Pune, 05, Dec, 2022: A chance to reverse environmental degradation and massive investments are major drivers for the growth of Electric Vehicle Battery Market. The report on “Electric Vehicle Battery Market” analysed by Maximize Market Research covers a detailed competitive and regional analysis of the market. The Electric Vehicle Battery Market is expected to grow from USD 217.83 billion in 2021 to USD 1491.91 billion in 2029, at a CAGR of 27.19 percent for the forecast period from 2022 to 2029.
Electric Vehicle Battery Market Scope and Research Methodology
The report provides deep insights into the Electric Vehicle Battery Market, covering all the major aspects. The report includes local, regional and global analysis of the Electric Vehicle Battery Market. The report covers all key global electric vehicle battery manufacturers with their profiles and strategic perspective. To understand the underlying factors that have an impact on the Electric Vehicle Battery Market, the report focuses on analysing the drivers, challenges, restraints and opportunities prevailing in the market. For the Electric Vehicle Battery Market, the report provides extensive information on the processing and manufacturing requirements, cost of setting up a manufacturing unit, returns on investment and profit margins. This helps new entrants to get a picture of the opportunities in the Electric Vehicle Battery Market along with the capital required for set-up.
For a segment-wise analysis of the Electric Vehicle Battery Market by Propulsion Type, Battery Type, Vehicle Type, Voltage Type and Region to differentiate products, develop costing and pricing strategies and understand competitor portfolios. The market by segments and growth opportunities is one of the important findings of the report for optimum utilization of resources and understanding growth prospects.
For the competitive analysis, key players and new entrants in the Electric Vehicle Battery Market are listed by various classifications of cheese offered, region, revenue, financial status, portfolio, technological advancements adopted, fierce marketing strategies, social media presence, mergers and acquisitions, joint venture and strategic alliances. The analysis aids stakeholders, new entrants, investors, entrepreneurs, researchers, market players and followers for an easy comparison of various elements of the market, presenting future outlook with expected trends and risks in the market.
The bottom-up approach was employed to validate the market size in terms of value and volume by different segments. Data was collected employing both primary and secondary data collection methods. Surveys, administering questionnaires and telephonic interviews with industry specialists, market leaders, entrepreneurs and marketing professionals were included in the primary methods. Secondary data was collected from a list of sources for maximum reliability of the inferences. This includes official databases of various organisations and government sites, industry journals, white papers, annual reports, releases of product manufacturers and suppliers in the industry along with paid databases. SWOT analysis was conducted to provide the strengths and weaknesses of the Artificial Turf Market while PESTLE was employed to understand the potential impact of the micro-economic factors affecting the Electric Vehicle Battery Market. Thus the report provides a detailed overview of the Electric Vehicle Battery Market.
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Electric Vehicle Battery Market Overview
Electric Vehicle Batteries are a pack of thousands of lithium-ions that work together to charge an electric vehicle. One can consider them as a scaled-up version of a phone battery. These rechargeable batteries have a high power-to-weight ratio, high energy efficiency and have shown good temperature performance. Since the battery contains ions, it can be produced in compact sizes and most of its components are recyclable. While Lithium-ion batteries are the most preferred ones, other alternatives include solid-state batteries, nickel-metal hydride batteries and lead-acid batteries.
Electric Vehicle Battery Market Dynamics
Environmental degradation due to rapid urbanisation and industrialization has increased carbon emissions manifold. Electric vehicle batteries serve as an opportunity to reverse these emissions and opt for sustainable choices. This is encouraging the electric vehicle market to grow. Since the electric vehicle and electric vehicle batteries are complimentary goods, the increase in demand for one will increase the demand for the other. Following this growth, the Electric Vehicle Battery Market is expected to witness growth on account of the growth of the electric vehicles market.
Companies are investing heavily in infrastructure by building battery-cell facilities. This investment fuels research and development in electric batteries. Extensive research and innovations in the Electric Vehicle Battery Market are expected to increase the Electric Vehicle Battery Market growth. There is also a shift in the preference of consumers with them leaning towards electric vehicles. Such a shift is also expected to increase the demand for the Electric Vehicle Battery Market growth.
Electric Vehicle Battery Market Regional Insights
Europe held 31 percent of the global market share by volume in 2021. This region witnessed growth on account of government initiatives that are encouraging market growth. Environmental regulations are fuelling research and innovations in the Electric Vehicle Battery Market. The regional Electric Vehicle Battery Market is being led by France which is expected to observe rapid growth during the forecast period. This growth is attributed to the efforts taken by the government to increase the demand for electric vehicles. Such growth is expected to drive the Electric Vehicle Battery Market growth.
Electric Vehicle Battery Market Segmentation:
By Propulsion Type:
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in Hybrid Electric Vehicle
By Battery Type:
- Lead Acid Battery
- Nickel Metal Hydride Battery
- Lithium ion Battery
By Vehicle Type:
- Passenger Vehicle
- Commercial Vehicle
By Voltage Type:
- Retail & Consumer Goods
- Healthcare & Life Sciences
Electric Vehicle Battery Market Key Manufacturers include:
- Tesla Inc.
- BYD Company Limited
- Volkswagen AG
- General Motors
- Samsung SDI
- Automotive Energy Supply Corporation
- LG Chem.
- Panasonic Corporation
- GS Yuasa International
- Beijing Pride Power
- SB LiMotive
- Energy Supply Corporation
- Johnson Controls International
- Narada Power Source
- Crown Battery Corporation
- Hitachi Chemical Company
- Contemporary Amperex Technology Co. Ltd
- ATLASBX Co.
- NEC Corporation
Key questions answered in the Electric Vehicle Battery Market are:
- What is Electric Vehicle Battery?
- What is the current growth rate of the Electric Vehicle Battery Market?
- What is the growth rate of Electric Vehicle Battery Market for the next five years?
- What is the nature of competition in Electric Vehicle Battery industry in developed and developing economies?
- Who are the key players in the Electric Vehicle Battery Market?
- Who are the market leaders in Electric Vehicle Battery in Europe?
- Who are the market leaders in Electric Vehicle Battery in USA and Canada?
- Who are the market leaders in Electric Vehicle Battery in India, China, Japan and South Korea?
- What are the factors affecting growth in the Electric Vehicle Battery Market?
- Who held the largest market share in Electric Vehicle Battery Market?
- What are the factors for the growth of Asia-Pacific region in Electric Vehicle Battery Market?
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- Market Share, Size & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Propulsion Type, Battery Type, Vehicle Type, Voltage Type and Region
- Competitive Landscape – Top Key Vendors and Other Prominent Vendors
Maximize Market Research is leading electronics research firm, has also published the following reports:
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Automotive Retrofit Electric Vehicle Power Train Market –The Automotive Retrofit Electric Vehicle Power Train Market size is expected to reach USD 102.67 billion by 2029 at a CAGR of 7.2 percent during the forecast period. The Automotive Retrofit Electric Vehicle Power Train Market is expected to be driven by development in electrification of vehicles and government promotions and initiatives.
Wireless Electric Vehicle Charging Market–The Wireless Electric Vehicle Charging Market size is expected to reach USD 486.20 million by 2029 at a CAGR of 45.34 percent during the forecast period. The Wireless Electric Vehicle Charging Market is expected to be driven by increasing sales of electric vehicles.
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