The global electric vehicle battery market size was USD 21.95 billion in 2020. The market is projected to grow from USD 27.30 billion in 2021 to USD 154.90 billion in 2028 at a CAGR of 28.1% in the 2021-2028 period. This information is provided by Fortune Business Insights™, in its report, titled, “Electric Vehicle Battery Market, 2021-2028.”

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According to our expert analysts, the increasing focus of crucial vehicle manufacturers, involving Ford Motors, General Motors (GM), as well as BMW AG on developing and presenting Electric Vehicles (EVs) is projected to fuel the market growth. The vital element for declining the price of EVs and elevating the driving range behind every recharge is the progression of EV batteries. In order to make EV batteries compacter and lower its weight, as well as to preserve more energy, novel cell chemistries are under development. This would further empower electric vehicles to contest with the conservative fuel-grounded automobiles.

List of Key Players Covered in this Market Report

Panasonic Corporation
LG Chem
BYD Company Ltd.
GS Yuasa International Ltd.
Samsung SDI CO., LTD
Hitachi Chemical Co., Ltd.
Contemporary Amperex Technology Co., Limited
EXIDE INDUSTRIES LIMITED
SK INNOVATION CO. LTD.
East Penn Manufacturing Company
Drivers and Restraints

Dropping Cost of Lithium-Ion Batteries to Thrust Market Growth

Currently, the prime foundation of power for electric vehicles is lithium-ion batteries. According to an assessment report presented by the U.S. International Trade Commission (USITC) in 2018, Li-ion batteries are responsible for more than 70% of the rechargeable battery market.

Additionally, the battery costs per kilowatt-hour (kWh) have plummeted to less than USD 200 in 2019 from that of 2010, which was USD 1000. This is projected to bolster the electric vehicle battery market growth during the mentioned timeframe.

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Regional Insights

Asia Pacific held the maximum electric vehicle battery market share and controlled the market owing to the fact that Japan, China and South Korea symbolize most of the worldwide production capability for EV batteries, and is valued at USD 12.70 billion in 2020.

North America is estimated to exhibit decent growth in the market. Moreover, the U.S. government applied a federal policy to guarantee a dependable and safe source of indispensable minerals which guides the Department of the Interior to limit the production of 35 grave minerals that involve nickel and cobalt.

Major Table of Electric Vehicle Battery Market:

Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Merger, Acquisitions, and Partnerships
Porter’s Five Forces Analysis
SWOT Analysis
Technological Developments
Impact of COVID-19
Global Electric Vehicle Battery Market Analysis, Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Battery Type
Lead Acid Battery
Nickel-Metal Hydride Battery
Lithium-Ion Battery
Others
Market Analysis, Insights and Forecast – By Vehicle Type
Battery electric vehicle (BEV)
Plug-in hybrid electric vehicle (PHEV)
Hybrid electric vehicle (HEV)
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Rest of the World
Toc Continued…

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