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Electric Vehicle Battery Market to reach US$ 18.09 Billion by 2032 | Report by FMI

According to ESOMAR-certified Future Market Insights’ (FMI), With a promising CAGR of 8.5% and an expected revenue of USD 18.09 billion in 2032, the global electric vehicle battery market is expected to solidify its position in the industry. In 2022, the market is expected to be worth USD 8.68 billion.

Among battery types, the lithium ion battery segment in the electric vehicle battery market is expected to expand at a CAGR of more than 8.5% in terms of value over the forecast period.

In this report, FMI throws light on the drivers and restraints likely to impact the electric vehicle battery market during this period.

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Growing Demand for Electric Vehicles and Advancements in Battery Technology Expected to Drive the Electric Vehicle Battery Market

In the current scenario pertaining to the automotive industry, improvements have been witnessed in the demand for vehicles run by some form of electric power, such as HEV, PHEV and BEV, with a higher working range. This demand from the end users has compelled traction battery manufacturers to focus more on increasing the energy density, which can provide a high travelling range. In addition, the demand for electric vehicles has also encouraged battery manufacturers to expand their production capacity, which also helps them maintain economies of scale and bring down their operational cost, thus decreasing the price of electric batteries.

Moreover, the new technology battery has also decreased the per kilometer running cost of vehicles, which is encouraging the general population to change their preference from IC engine-driven vehicles to battery-driven vehicles.

Electric Vehicle Battery Market: Segmentation Analysis

The electric vehicle battery market is segmented on the basis of battery type, battery capacity, vehicle type, and vehicle technology.

  • Lithium ion battery is expected to continue to dominate the market in terms of volume and value over the forecast period. The lithium ion battery sub-segment of the electric vehicle battery market is estimated to grow at a significant CAGR of 9.4% over the forecast period. It is expected to represent a total incremental opportunity of US$ 13.8 Bn between 2017 and 2027 in the electric vehicle battery market. The nickel hydride battery is projected to grow at a relatively low CAGR as compared to the lithium ion battery over the forecast period
  • Hybrid electric vehicles are projected to be the most prominent vehicle technology in the electric vehicle battery market. The hybrid electric vehicle segment is estimated to grow at a significant CAGR in terms of value over the forecast period in the electric vehicle battery market
  • The passenger car segment is the most prominent vehicle type segment in the electric vehicle battery market. It is estimated to hold more than 80% of the electric vehicle battery market.

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Electric Vehicle Battery Market: Regional Market Projections

The electric vehicle battery market in Asia Pacific Excluding Japan (APEJ) is expected to represent a significantly high incremental opportunity between 2017 and 2027. The electric vehicle battery market in APEJ is expected to represent a total incremental opportunity of US$ 6.9 Bn between 2017 and 2027.

Electric Vehicle Battery Market: Participants

This report highlights some of the top companies operating in the electric vehicle battery market, which include:

Automotive Energy Supply Corporation; Panasonic Corporation; BYD Company Limited; GS Yuasa Corporation; LG Chem Ltd.; Samsung SDI Co., Ltd.; Tesla Motors, Inc.; Hitachi Chemical Company, Ltd.; Narada Power Source Co. Ltd.; Johnson Controls International Plc.; Tianneng Power International Co., Ltd.; Crown Battery Corporation; Furukawa Electric Co., Ltd.; EnerSys, Wanxiang Group Corporation; East Penn Manufacturing Co.; Toshiba Corporation and Leoch International Technology Ltd., among others.

Key segments covered in electric vehicle battery market report

On the basis of battery capacity, the electric vehicle battery market can be segmented into:

  • Less than 20 kWh
  • 21-40 kWh
  • More than 41 kWh

On the basis of vehicle technology, the electric vehicle battery market can be segmented into:

  • HEV
  • PHEV
  • BEV

On the basis of vehicle type, the electric vehicle battery market can be segmented into:

  • Passenger Cars
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
  • Others

On the basis of battery type, the electric vehicle battery market can be segmented into:

  • Lithium Ion
  • Lead Acid
  • Nickel Hydride
  • Others

On the basis of region, the electric vehicle battery market can be segmented into:

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • APEJ
  • Japan
  • Middle East & Africa (MEA)

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Additional questions answered

The report also provides answers to other important questions related to electric vehicle battery market, such as –

  • Why sales of electric Lithium Ion electric vehicle battery are outpacing other types of electric vehicle battery?
  • How many units of less than 20 kWh electric vehicle battery will be sold by 2027-end?
  • Which vehicle type will hold largest volume share of the electric vehicle battery market?
  • By what rate is hybrid electric vehicle battery sale is growing during the forecast period?
  • What will be the growth rate of electric vehicle battery market in APEJ?