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Electric Vehicle Battery market will Touch USD 192.55 billion by 2032, at a CAGR of 33.60%

Oct 5, 2023 5:01 PM ET

Electric Vehicle Battery market will Touch USD 192.55 billion by 2032, at a CAGR of 33.60%

According to a Comprehensive Research Report by Market Research Future (MRFR), Electric Vehicle Battery Market Information by Battery Type, Vehicle Technology, End Market, and Region – Forecast till 2032″ ” the Electric Vehicle Battery market will touch USD 192.55 billion by 2032, expanding from the valuation of USD 18.97 Billion it captured in 2023, at a rate of 33.60% over the study period (2023 to 2032).

Any electric vehicle’s battery is its most important component. Through an electrochemical reaction, a battery transforms chemical energy into electric energy. The movement of electrons from one material to another in an electronic circuit is referred to as an electrochemical reaction. The battery is frequently built so that it satisfies the needs of the motor(s) and charging system that an electric vehicle requires.  To produce the appropriate voltage for propulsion, a typical EV battery pack is made up of blocks of 18–30 parallel cells connected in series.

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Market Competitive Landscape:

  • Automotive Energy Supply Corporation (Japan)
  • Panasonic Corporation (Japan)
  • BYD Company Limited (China)
  • Quallion (US)
  • LG Chem Ltd (South Korea)

Market Drivers:

Automobile manufacturers are currently concentrating on the creation of sophisticated electric vehicle systems, such as batteries and smaller engines, which are anticipated to have reduced emissions at comparably lower costs. Lithium-nickel-manganese-cobalt-oxide (NMC) is presently the material of choice for batteries used in electric vehicles. Additionally, the Tesla Model X, S, and 3 are among the electric vehicles in the United States that use lithium-nickel-cobalt-aluminum oxide (NCA).

To illustrate the aforementioned, in May 2023, Stellantis N.V. and Lyten, Inc. announced that Stellantis Ventures, the corporate venture fund of Stellantis, had invested in Lyten to hasten the commercialization of Lyten 3D Graphene applications for the mobility industry, including the LytCellTM Lithium-Sulfur EV battery, lightweight composites, and novel on-board sensing. With the goal of decarbonizing the transportation industry, Lyten, a pioneer in three-dimensional (3D) Graphene, will take advantage of the material’s exceptional tunability to enable improved vehicle performance and customer experience.

Additionally, governments from all around the world are encouraging the purchase of electric vehicles by offering tax breaks and other advantages. In addition, a few national governments, including those in China, Japan, and India, exclude electric vehicles from paying highway tolls. The Indian government, for instance, proposes to reduce the goods and service tax (GST) on e-vehicles from 5% to 12% in order to promote the adoption of electric vehicles more quickly. 

In a similar vein, the government of South Korea has said that it will grant tax breaks and subsidies of $900 million for the creation and acquisition of electric and fuel-cell vehicles. Thus, one of the key reasons for the strong demand for electric vehicles worldwide is the rise in government support for their development and purchase in the form of tax credits, subsidies, and incentives. This is expected to generate a lucrative opportunity for EV battery market share in the forecast period. 

Market Restraints:

China provides 75% of the world’s lithium-ion batteries, 70% of the cathode production capacity, and 85% of the anode production capacity. Additionally, Europe is in charge of roughly a quarter of the world’s assembly, although it only has a small supply chain—cobalt processing accounts for 20% of it. Additionally, the economies of South Korea and Japan account for sizeable portions of the supply chain downstream of raw material processing, especially in the highly sophisticated fabrication of cathode and anode material.

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The post-pandemic sharp rise in EV sales put the supply chains’ endurance under stress. During COVID-19, battery production facilities are expected to close, and political tensions between economies that are involved in the battery supply chain may result in a shortage of raw materials and constrain market expansion even more.

Market Segmentation

The Lithium-Ion Battery, Nickel Hybrid Battery, and Lead-Acid Battery categories make up the market segmentation for electric vehicle batteries. 

Plug-in hybrid vehicles, battery electric vehicles, and hybrid electric vehicles are the types of vehicle technologies. 

The market end-users are aftermarkets and OEMS. 

Regional Insights

In light of the escalating number of people using electric vehicles, the Asia-Pacific electric vehicle battery market will take the lead in the following years. Additionally, it is likely that over the anticipated period, the government’s emphasis on the conversion of two- and three-wheelers into electric vehicles will bolster demand and accelerate market expansion in this region.

Electric Vehicle Battery Market Segmentation

EV Battery Market Type Outlook

  • Lithium-Ion Battery
  • Nickel Hybrid Battery
  • Lead-Acid Battery

EV Battery Market Vehicle Technology Outlook

  • Plug-In Hybrid Vehicle Electric Vehicles
  • Battery Electric Vehicles
  • Hybrid Electric Vehicles

EV Battery Market End Outlook

  • Aftermarkets
  • OEMS

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