The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Advances in electric vehicles (EV) batteries and their associated technologies are attracting the interests of individuals to purchase EVs are expected to drive innovation in electric vehicle batteries manufacturing, thus driving the market during the forecast period.

The global electric vehicle batteries market is expected to grow from $25.43 billion in 2022 to $27.24 billion in 2023 at a compound annual growth rate (CAGR) of 7.1%. The global EV batteries market is expected to grow to $35.54 billion in 2027 at a compound annual growth rate (CAGR) of 6.9%.

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Global Electric Vehicle Batteries Market Segments Include:

• By Battery Type: Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Sodium-Ion, Other Battery Types
• By Vehicle Type: Passenger Vehicles, Commercial Vehicles
• By Propulsion: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global electric vehicle batteries market in 2021.

Major Market Players in the electric vehicle batteries market include Panasonic Corporation, Mitsubishi Motors Corporation, Beijing Pride New Energy Battery Technology Co. Ltd., Automotive Energy Supply Corporation.

The charging of Electric vehicle batteries using Vehicle to grid technology is expected to gain traction in EV batteries Market. Vehicle to grid technology is a Bi-directional charging system technology in which plug-in electric vehicles like battery electric vehicles (BEV), plug-in hybrids (PHEV) or hydrogen fuel cell electric vehicles (FCEV) batteries’ can communicate with the power grid for either returning electricity to the grid, to homes during the peak times or increase their charging rate to discharge and charge the battery accordingly. For instance, in January 2021, FCA along with Engie EPS and Terna has launched the first phase of a vehicle-to-grid (V2G) pilot project in Turin, Italy, to test potential connections of the company’s vehicles to the grid. Thus, Vehicle to grid technology is anticipated to be a major trend in the electric battery market.

The Electric Vehicle Batteries Global Market Report 2023 provides a electric vehicle batteries market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric vehicle batteries market forecast analyzes electric vehicle batteries market size, electric vehicle batteries market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Electric vehicle batteries are defined as batteries that are used to power electronic vehicles and are rechargeable in nature. These batteries support the clean energy initiative as they don’t emit any harmful gases which cause damage to the environment.

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