2. Financial Performance
- 8.4.1.3. Product Benchmarking
- 8.4.1.4. Strategic Initiatives
- 8.4.2. LG Energy Solution
- 8.4.2.1. Participant's Overview
- 8.4.2.2. Financial Performance
- 8.4.2.3. Product Benchmarking
- 8.4.2.4. Strategic Initiatives
- 8.4.3. BYD Motors
- 8.4.3.1. Participant's Overview
- 8.4.3.2. Financial Performance
- 8.4.3.3. Product Benchmarking
- 8.4.3.4. Strategic Initiatives
- 8.4.4. Panasonic Corp.
- 8.4.4.1. Participant's Overview
- 8.4.4.2. Financial Performance
- 8.4.4.3. Product Benchmarking
- 8.4.4.4. Strategic Initiatives
- 8.4.5. Samsung SDI Co., Ltd.
- 8.4.5.1. Participant's Overview
- 8.4.5.2. Financial Performance
- 8.4.5.3. Product Benchmarking
- 8.4.5.4. Strategic Initiatives
- 8.4.6. SK on Co., Ltd
- 8.4.6.1. Participant's Overview
- 8.4.6.2. Financial Performance
- 8.4.6.3. Product Benchmarking
- 8.4.6.4. Strategic Initiatives
- 8.4.7. Toshiba Corporation
- 8.4.7.1. Participant's Overview
- 8.4.7.2. Financial Performance
- 8.4.7.3. Product Benchmarking
- 8.4.7.4. Strategic Initiatives
- 8.4.8. EnerSys, Inc.
- 8.4.8.1. Participant's Overview
- 8.4.8.2. Financial Performance
- 8.4.8.3. Product Benchmarking
- 8.4.8.4. Strategic Initiatives
- 8.4.9. Hitachi, Ltd.
- 8.4.9.1. Participant's Overview
- 8.4.9.2. Financial Performance
- 8.4.9.3. Product Benchmarking
- 8.4.9.4. Strategic Initiatives
- 8.4.10. Mitsubishi Corporation
- 8.4.10.1. Participant's Overview
- 8.4.10.2. Financial Performance
- 8.4.10.3. Product Benchmarking
- 8.4.10.4. Strategic Initiatives