2024: CATL launched a new EV battery pack with a range of about 1 million miles and a lifespan of around 15 years.
According to MarkNtel Advisors study, The Global EV Battery Market size was valued at USD 132.5 billion in 2023 & is projected to reach USD 495.6 billion by 2030. Along with this, the market is estimated to grow at a CAGR of around 14.4% during the forecast period, i.e., 2024-30.
The solid-state batteries use solid electrolytes instead of liquid or gel which helps in preventing leakage issues & fire hazards and offers safety to the consumers. These batteries offer high energy density on a single charge, providing more dependability & greater vehicle range in electric vehicles. Moreover, the charging speed of solid-state batteries is half the time of other lithium-ion batteries, which results in less time consumption for charging, further gaining consumer interest. Additionally, these batteries have longer life spans and better stability than other electric vehicle batteries. As a result, the need for solid-state batteries in electric vehicles is increasing and major EV manufacturers are introducing vehicles integrated with solid-state batteries.
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Key Findings in EV Battery Market:
| Historical Years | 2019-2022 |
| Base Years | 2023 |
| Forecast Years | 2024-2030 |
| Key Report Highlights | · Market Dimensions & Projections· Pricing Evaluation,· Recent Strategic Moves by Companies,· Primary Stakeholders,· Analysis of Import and Export Trends,· Competitive Landscape Assessment,· Emerging Opportunities,· Market Trends and Indicators |
| Reports Delivery Format | Market research studies from MarkNtel Advisors are offered in PDF, Excel and PowerPoint formats. Within 25 hours of the payment being successfully received, the report will be sent to your email address. |
EV Battery Market Key Players:
Contemporary Amperex Technology Co., Limited, LG Energy Solutions, BYD Company Limited, Panasonic Corporation, Toshiba Corporation, Mitsubishi Corporation, Enersys, SK Inc., CALB, Gotion Inc, Sunwoda Electronic Co. Ltd, Farasis Energy, Vehicle Energy Japan, Inc, Exide Industries, Primearth EV Energy Co., Ltd, Others
Market Segmentation Overview:
By Chemicals
-Cathode
–Cobalt
–Nickel
–Manganese
–Others (Copper, Aluminium, etc.)
-Anode
–Lithium
–Graphite
–Silicon
–Others (Zinc, Sodium, etc.)
-Electrolytes
–Potassium Hydroxide
–Lithium Salts
–Others (Ethylene Carbonate, Dimethyl Carbonate, etc.)
-Separator
–Polyethylene
–Polypropylene
–Others (Ceramic Coated Separators, Glass Fibre, etc.)
By Battery Type
-Nickel Cadmium Batteries
-Nickel Metal Hydride Batteries
-Lead Acid Batteries
-Lithium-Ion Batteries
Lithium-Ion holds a significant share of the Global EV Battery Market due to its cost-effectiveness and better reliability. These batteries have been incorporated in vehicles for many years as they are pioneers in the EV battery industry, making these battery types a popular choice for EV manufacturers. Moreover, lithium-ion batteries have been commercialized across the globe and are widely available, further increasing their adoption in manufacturing EV vehicles.
Furthermore, the rapid technological advancements and research & development in Lithium-Ion batteries, owing to their familiarity with parts, chemicals, nature, etc., are surging the innovation in their types and costs, thereby propelling their adoption. Also, companies like Toyota, Hyundai, Nissan, etc., extensively deploy these lithium-ion batteries in their passenger car models, which increases its demand & adoption in the market globally.
By Vehicle Type
-Two-Wheeler
-Passenger Cars
-Commercial Vehicles
–Vans/Light Trucks
–Medium & Heavy Trucks
–Buses
–Off-Highway Vehicles
By Propulsion
-Battery Electric Vehicles (BEVs)
-Hybrid Electric Vehicles (HEVs)
-Plug-in Hybrid Electric Vehicles (PHEV)
-Fuel Cell Electric Vehicles (FCEVs)
By Method
-Wire Bonding
-Laser Bonding
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By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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The EV Battery Industry Recent Development:
2024: LG Energy Solutions announced the opening of its new plant producing chargers for electric vehicle batteries in Fort Worth, Texas, the US.
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MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.
We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.
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