NEW YORK, Dec. 22, 2022 /PRNewswire/ — P&S Intelligence has calculated the size of the hybrid and electric vehicle battery market as $47,283.4 million in 2021 in a recent report and further forecasts that it will touch $436,112.7 million by 2030, progressing at a 28% compound annual growth rate from 2021 to 2030. This is owing to the growth in the popularity of such vehicles and the technological developments in lithium-ion batteries.
Growing Manufacturer Count Will Positively Influence APAC Market
Due to the growing use of battery-powered vehicles, APAC is the largest market, contributing $19,480.7 million to the players in 2021. Essentially, owing to the surging environmental pollution concerns and falling battery prices, EV sales would increase dramatically in the coming years.
Similarly, the North American market will expand as a result of the increasing funding for lithium-ion battery research and development, strengthening focus on electric and hybrid vehicles, various tax breaks provided by governments, and the lowering cost of electric passenger vehicles in the region.
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Europe has also grown to be a significant market contributor, because the governments of numerous European countries are substantially supporting and investing in EV research and development.
On similar lines, the demand for hybrid and electric vehicle batteries in LATAM and the MEA is expected to grow rapidly, especially in Brazil, the U.A.E., and South Africa. The increasing demand for EVs has also made Mexico a major center of attention for global automakers, who are now seeking to invest here.
Most EV OEMs Prefer Lithium-Ion Batteries
In 2021, lithium-ion batteries had the largest share, more than 90%, due to their longer life, excellent energy efficiency, minimal memory effect, and rapidly declining costs.
In addition, the demand for lead–acid batteries has decreased as a result of the EPA’s limitations on lead content, due to the accompanying environmental risks, as well as the stringent rules for SLA battery recycling and disposal.
Browse detailed report on Hybrid and Electric Vehicle Battery Market Share, Growth, and Demand Forecast to 2030
Battery as a Service Model Key Opportunity for EV Battery Firms
The EV market is booming, and enterprises are evolving their business models to satisfy customer requirements. One of the new concepts being explored by the players is battery swapping, which enables customers to get a new EV battery after one is drained of all the charge. This way, customers do not have to spend hours at a charging station, which, in turn, helps extend EVs’ driving range.
Numerous manufacturers have accepted the battery as a service (BaaS) concept, which enables EV owners to lease batteries as and when they are completely devoid of charge, as opposed to buying a battery together with an EV. This ultimately brings down the cost of an EV, around 50% of which is made up by the battery price.
Global Hybrid and EV Battery Market Report Coverage
By Type
- Nickel Metal Hydride
- Lithium-ion Battery
By Application
- Hybrid Electric Vehicle
- Electric Vehicle
- Plug-in Hybrid Vehicle
Regional Analysis
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Latin America
- Brazil
- Mexico
- Middle East and Africa
- Saudi Arabia
- South Africa
Browse More Reports Published by P&S
Global Electric Vehicle Battery Swapping Market Size, Share and Growth Forecast to 2030
Global Battery Management System Market Size, Share and Growth Forecast to 2030
Global Lead-Acid Battery Market Size, Share and Growth Forecast to 2030
Global Li-Ion Battery Market Size, Share and Growth Forecast to 2030
Global Lithium-Ion Battery Recycling Market Size, Share and Growth Forecast to 2030
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