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
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
Based on the battery type, the global market is segregated into nickel-metal hydride (Ni-MH) battery, lithium-ion (Li-ion) battery (Li-Ion), lead-acid battery, and others.
On the basis of vehicle type, this market is classified into the hybrid electric vehicle (HEV), battery electric vehicle (BEV), and plug-in hybrid electric vehicle (PHEV). The BEV segment is expected to display a higher CAGR, in comparison to the PHEV and HEV segments.Geographically, North America, Europe, Asia Pacific, and the rest of the world.
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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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