Electric Vehicle Battery Market is Expected to Thrive at a CAGR Of 33.60% By 2032

Electric Vehicle Batteries Industry Overview:

The study documents by MRFR state that the Electric Vehicle Batteries Market Research Report Information by End Market, Vehicle Technology, Battery Type, and Region – Forecast Till 2032, the Electric Vehicle Batteries market is likely to grow considerably throughout the valuation period from 2022 to 2032 at a notable CAGR of nearly 33.60%. The research reports provide predictions regarding the global market’s rising revenue data, which is anticipated to acquire a market worth of USD 192.55 billion by the end of 2032.

The reports also tell that the market will be worth nearly USD 14.2 billion in 2022. The Electric Vehicle Batteries market has recently advanced. The main feature causing a rise in market performance is the increased demand for electric automobiles. Furthermore, an uptick in new electric vehicle sales is also considered to be one of the vital parameters likely to enhance the growth of the global market. In addition, the rising public awareness of environmentally friendly vehicles is also anticipated to boost the growth of the global market over the coming years.

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Competitive Analysis

• Automotive Energy Supply Corporation (Japan)
• Johnson Controls International(U.S.)
• Panasonic Corporation (Japan)
• Narada Power Source (China)
• BYD Company Limited (China)
• GS Yuasa Corporation (Japan)
• Quallion (U.S.)
• Crown Battery Corporation (U.S.)
• G. Chem Ltd(South Korea)
• Tianneng Power International (China)
• Boston-Power (U.S.)
• Hitachi Chemical Company (Japan)

Market Drivers

The Electric Vehicle battery market has recently advanced. The main feature causing a rise in market performance is the increased demand for electric automobiles. Furthermore, an uptick in new electric vehicle sales is also considered to be one of the vital parameters likely to enhance the growth of the global market. In addition, the rising public awareness of environmentally friendly vehicles, along with government initiatives, is also anticipated to boost the growth of the global market over the coming years.

Market Restraints

However, several parameters may impede the performance of electric vehicle batteries in the global market. One of the main parameters limiting the development of the market is the elevated prices associated with raw materials.

Segment Analysis

The global market for Electric Vehicle Batteries has been segregated into various segments based on End Market, Vehicle Technology, Battery Type, and Region.

• Based on the type, the global market for Electric Vehicle Batteries is split into Lead-Acid batteries, Nickel Hybrid batteries, and Lithium-Ion batteries.
• Based on the vehicle technology, the global market for Electric Vehicle Batteries is split into Hybrid Electric Vehicles, Battery Electric Vehicles, and Plug-In Hybrid Vehicle Electric Vehicles.
• Based on end-users, the global market for Electric Vehicle Batteries is split into OEMS and Aftermarkets.

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Regional Analysis

By Region, the study provides market insights into Asia-Pacific, Europe, North America, and Rest of the World.

The data reports by MRFR state that The Asia-Pacific Region ensured the primary spot across the Electric Vehicle Batteries market in 2021, with a maximum contribution of around USD 1.8 billion. The Asia-Pacific Region is estimated to grow at the highest pace across the Electric Vehicle Batteries market over the assessment period. The Region has substantial development participants, such as China, India, and Indonesia. The primary parameter causing a surge in the performance of the regional Electric Vehicle Batteries market is the increase in the number of persons who use electric vehicles. Furthermore, the government’s emphasis on the conversion of two- and three-wheelers into electric vehicles is also likely to boost the growth of the regional market.

The European Region will grow substantially across the Electric Vehicle Batteries market from 2023 to 2032. The Region has substantial development participants, such as Germany, France, and the U.K. The primary parameter causing a surge in the performance of the regional Electric Vehicle Batteries market is the adoption of electric vehicles. Furthermore, factors such as strict rules to combat climate change and the Region’s escalating number of pollution control norms are also likely to boost the development of the regional market over the next few years.

The North American Region is estimated to grow at the highest pace across the Electric Vehicle Batteries market over the assessment period. The Region has substantial development participants, such as the U.S., Canada, and Mexico. The primary parameters causing a surge in the performance of the regional Electric Vehicle Batteries market are the growing government spending to speed up domestic component production and rising U.S. demand for BEVS.

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