Electric Vehicle Battery Market: 2024 Industry Analysis, Size, Trends, Growth and Forecast 2031

Electric Vehicle Battery Market

An electric-vehicle battery (EVB, also known as a traction battery) is a battery used to power the electric motors of a battery electric vehicle (BEV) or hybrid electric vehicle (HEV). These batteries are usually rechargeable (secondary) batteries, and are typically lithium-ion batteries. These batteries are specifically designed for a high ampere-hour (or kilowatt-hour) capacity.

Electric-vehicle batteries differ from starting, lighting, and ignition (SLI) batteries as they are designed to give power over sustained periods of time and are deep-cycle batteries. Batteries for electric vehicles are characterized by their relatively high power-to-weight ratio, specific energy and energy density; smaller, lighter batteries are desirable because they reduce the weight of the vehicle and therefore improve its performance. Compared to liquid fuels, most current battery technologies have much lower specific energy, and this often impacts the maximum all-electric range of the vehicles.

The most common battery type in modern electric vehicles are lithium-ion and lithium polymer, because of their high energy density compared to their weight. Other types of rechargeable batteries used in electric vehicles include lead–acid (“flooded”, deep-cycle, and valve regulated lead acid), nickel-cadmium, nickel–metal hydride, and, less commonly, zinc–air, and sodium nickel chloride (“zebra”) batteries. The amount of electricity (i.e. electric charge) stored in batteries is measured in ampere hours or in coulombs, with the total energy often measured in kilowatt-hours.

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Electric Vehicle Battery: Introduction

  • An electric-vehicle battery provides power to the electric motors of electric vehicles (EV), hybrid electric vehicles (HEV) and plug-in hybrid electric vehicles (PHEV)
  • Electric vehicle batteries are rechargeable and are mostly lithium-ion batteries. The capacity of an electric vehicle battery is expressed in kilowatt-hours.
  • An electric vehicle battery is an energy accumulator, which stores electricity for transmission to a current engine. The electric vehicle battery makes the vehicles sustainable and eliminates their dependence on fossil fuels.
  • Electric vehicle batteries are widely used in all electric vehicles as electric vehicle batteries possess high energy density, self-discharge capacity, and require low maintenance. Moreover, they reduce environmental emission in the transport sector due to their high energy efficiency and zero emission of electric vehicles during.

Rise in Demand of Global Electric Vehicle Battery Market

  • The lithium-ion battery is expected to account for a prominent share, in terms of revenue, of the global electric vehicle battery market, due to the high demand for lithium-ion batteries in the electric vehicle industry
  • Increased demand for electric vehicles worldwide, rapid rise in fuel prices, expansion of global auto manufacturers into new emerging markets, and government initiatives are boosting the global electric vehicle battery market
  • Governments are promoting the adoption of vehicles using alternative sources of fuel. Electric vehicles are zero-emission vehicles and are gaining preference for clean public transport across countries, which in turn boosts the global electric vehicle battery market

Asia Pacific to Lead Global Electric Vehicle Battery Market

  • Asia Pacific is estimated to account for a prominent share of the global electric vehicle battery market during the forecast period due to an increase in adoption of electric vehicles in emerging countries such as China, Japan, and India in the region
  • Asia Pacific is expected to offer several opportunities to vendors due to the presence of a large number of major vendors of the electric vehicle battery
  • High demand for electric vehicles in urban areas and increase in usage of lithium-ion batteries are expected to fuel the electric vehicle battery market in Asia Pacific
  • Asia Pacific is anticipated to dominate the global electric vehicle market due to its large population, support policies of governments in the region and investment for the deployment of public charging infrastructure across Asia Pacific

Key Players Operating in Global Electric Vehicle Battery Market

  • Samsung SDI Co., Ltd.
  • BYD Company Limited
  • Panasonic Corporation
  • Cummins, Inc.
  • EnerSys
  • Tesla, Inc.
  • Hitachi Chemical Co., Ltd.

Global Electric Vehicle Battery Market: Research Scope

Global Electric Vehicle Battery Market, by Propulsion Type

  • Battery Electric Vehicle
  • Hybrid Electric Vehicle
  • Plug-in Hybrid Electric Vehicle

Global Electric Vehicle Battery Market, by Battery Type

  • Lead Acid Battery
  • Nickel Metal Hydride Battery
  • Lithium ion Battery

Global Electric Vehicle Battery Market, by Vehicle Type

  • Passenger Car
  • Commercial Vehicle
  • Two-wheeler

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