The global electric vehicle battery market size is expected to reach USD 38.6 billion by 2025, registering a CAGR of 16.7% from 2019 to 2025, according to the new report from Grand View Research, Inc. The growing preference for e-mobility and the subsequent rise in the popularity of electric vehicles (EVs) is expected to drive the market growth. Several countries have taken a lead in deploying various EVs, including two wheelers, buses, and other commercial vehicles.
Increasing efforts to reduce the production cost of electric vehicle batteries is prompting manufacturers to invest in developing countries, including China, India, and Mexico. Having realized the potential for economic development in emerging economies, some large plants for manufacturing batteries have already been planned in Asia Pacific. At the same time, the rising fuel prices coupled with increasing environmental concerns are prompting several governments to encourage the adoption of EVs.
EVs require more battery power because apart from functions, such as GPS navigation system, power windows, air-conditioning systems, and dashboard displays, which are powered by a battery, their entire drivetrain is dependent on battery power. Advances in battery technology have led to the advent of batteries that can cater not only to the conventional battery-driven functions but also to the drivetrain. Such favorable advances in battery technology are expected to drive the market growth.
In several metropolitan cities across the world, city administrations are drafting policies to support the deployment of electric vehicle supply equipment (EVSE) and rollout of adequate charging stations. For instance, in the Netherlands, the metropolitan area of Amsterdam has adopted a demand-based approach for deploying its EVSE network and making it accessible to owners of EVs. Similarly, a multi-government policy forum named Electric Vehicle Initiative (EVI) was established in 2009 under the Clean Energy Ministerial (CEM) to monitor and encourage the adoption of EVs across the globe. The International Energy Association (IEA) is serving as the EVI coordinator.
At present, EVs account for a relatively smaller share in the overall automobile sales. However, favorable regulatory initiatives are expected to trigger the adoption of EVs and subsequently open growth opportunities for the market for over the forecast period. For instance, the Paris Agreement endorsed by the European Union, the U.S., and Japan to support zero-emission vehicles is conducive to an increase in the sales of EVs.
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Key Takeaways Of The Report :
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Continued efforts by automotive manufacturers to produce more vehicles with electric drivetrains is necessitating the use of lithium-ion batteries for onboard energy storage
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The battery electric vehicle (BEV) segment dominated the market in 2018 and is expected to continue being the largest segment over the forecast period. The plug-in hybrid electric vehicle (PHEV) segment is anticipated to register the highest CAGR over the forecast period
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Companies based in Europe and North America have entered the Chinese market either by setting up manufacturing units in China or by striking strategic partnerships with Chinese companies
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The evolving automotive industry in Indonesia, Mexico, India, Vietnam, and Thailand bodes well for the market growth over the forecast period
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Advances in battery technology coupled with the growing preference for hybrid vehicles and zero-emission EVs are expected to drive the electric vehicle battery demand over the forecast period
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The electric vehicle battery market growth largely depends on the policies drafted by governments and government agencies to encourage the adoption of EVs and deployment of charging infrastructure.
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Grand View Research has segmented the electric vehicle battery market on the basis of battery type, vehicle type, propulsion, and region:
Electric Vehicle Battery Type Outlook (Revenue, USD Million, 2014 - 2025)
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Lithium-Ion
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Lead-Acid
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Nickel-Metal Hydride
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Sodium-Ion
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Others
Electric Vehicle Battery Vehicle Type Outlook (Revenue, USD Million, 2014 - 2025)
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Passenger Vehicles
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Commercial Vehicles
Electric Vehicle Battery Propulsion Outlook (Revenue, USD Million, 2014 - 2025)
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Battery Electric Vehicle (BEV)
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Plug-In Hybrid Electric Vehicle (PHEV)
Electric Vehicle Battery Region Outlook (Revenue, USD Million, 2014 - 2025)
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North America
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U.S.
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Canada
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Mexico
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Europe
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Germany
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France
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U.K.
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Asia Pacific
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China
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India
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Japan
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South Korea
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South America
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Brazil
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MEA
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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