DUBLIN, Feb. 15, 2023 /PRNewswire/ — The “Electric Vehicle (Ev) Batteries Global Market Opportunities and Strategies to 2031” report has been added to ResearchAndMarkets.com’s offering.
The global electric vehicles batteries market reached a value of nearly $28,816.4 million in 2021, having increased at a compound annual growth rate (CAGR) of 30.6% since 2016. The market is expected to grow from $28,816.4 million in 2021 to $109,777.1 million in 2026 at a rate of 30.7%. The market is then expected to grow at a CAGR of 22.7% from 2026 and reach $305,518.1 million in 2031.
Growth in the historic period resulted from reduced cost of EV batteries, emerging markets growth, a rise in domestic manufacturing and a rise in disposable income. Factors that negatively affected growth in the historic period were Covid-19 Impact, long charging duration, limited battery capacity, and stringent government regulations.
Going forward an increase in fuel prices, growing demand for electric vehicles, urbanization, and increasing investments by automotive OEMs will drive market growth. Factors that could hinder the growth of the electric vehicles batteries market in the future include privacy concerns and supplier and producer costs.
The electric vehicles batteries market is segmented by battery type into lithium-ion, lead-acid, nickel-metal hydride, sodium-ion, and others. The lithium-ion market was the largest segment of the electric vehicles batteries market by battery type, accounting for 76.0% of the total market in 2021. The nickel-metal hydride market is expected to be the fastest-growing segment in electric vehicles batteries market by battery type, going forward at a CAGR of 31.1% during 2021-2026 period.
The electric vehicles batteries market is by vehicle type into passenger vehicles, commercial vehicles. The passenger vehicles market was the largest segment of the electric vehicles batteries market by vehicle type accounting for 85.4% of the total market in 2021. The passenger vehicles market is expected to be the fastest-growing segment in electric vehicles batteries market by vehicle type, going forward at a CAGR of 31.2% during 2021-2026 period.
The electric vehicles batteries market is segmented by propulsion into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), hybrid electric vehicles and fuel cell electric vehicles. The battery electric vehicle (BEV) market was the largest segment of the electric vehicles batteries market by propulsion, accounting for 60.8% of the total market in 2021. The plug-in hybrid electric vehicle (PHEV) segment is expected to be the fastest-growing segment in electric vehicles batteries market segmented by propulsion, going forward at a CAGR of 31.8% during 2021-2026 period.
Asia Pacific was the largest region in the electric vehicles batteries market, accounting for 42.3% the global market in 2021. It was followed by Western Europe, North America, and the other regions. Going forward, the fastest growing regions in the electric vehicles batteries market will be Western Europe and North America where growth will be at CAGRs of 24.5% and 19.4% respectively from 2021-2026.
The global electric vehicle (EV) batteries market is concentrated, with a few large players. The top ten competitors in the market made up to 59.97% of the total market in 2021. LG Energy Solution Ltd was the largest competitor with 14.09% share of the market, followed by Samsung SDI Co. Ltd with 12.10%, SK Innovation Co. Ltd. with 11.13%, Panasonic Corporation with 7.43%, Contemporary Amperex Technology Co. Ltd with 4.81%, Clarios with 3.69%, BYD Co. Ltd with 3.18%, Narada Power Source Co. Ltd with 1.52%, GS Yuasa Corporation with 1.50%, and Tianneng Power International Ltd with 0.52%.
The top opportunities in the electric vehicles batteries market segmented by type will arise in the lithium-ion, segment, which will gain $62,582.3 million of global annual sales by 2026. The top opportunities in segment by delivery channel will arise in the into passenger vehicles segment, which will gain $71,050.6 million of global annual sales by 2026. The top opportunities in segment by end users will arise in the Battery Electric Vehicle (BEV), which will gain $49,223.8 million of global annual sales by 2026. The electric vehicles batteries market size will gain the most in the China at $ 11,245.4 million.
Market-trend-based strategies for the electric vehicles batteries market include vehicle to grid technology, adoption of lithium-ion batteries, partnerships and collaborations and increasing investments in electric vehicle (EV) batteries.
Player-adopted strategies in the electric vehicles batteries market include focus on strengthening electric vehicle battery cells production through collaborations and partnerships, expanding business capabilities through strategic collaborations and partners, enhancing production capabilities through business expansions, strengthening business operations through strategic investments and providing innovative solutions to customers through new product launches.
To take advantage of the opportunities, the publisher recommends the electric vehicle (EV) batteries companies to continue to focus on lithium-ion batteries, focus on innovative products, focus on urban areas, focus on competitive pricing, focus on merger and acquisition marketing and focus on electric vehicle companies.
Key Mergers and Acquisitions
Nissan Acquired Vehicle Energy Japan
Nikola Acquired Romeo Power
Reliance Industries Acquired Lithium Werks
Beam Global Acquired Allcell Technologies
Microvast Merged With Tuscan Holdings Corp
Freudenberg Acquired XALT Energy LLC
Company Profiles
LG Energy Solution Ltd.
Samsung SDI Co. Ltd.
SK Innovation Co. Ltd.
Panasonic Corporation
Contemporary Amperex Technology Co. Ltd.
Key Topics Covered:
1. Executive Summary
2. Table of Contents
3. List of Figures
4. List of Tables
5. Report Structure
6. Introduction and Market Characteristics
6.1. General Market Definition
6.2. Summary
6.3. Electric Vehicle (EV) Batteries Market Definition and Segmentations
6.4. Market Segmentation By Battery Type
6.4.1. Lithium-Ion
6.4.2. Lead-Acid
6.4.3. Nickel-Metal Hydride
6.4.4. Others
6.5. Market Segmentation By Vehicle Type
6.5.1. Passenger Vehicles
6.5.2. Commercial Vehicles
6.6. Market Segmentation By Propulsion
6.6.1. Battery Electric Vehicle (BEV)
6.6.2. Plug-In Hybrid Electric Vehicle (PHEV)
6.6.3. Hybrid Electric Vehicles
6.6.4. Fuel Cell Electric Vehicles
7. Major Market Trends
7.1. Vehicle To Grid Technology
7.2. Adoption Of Lithium-Ion Batteries
7.3. Partnership & Collaboration
7.4. Increasing Investments In Electric Vehicle (EV) Batteries
8. Global Market Size and Growth
8.1. Market Size
8.2. Historic Market Growth, 2016 – 2021, Value ($ Million)
8.2.1. Market Drivers 2016 – 2021
8.2.2. Drivers Of The Market 2016 – 2021
8.2.3. Restraints On The Market 2016- 2021
8.3. Forecast Market Growth, 2021 – 2026, 2031F Value ($ Million)
8.3.1. Market Drivers 2021 – 2026
8.3.2. Restraints On The Market 2021 – 2026
9. Global Market Segmentation
9.1. Global Electric Vehicle (EV) Batteries Market, Segmentation By Battery Type, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
9.2. Global Electric Vehicle (EV) Batteries Market, Segmentation By Vehicle Type, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
9.3. Global Electric Vehicle (EV) Batteries Market, Segmentation By Propulsion, Historic And Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
10. Electric Vehicle (EV) Batteries Market, Regional and Country Analysis
10.1. Global Electric Vehicle (EV) Batteries Market, By Region, Historic and Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
10.2. Global Electric Vehicle (EV) Batteries Market, By Country, Historic and Forecast, 2016 – 2021, 2026F, 2031F, Value ($ Million)
For more information about this report visit https://www.researchandmarkets.com/r/bdhl7f-vehicle?w=5
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