Meticulous Research®, a leading global market research firm, has released its latest report titled "Electric Vehicle Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Battery), Battery Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Battery Form, Application, End User, and Geography - Global Forecast to 2031."
According to the report, the Electric Vehicle Battery Market is expected to reach $415.9 billion by 2031, growing at a CAGR of 33.1% from 2023 to 2031.
The market's growth is driven by favorable government regulations, declining battery costs, and increased investments by leading automotive manufacturers. However, potential challenges such as limited lithium supply and the lower energy density of lithium-ion batteries could constrain market expansion.
The report highlights several growth opportunities, including the rising adoption of electric vehicles in emerging markets and increased investment in lithium-ion battery production. However, safety concerns associated with EV batteries may pose challenges to market growth.
The Electric Vehicle Battery Market is segmented by type, battery capacity, bonding type, battery form, application, end user, and geography. The lithium-ion battery segment is expected to dominate the market due to its high energy density, durability, and compact design. This segment is also forecasted to grow at the highest rate during the forecast period.
Key industry developments highlighted in the report include BMW Group's collaboration with Rimac Technology to develop high-voltage EV batteries and Hyundai Motor's partnership with Exide Energy to enhance battery production capabilities in India. These strategic moves reflect the efforts of automotive OEMs to secure battery supply chains and achieve technological leadership in the EV battery market.
The 51kWh to 100kWh battery capacity segment is anticipated to lead the market, driven by the launch of long-range electric vehicles and increased adoption in developing regions. The laser bonding segment is projected to witness the highest growth due to its precision and minimal heat generation during welding.
Asia-Pacific is forecasted to lead the market, supported by rapid EV adoption and government incentives. Europe, however, is expected to record the highest growth rate, driven by investments in battery manufacturing and the European Battery Alliance's efforts to boost regional production.
Key Players:
The key players operating in the global electric vehicle Battery market are SK Innovations Co. Ltd. ( South Korea), LG Chem, Ltd (South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), SVOLT Energy Technology Co., Ltd. (China), BYD Company Limited (China), Samsung SDI Co., Ltd. (South Korea), GS Yuasa International Ltd. (Japan), Vehicle Energy Japan Inc. (Japan), Northvolt AB (Sweden), Panasonic Corporation (Japan), Contemporary Amperex Technology Co. Limited (CATL) (China), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd. (Japan), E-One Moli Energy Corp. (Taiwan), StoreDot Ltd. (Israel), NOHMs Technologies, Inc. (U.S.), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), and QuantumScape Corporation (U.S.).
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Key Questions Answered in the Report:
- What are the high-growth market segments in terms of the type, battery capacity, bonding type, battery form, application, and end user?
- What is the historical market size for the global electric vehicle Battery market?
- What are the market forecasts and estimates for 2024–2031?
- What are the major drivers, restraints, opportunities, challenges, and trends in the global electric vehicle Battery market?
- Who are the major players in the global electric vehicle Battery market, and what are their market shares?
- What is the competitive landscape like?
- What are the recent developments in the global electric vehicle Battery market?
- What are the different strategies adopted by major market players?
- What are the trends and high-growth countries?
- Who are the local emerging players in the global electric vehicle Battery market, and how do they compete with other players?
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