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Redding, California - September 10, 2024

Electric Vehicle Battery Market to be Worth $415.9 Billion by 2031

Electric Vehicle Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Battery Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Battery Form, Application, End User, and Geography - Global Forecast to 2031

Meticulous Research^®, a leading global market research company, published a research report titled ‘Electric Vehicle Battery Market - Global Opportunity Analysis and Industry Forecast (2024-2031)’. The EV battery market is expected to reach $415.9 billion by 2031 at a CAGR of 33.1% during the forecast period from 2024 to 2031.

The growth of the EV battery market is primarily driven by the rising investments by major automotive OEMs, falling battery prices, and favorable government policies and regulations for electric vehicle batteries. However, the potential shortfall in lithium mining capabilities and the low energy density of lithium-ion batteries restrain the growth of this market.

Moreover, the growing use of electric mobility in emerging nations, increased investment in expanding lithium-ion battery production capacity, and increased use of battery-as-a-service models are projected to create growth opportunities for market stakeholders. However, potential safety issues in EV batteries are a challenge impacting the growth of the EV battery market.

The EV battery market is segmented by type, battery capacity, bonding type, battery form, application, and end user. The report evaluates industry competitors and analyzes the market at the regional and country levels.

By type, the lithium-ion battery type segment is anticipated to hold the dominant position, with over 64.0% of the market share in 2024. This segment's substantial share is due to increased utilization of EVs, increased R&D spending on enhanced lithium-ion batteries, ongoing technological enhancements in lithium-ion battery technology, and increased investments in extending lithium-ion battery capacity.

By battery capacity, the 51kWh to 100kWh capacity segment is anticipated to hold the dominant position, with over 52.0% of the market share in 2024. This segment's significant share is due to its ideal long-distance capacity, increased adoption of 51kWh to 100kWh capacity batteries in passenger cars, and rising investments by key automotive OEMs to develop long-range and more powerful electric cars.

By bonding type, the wire bonding type is anticipated to hold the dominant position, with over 84.5% of the market in 2024. This segment's large share is attributed to the increased demand for reliable and precise wire bonding technology, wire bonding in battery pack assembly, and enhanced wire bonding techniques. Furthermore, the advantages of wire bonding—such as efficient power transfer, effective thermal management, dependability, cost-effectiveness, and improved performance—support the growth of this segment.

By battery form, the prismatic form is anticipated to hold the dominant position, with over 45.0% of the market in 2024. This segment's substantial share is due to the growing need for efficient and dependable battery technologies like prismatic cells. The growth is driven by efforts to develop enhanced prismatic cell technologies, improvements in cell design and materials, and support for emerging technologies such as vehicle-to-grid (V2G) systems. Furthermore, prismatic cells have better layering alternatives than other cell types, making them ideal for crucial applications such as EV batteries.

By application, the electric cars application is anticipated to hold the dominant position, with over 46.5% of the market in 2024. This segment's substantial share is due to rising government incentives, such as tax credits, rebates, and subsidies, which stimulate the purchase of electric vehicles, growing consumer knowledge of EV benefits, and an increased emphasis on electric mobility in emerging nations.

By end user, the electric vehicle OEM end user is anticipated to hold the dominant position with over 85.0% of the market in 2024. This segment's substantial share is due to increased investments by automobile OEMs in developing EV battery manufacturing capacity, government incentives and subsidies, and OEMs' constant introduction of new EV models. Furthermore, major EV OEMs' provision of eight—to ten-year battery guarantees encourages customers to purchase replacement batteries from OEMs for older EVs, further driving demand in the EV OEM segment.

By geography, Asia-Pacific is anticipated to hold the dominant position, with over 68.0% of the market in 2024. The presence of major EV battery players, such as SK Innovations Co. Ltd. (South Korea), LG Chem, Ltd. (South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), and Vehicle Energy Japan Inc. (Japan), is anticipated to significantly contribute to the high revenue share of this region. Additionally, rising government policies and incentives for EV adoption, increasing electric mobility in emerging economies, higher demand for personal and commercial electric vehicles, and growing partnerships between battery manufacturers, automakers, and technology

Further, Europe EV batteries market is also expected to grow with a significant pace during the forecast period. Some of the major factors driving the growth of this market include increasing developments in battery technologies, increasing investments in the development of EV batteries, and growing government initiatives towards charging infrastructures and incentive programs for EV adopters.

Key Players

The report offers a competitive analysis based on an extensive assessment of the leading players’ product portfolios, geographic presence, and key growth strategies adopted in the last three to four years. Some of the key players operating in the EV battery market are SK Innovations Co. Ltd. ( South Korea), LG Chem, Ltd (South Korea), Farasis Energy (GanZhou) Co., Ltd. (China), SVOLT Energy Technology Co., Ltd. (China), BYD Company Limited (China), Samsung SDI Co., Ltd. (South Korea), GS Yuasa International Ltd. (Japan), Vehicle Energy Japan Inc. (Japan), Northvolt AB (Sweden), Panasonic Corporation (Japan), Contemporary Amperex Technology Co. Limited (CATL) (China), A123 Systems, LLC (China), Exide Industries Ltd. (India), Primearth EV Energy Co., Ltd. (Japan), E-One Moli Energy Corp. (Taiwan), StoreDot Ltd. (Israel), NOHMs Technologies, Inc. (U.S.), Lithium Werks B.V. (Netherlands), Faradion Limited (U.K.), and QuantumScape Corporation (U.S.).

According to European Commission, the global manufacturing capacity of lithium-ion cells for electric cars and energy storage is around 150 GWh, and Europe hosts around 3% of global production capacity, and it is estimated that the share range is from 7% to 25%. The European Commission and European industrial companies developed The European Battery Alliance, a central platform for dialogue on the future of battery cell production in Europe. This platform seeks to encourage the production of battery cells in both Germany and Europe and ensure that the batteries produced are competitive, innovative, and environmentally compatible. Also, the European government is taking initiatives to promote the adoption of EVs in the market. This will boost the demand for EV batteries in the region. The European Commission is seeking funding from the Spanish government's Programme for the Promotion of Industrial Competitiveness and Sustainability projects, which aims to extract 15,000 tons of raw material per year. Such initiatives for the development of battery technologies are expected to boost the demand for EV batteries in Europe in the forecast period.

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=5210

Key Questions Answered in the Report:

Which are the high-growth market segments in terms of type, battery capacity, bonding type, battery form, application and end user?
What was the historical market size for EV batteries globally?
What are the market forecasts and estimates for 2024–2031?
What are the major drivers, restraints, opportunities, challenges, and trends in the electric vehicle battery market?
Who are the leading companies in the electric vehicle battery market, and what are their respective market shares?
What is the competitive landscape like?
What are the recent developments in the EV battery market?
What do major market players adopt the various growth strategies?
What are the major market trends, and which are the high-growth countries?
Who are the local emerging players in the EV battery market, and how do they compete with other players?

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Redding, California - September 10, 2024

Electric Vehicle Battery Market to be Worth $415.9 Billion by 2031

Electric Vehicle Battery Market by Type (Li-ion, Ni-MH, SLA, Ultracapacitors, Solid-state Batteries), Battery Capacity (<50 kWh, 51-100 kWh, 101-300 kWh, >300 kWh), Bonding Type (Wire, Laser), Battery Form, Application, End User, and Geography - Global Forecast to 2031

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