The Global EV Battery Market size was valued at USD 132.5 billion in 2023 & is projected to reach USD 495.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 14.4% during the forecast period, i.e., 2025-30.        

Global EV Battery Market Driver:

Rising Government Initiatives Promoting EV Adoption Among Consumers – The surging government policies & plans towards adopting alternative fuel vehicles worldwide are emerging as a significant driving factor in the EV battery industry. Conventional vehicles running on fossil fuels have been a pivotal source of GHG emissions. Moreover, the global CO2 emissions due to transportation activities grew by more than 250Mt CO2 to nearly 8Gt CO2 in 2022 making the transport sector a major contributor to overall emissions. Hence, official authorities across the globe have been trying to reduce the emission rates by providing subsidies, incentives, and tax reductions on electric automobiles. Countries like Thailand, India, Germany, the US, etc., have offered subsidies and financial incentives such as value-added tax (VAT) and exemptions from car registration taxes for higher EV Adoption. For instance:

·        In 2022, under its Internal Revenue Code Section 30D, the US government stated that credit up to USD 7,500 is provided to consumers if they buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV).

These exemptions from taxes coupled with subsidies and incentives have resulted in the increasing adoption of electric vehicles due to increased affordability and cost-effectiveness for consumers. As a result, the demand for reliable battery solutions powering these electric vehicles is also increasing, which is surging the demand for electric vehicle batteries and propelling the growth of the Global EV Battery Market.

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Key Market Reports Highlights

·        Market Dimensions & Projections

·        Pricing Evaluation

·        Recent Strategic Moves by Companies

·        Primary Stakeholders

·        Import/Export Trend Analysis

·        Competitive Landscape Assessment

·        Emerging Opportunities

·        Market Trends and Indicators

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Global EV Battery Market Segmentation:

The market report categorizes the market based on different segments and geographical analysis.

Study Timeline:

-Base Year: 2024

-Historical Period: 2020 to 2023

-Forecast Period: 2025 to 2030

• By Battery Type
• Lithium-Ion- Market Size & Forecast 2020-2030F, (Thousand Units)
• Lead-Acid- Market Size & Forecast 2020-2030F, (Thousand Units)
• Nickel-Metal Hydride- Market Size & Forecast 2020-2030F, (Thousand Units)
• Others (Sodium Ion, Solid-State)- Market Size & Forecast 2020-2030F, (Thousand Units)
• By Battery Capacity
• <50 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)
• 50-110 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)
• 111-200 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)
• 201-300 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)
• >300 KWh- Market Size & Forecast 2020-2030F, (Thousand Units)
• By Battery Form
• Prismatic- Market Size & Forecast 2020-2030F, (Thousand Units)
• Pouch- Market Size & Forecast 2020-2030F, (Thousand Units)
• Cylindrical - Market Size & Forecast 2020-2030F, (Thousand Units)
• By Propulsion Type
• Battery Electric Vehicle (BEV)- Market Size & Forecast 2020-2030F, (Thousand Units)
• Plug-In Hybrid Electric Vehicle (PHEV)- Market Size & Forecast 2020-2030F, (Thousand Units)
• Fuel-Cell Electric Vehicle- Market Size & Forecast 2020-2030F, (Thousand Units)
• Hybrid Vehicle- Market Size & Forecast 2020-2030F, (Thousand Units)
• By Vehicle Type
• Two-wheeler- Market Size & Forecast 2020-2030F, USD Million
• Passenger Cars- Market Size & Forecast 2020-2030F, USD Million
• Commercial Vehicles- Market Size & Forecast 2020-2030F, USD Million
• Vans/Light Trucks- Market Size & Forecast 2020-2030F, USD Million
• Medium & Heavy Trucks- Market Size & Forecast 2020-2030F, USD Million
• Buses- Market Size & Forecast 2020-2030F, USD Million
• Off-Highway Vehicles- Market Size & Forecast 2020-2030F, USD Million
• By Method
• Wire Bonding- Market Size & Forecast 2020-2030F, (Thousand Units)
• Laser Bonding- Market Size & Forecast 2020-2030F, (Thousand Units)
• Ultrasonic Bonding - Market Size & Forecast 2020-2030F, (Thousand Units)
• By Region
• North America
• South America
• Europe
• The Middle East & Africa
• Asia-Pacific

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including - Contemporary Amperex Technology Co., Limited, LG Energy Solutions, BYD Company Limited, Panasonic Corporation, Toshiba Corporation, Mitsubishi Corporation, Enersys, SK Inc., CALB, Gotion Inc, Sunwoda Electronic Co. Ltd, Farasis Energy, Vehicle Energy Japan, Inc, Exide Industries, Primearth EV Energy Co., Ltd, Others

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