Electric Vehicle (EV) Batteries Industry Overview 2025: Growth Prospects and Forecasts to 2034
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Key Market Size Shifts in the Electric Vehicle (EV) Batteries Market: A Historical Perspective and beyond
The market size of electric vehicle (ev) batteries has witnessed substantial expansion in the recent past. The market is forecasted to rise from $67.13 billion in 2024 to $88.36 billion in 2025, with a compound annual growth rate (CAGR) of 31.6%.
Factors such as declining prices of ev batteries, growth of emerging markets, increased local production, and a surge in disposable income, have contributed to the growth experienced in the historic period.
The market size for electric vehicle (EV) batteries is forecasted to grow exponentially in the coming years, reaching a valuation of $196.62 billion in 2029, with a compound annual growth rate (CAGR) of 22.1%. The expected growth within this period is due to factors such as rising fuel costs, an increase in the demand for electric vehicles, urbanization, and increased investments by automotive Original Equipment Manufacturers (OEMs).
During the forecast period, key trends such as vehicle to grid technology, the use of lithium-ion batteries, improved partnerships and collaborations, and rising investments in EV batteries are expected to emerge.
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What's Driving the Continued Growth of the Global Electric Vehicle (EV) Batteries Market?
The growth of the electric vehicle (EV) battery market is being fueled by public interest in EVs, prompted by advancements in EV batteries and related technologies. Modern improvements like lithium-ion batteries, quick charging capabilities, and increased distance coverage have made electric cars more consumer-friendly.
For instance, data from the Office of Energy Efficiency and Renewable Energy, a U.S. government body, recorded that while the longest range for an electric vehicle was 405 miles in the 2021 model year, certain 2022 models are already surpassing 500 miles of range as of January 2022.
Additionally, the continuous evolution of technology has allowed for a decrease in the cost of electronic batteries. A 2022 Bloomberg report highlighted that the average cost for a lithium-ion battery stood at $151/kWh.
Given these factors, advancements in electronic battery technology and associated systems enhance vehicle mileage, thereby attracting more customers and fuelling the growth of the EV battery market.
Top Revenue-Generating Segments in the Electric Vehicle (EV) Batteries Market
The electric vehicle (ev) batteries market covered in this report is segmented -
1) By Battery Type: Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Others
2) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
3) By Propulsion: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicles, Fuel Cell Electric Vehicles.
Subsegments:
1) By Lithium-Ion Batteries: Lithium Iron Phosphate (LiFePO4), Lithium Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Other Lithium-Ion Variants
2) By Lead-Acid Batteries: Flooded Lead-Acid (FLA), Absorbed Glass Mat (AGM), Gel Lead-Acid
3) By Nickel-Metal Hydride Batteries: Standard Nickel-Metal Hydride, Advanced Nickel-Metal Hydride
4) By Others: Solid-State Batteries, Flow Batteries, Other Emerging Battery Technologies
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Which Trends Will Guide the Development Path of the Electric Vehicle (EV) Batteries Industry?
Prominent entities in the EV batteries market are innovating and introducing highly advanced products, like lithium iron phosphate (LiFePO4) batteries, to offer greater safety, extensive cycle life, thermal stability, and high discharge rates. The lithium iron phosphate (LiFePO4) battery, a specific type of rechargeable lithium-ion battery, is celebrated for its safety, thermal stability, lengthened cycle lifespan, and potent power output, making it an apt choice for electric vehicles, renewable energy storage, and handheld gadgets.
In June 2024, China's auto manufacturer Geely launched the Aegis Short Blade Battery. This battery, with an energy density of 192 Wh/kg and a remarkable cycle life of up to 3,500 cycles, can power vehicles for about 1 million kilometers with minor effect on range.
With a lifespan of up to 50 years, this battery significantly boosts the durability and residual value of second-hand cars. It adeptly tackles the problem of high internal resistance found in many long blade batteries by employing elongated, slender carbon nanotubes to create an "express route" for ion transmission, combined with additives that amplify film permeability to facilitate simpler lithium-ion movement between electrodes.
Hence, the Aegis Short Blade Battery provides superior fast-charging capabilities, managing an average charging duration of only 17 minutes and 4 seconds to reach 80 percent capacity at a charging speed of 2.45 C, as opposed to the 26 minutes and 1.61 C rate that is typical of long blade batteries of comparable capacity.
How Are Different Regions Contributing to the Electric Vehicle (EV) Batteries Market's Growth?
Asia-Pacific was the largest region in the electric vehicle batteries market in 2024. Western Europe was the second-largest region in the global electric vehicle batteries market share.
The regions covered in the electric vehicle (ev) batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Which Firms Are Setting the Benchmark in the Global Electric Vehicle (EV) Batteries Market?
Major companies operating in the electric vehicle (EV) batteries market include LG Energy Solution Ltd, Samsung SDI Co. Ltd, SK Innovation Co. Ltd, Panasonic Corporation, Contemporary Amperex Technology Co.
Ltd, Clarios, BYD Co. Ltd, Narada Power Source Co. Ltd, GS Yuasa Corporation, Tianneng Power International Ltd, SVOLT Energy Technology Co, Ltd, EVTronic, Britishvolt, Aceleron, Williams Advanced Engineering, Zenobe, Northvolt, Verkor, Italvolt, Fortum, ElecSys, Volkswagen, BMW, Groupe Renault, Cobham, Varta, SAFT, AKOM, InoBat Auto, Ligier Group, Polaris Industries, Skoda Auto, Proterra, BMZ Inc, Microvast, Romeo Power, Quantumscape Corporation, Horwin, Byvin, HDK Electric Vehicles, Ingersoll Rand Inc, Shandong Shifeng (Group), Speedway Electric, Eleksa EV, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Jet Motors
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