Electric Vehicle Battery Market Worth $133.46 Billion, Globally, by 2027 at 18.05% CAGR: Verified Market Research

The ongoing development of lithium-ion batteries and Growing concerns related to decreasing oil & gas resources are the factors contributing to the electric vehicle battery market growth

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Verified Market Research

Aug 18, 2020, 09:14 ET

JERSEY CITY, N.J., Aug. 18, 2020 /PRNewswire/ -- Verified Market Research recently published a report, "Electric Vehicle Battery Market by Type (Lead-Acid Battery, Lithium-ion Battery), by Vehicle (Battery Electric Vehicle, Plug-In Hybrid Electric Vehicle, Hybrid Electric Vehicle), Geography". According to Verified Market Research, the Global Electric Vehicle Battery Market was valued at USD 35.16 Billion in 2019 and is projected to reach USD 133.46 Billion by 2027, growing at a CAGR of 18.05% from 2020 to 2027.

Electric Vehicle Battery Market Analysis & Forecast, 2020-2027

This report provides detailed analysis of the growth trends among each of the segments as well as accurate forecasts in terms of the value and volume.

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Browse in-depth TOC on "Electric Vehicle Battery Market"

202 - Pages

126 – Tables

37 – Figures

Global Electric Vehicle Battery Market Overview

Increasing concerns regarding the harmful effects of climate change with the emission of fuel vehicles coupled with the alarming pollution level recorded in major countries have increased the demand for an electric vehicle. The rise in petrol and diesel prices due to the depletion of fossil fuel reserves has increased the demand for advanced fuel-efficient technologies driving the growth of the electric vehicle market over the forecast period. The ongoing development of lithium-ion batteries has enabled battery manufacturers to produce a high-performance battery that satisfies the need for lightweight vehicles, thereby propelling the growth of the market. With a significant rise in the demand for energy-efficient automobiles, manufacturers are governing their investments in the direction of the development of high-density lithium-ion batteries, and solid-state battery technology to achieve extended battery range and fast recharging. The increasing automotive production in developed and developing countries such as China, Japan, Germany, Mexico, South Korea, and Taiwan, expected to fuel the growth electric vehicle battery market. The increasing government investment in developing infrastructure for electric vehicles in several countries would also contribute to the market growth.

Growing concerns related to decreasing oil & gas resources and degrading environmental conditions with the use of gasoline vehicles are having a positive impact on the demand for electric-powered vehicles, further contributing to the electric vehicle battery market growth. However, the demand-supply gap of some essential raw materials and the fluctuating raw material prices are some of the factors that may hamper the growth of the market. Moreover, the government investment for the implementation of public charging infrastructure coupled with ongoing advancement in the technology of electric vehicles is likely to provide lucrative opportunities for the market to grow.

The major players in the market are Panasonic Corporation, GS Yuasa International Ltd., Hitachi, Ltd., Narada Power Source Co. Ltd., Byd company limited, and others.

Verified Market Research has segmented the Electric Vehicle Battery Market on the basis of Type, Vehicle and Geography.

Electric Vehicle Battery Market, by Type

Lead-Acid Battery
Lithium-ion Battery
Others

Electric Vehicle Battery Market, by Vehicle

Battery Electric Vehicle
Plug-In Hybrid Electric Vehicle
Hybrid Electric Vehicle

Electric Vehicle Battery Market, by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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