- Nickel Metal Hydride Battery
- Lead Acid Battery
- Lithium ion Battery
Electric Vehicle Battery Market size was valued at USD 25 billion in the year 2021 and is anticipated to grow at USD 86 till 2028 and witness a CAGR of 17.5% during the forecast period from 2022 to 2028. Electric Vehicle Battery Market has been divided into lead-acid, lithium-ion, nickel-metal hydride, sodium-ion, and other battery types. In 2018, the lithium-ion sector had the biggest market share. Lithium-ion batteries are employed in situations where lightweight and great energy density are required. Because of their high energy density per weight, these batteries are frequently employed in automotive applications, including electric and hybrid vehicles. The availability of adequate EV charging infrastructure is critical for the adoption of e-mobility and speaks well for lithium-ion battery sales growth. Lead-acid batteries are one of the most cost-effective battery types for higher-power applications where weight is not an issue. Furthermore, considering the high expenses of mining and processing lithium, as well as the limited supply of lithium, lead-acid batteries may be a better option than lithium-ion batteries. Lead-acid batteries can also be recycled and repurposed by being melted. Battery makers are focusing on the development and commercialization of sodium-ion batteries in order to find a replacement for lithium-ion batteries. The costs of materials for sodium-ion batteries are often lower than those for lithium-ion batteries. As a result, as part of their attempts to cut total costs while enhancing vehicle range and energy density, vendors are focused on sodium-ion batteries. The market has been divided into two categories based on propulsion: battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) (PHEV). In 2020, the BEV segment led the market, and it is expected to continue to do so over the forecast period. The PHEV segment, on the other hand, is expected to grow at the fastest rate from 2021 to 2027. Due to fuel economy restrictions, the BEV market is projected to acquire a lot of traction in emerging economies.
Fastest Growing Market
Electric vehicle batteries undergo different tests before bringing into the market for use. Electric vehicle batteries contain different inflammable material like plastics, lithium and manganese. There are several crucial factors play an important role to boost the electric vehicle battery market growth such as growing demand for electric vehicles, launching of new plug-in EV models, supporting government policies and improvement in battery technology. Governments are encouraging for the adoption of vehicles making use of substitute sources of fuel. Electric vehicles are zero-emission vehicles and are obtaining preference due to their clean public transport around countries. Electric vehicle battery is a secondary battery used as a secondary power medium in automobiles. It makes use of chemical energy that is stored in secondary battery packs for power and therefore cannot need any combustion engine for propulsion.
The electric vehicle battery market is projected to expand at a CAGR of 17.5% during the forecast period
Toyota, Tata Motors, Mercedes-Benz, Hyundai
North America is the fastest-growing region for the electric vehicle battery market