Key Drivers and Opportunities in the Electric Vehicle (EV) Batteries Market: Insights into Trends and Growth
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What Long-Term Growth Rate is Expected for the Electric Vehicle (EV) Batteries Market Between 2025 and 2034?
The electric vehicle (EV) batteries market has seen exponential growth in recent years. It is projected to expand from $66.43 billion in 2024 to $87.78 billion in 2025, at a CAGR of 32.1%. The historical growth is linked to declining EV battery costs, expansion in emerging markets, increased domestic manufacturing, and higher disposable incomes.
The electric vehicle (EV) batteries market is expected to grow exponentially, reaching $197.32 billion by 2029, with a CAGR of 22.4%. Growth is driven by increased fuel prices, higher demand for electric vehicles, urbanization, and greater investments by automotive OEMs. Key trends include vehicle-to-grid technology, lithium-ion battery adoption, collaborations, and increased investments in EV batteries.
Which Drivers Are Expected to Have the Greatest Impact on the electric vehicle (ev) batteries Market’s Growth?
Advances in electric vehicle (EV) batteries and associated technologies are attracting more consumers to purchase EVs, driving the growth of the EV battery market. Innovations like lithium-ion batteries, fast charging, and improved mileage are making electric cars more consumer-friendly. For example, in January 2022, the US Office of Energy Efficiency and Renewable Energy reported that the maximum range for electric vehicles in the 2021 model year was 405 miles, with some 2022 models exceeding 500 miles. Furthermore, lithium-ion battery prices have decreased, with the average price at $151/kWh in 2022. These advancements are increasing vehicle mileage and attracting more customers, driving growth in the electric vehicle battery market.
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What Are the Key Firms That Are Driving Transformation in the Electric Vehicle (EV) Batteries Market?
Major companies operating in the electric vehicle (EV) batteries market include:
• LG Energy Solution Ltd_x000D_
• Samsung SDI Co. Ltd_x000D_
• SK Innovation Co. Ltd_x000D_
• Panasonic Corporation_x000D_
• Contemporary Amperex Technology Co. Ltd_x000D_
What Current Trends in the Electric Vehicle (EV) Batteries Market Should Industry Players Pay Attention To?
The electric vehicle (EV) batteries market is seeing the development of advanced products like lithium iron phosphate (LiFePO4) batteries. For instance, in June 2024, Geely launched the Aegis Short Blade Battery, which offers longer life, improved charging speeds, and enhanced safety features.
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Which Growth-Oriented Segments of the Electric Vehicle (EV) Batteries Market Are Leading the Industry’s Development?
The electric vehicle (EV) batteries market covered in this report is segmented –
1) By Battery Type: Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Others
2) By Vehicle Type: Passenger Vehicles, Commercial Vehicles
3) By Propulsion: Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV), Hybrid Electric Vehicles, Fuel Cell Electric Vehicles.
Subsegments:
1) By Lithium-Ion Batteries: Lithium Iron Phosphate (LiFePO4), Lithium Nickel Manganese Cobalt (NMC), Lithium Nickel Cobalt Aluminum Oxide (NCA), Lithium Manganese Oxide (LMO), Other Lithium-Ion Variants
2) By Lead-Acid Batteries: Flooded Lead-Acid (FLA), Absorbed Glass Mat (AGM), Gel Lead-Acid
3) By Nickel-Metal Hydride Batteries: Standard Nickel-Metal Hydride, Advanced Nickel-Metal Hydride
4) By Others: Solid-State Batteries, Flow Batteries, Other Emerging Battery Technologies
What Regions Are Driving Expansion in the Electric Vehicle (EV) Batteries Market?
Asia-Pacific was the largest region in the electric vehicle batteries market in 2024. Western Europe was the second-largest region in the global electric vehicle batteries market share. The regions covered in the electric vehicle (ev) batteries market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Key Parameters Define the Electric Vehicle (EV) Batteries Market’s Scope?
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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