Global Electric Vehicle Battery Market Size More Than Triples to Touch Whopping USD 214 Billion by 2030

Published | 28 February 2024

Global Electric Vehicle Battery Market is flourishing because of the growing demand for EVs and an increasing focus on sustainability and reducing carbon footprint.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Electric Vehicle Battery Market size at USD 67.12 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Electric Vehicle Battery Market size to expand at a CAGR of 14.87% reaching a value of USD 213.85 billion by 2030. Growing demand and production of electric cars, together with supportive government policies like EV battery subsidies to encourage sustainability, are key growth drivers for the global electric vehicle battery market.

By volume, BlueWeave estimated the Electric Vehicle Battery Market size at 309 kilotons in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Electric Vehicle Battery Market size to expand at a CAGR of 16.03% reaching the volume of 412 kilotons by 2030. Rapid adoption of technological advancements in battery and growing consumer awareness about environmental issues are also projected to propel the Global Electric Vehicle Battery Market during the period in analysis.

Opportunity: Rising investments in EV battery RD and production

The rising demand for EVs owing to rising consumer consciousness toward the environment and favorable government initiatives to boost electrification in the automotive sector are influencing major manufacturers to boost their EV research and development (R&D) and production capacities. As a result, various industry players are further investing in scaling up their EV battery output, which is projected to drive the Global Electric Vehicle (EV) Battery Market over the forecast period. For instance, JSW, a multinational conglomerate company based in India, announced an investment of INR 40,000 crore to establish an integrated EV manufacturing project in Odisha, India.

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Impact of Escalating Geopolitical Tensions on Global Electric Vehicle Battery Market

The escalating geopolitical tensions negatively impacted the growth of the Global Electric Vehicle (EV) Battery Market. For instance, Russia's invasion of Ukraine completely disrupted the operations of the EV battery manufacturers. This is because Russia is a major exporter of metals, such as nickel, cobalt, and aluminum, which are crucial in EV battery production. However, sanctions on Russia hindered these imports, which caused a shortage of these metals, consequently leading to a shortage of EV batteries among electric vehicle makers. As per Yale Environment 360, Volkswagen, the second largest producer of electric cars worldwide, declared in June 2022 that it had not been able to fulfill its production target of plug-in vehicles.

Global Electric Vehicle Battery Market

Segmental Coverage

Global Electric Vehicle Battery Market – By Propulsion Type

Based on propulsion type, the Global Electric Vehicle Battery Market is segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV). The BEV segment holds the largest share of the Global Electric Vehicle Battery Market by propulsion type. An onboard battery stores chemical energy, which powers a vehicle that is classified as a BEV. A growing demand for zero-emission cars, favorable government initiatives, and enhanced charging facilities are some of the factors driving the rise of BEVs and, consequently, the BEV battery market. Lead acid, lithium-ion, or nickel metal hydride batteries power the vehicle through the on-board battery.

Global Electric Vehicle Battery Market – By Region

The in-depth research report on the Global Electric Vehicle Battery Market covers the market in a number of major countries across five regions: North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa. Asia Pacific dominates the Global Electric Vehicle Battery Market. The flourishing EV manufacturing sector in emerging economies, such as India, and favorable government policies and national mandates to reduce carbon emissions and Net Zero target. North America is anticipated to hold a substantial market share owing to the high concentration of leading EV manufacturers, such as Tesla, Ford, and General Motors, in the region.

Competitive Landscape

Major players operating in the Global Electric Vehicle Battery Market include Contemporary Amperex Technology Co., Ltd (CATL), LG Energy Solution, BYD Company Ltd, Panasonic Corp., Samsung SDI Co., Ltd, SK Innovation Co., Ltd, Toshiba Corporation, EnerSys, Inc., Hitachi, Ltd, and Mitsubishi Corp. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Electric Vehicle Battery Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and the Global Electric Vehicle Battery Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Electric Vehicle Battery Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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