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

REDDING, Calif., June 24, 2024 /PRNewswire/ — According to a new market research report titled, 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,‘ the electric vehicle batteries market to be worth $415.9 Billion by 2031, at a CAGR of 33.1% from 2024–2031.

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Electric vehicle batteries are used to power the electric motors of battery electric vehicles (BEV) or hybrid electric vehicles (HEV). EV batteries are made up of numerous cells put into a frame to provide protection from external shocks such as heat or vibration called modules. EV batteries have high power density and high energy density for providing optimal driving range to the vehicles.

The growth of the electric vehicle batteries market is driven by supportive government policies and regulations, decreasing battery prices, and increasing investment by leading automotive OEMs. However, the potential shortfall in lithium mining capabilities and the low energy density of lithium-ion batteries restrain the growth of this market.

Furthermore, increasing adoption of electric mobility in emerging economies, growing investments in developing lithium-ion battery capacity, and growing deployment of battery-as-a-service are expected to offer significant growth opportunities for players operating in the electric vehicle batteries market. However, the potential safety issues in EV batteries may hinder the growth of this market.

The electric vehicle batteries market is segmented based on type lithium-ion battery, sealed lead acid battery, nickel-metal hydride battery, ultracapacitors, solid-state batteries, and other battery types, battery capacity less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 300kWh, bonding type wire bonding and laser bonding, battery form prismatic, pouch, and cylindrical, application electric cars (battery electric vehicles, plug-in hybrid electric vehicles, and pure hybrid electric vehicles), light commercial vehicles, heavy commercial vehicles (electric bus and electric trucks), E-scooters & motorcycles, and E-bikes, end user electric vehicle OEMs and battery swapping stations, and geography. The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on type, the global electric vehicle batteries market is broadly segmented into lithium-ion batteries, sealed lead acid batteries, nickel-metal hydride batteries, ultracapacitors, solid-state batteries, and other battery types. In 2024, the lithium-ion battery segment is expected to account for the largest share of the global electric vehicle batteries market. The large market share of this segment is attributed to its higher energy density, compactness, durability, and lightweight. Various automotive OEMs are increasingly partnering with battery OEMs to develop lithium-ion batteries, secure battery supply chains for their existing and upcoming electric vehicles, and achieve technology leadership in EV batteries.

A lithium-ion (Li-ion) battery is a type of rechargeable battery that uses lithium ions as a key component of its electrochemistry. Lithium-ion batteries have a higher energy density than lead-acid batteries or nickel-metal hydride batteries, due to which this type of battery can store more electricity in the same size cell as compared to other batteries. Also, various automotive OEMs are partnering with battery OEMs to develop EV batteries and secure battery supply chains for their existing and upcoming electric vehicles and achieve technology leadership in EV batteries. For instance, In April 2024, German auto giant BMW Group partnered with Rimac Technology (Croatia) to develop high-voltage EV batteries. The battery tech will start making an appearance on BMW Group cars in the second half of the decade. In April 2024, Hyundai Motor Co (South Korea) and Kia Corp (South Korea) signed a memorandum of understanding with India’s Exide Energy Solutions Ltd to supply batteries for their electric vehicles in a bid to boost competitiveness in the world’s No.3 auto market. Under this partnership with Exide Energy, a unit of Exide Industries Ltd aims to localize its EV battery production in India, specifically focusing on lithium-iron-phosphate (LFP) cells.

Additionally, the lithium-ion battery segment is also projected to register the highest CAGR during the forecast period.

Based on battery capacity, the global electric vehicle batteries market is broadly segmented into less than 50kWh, 51kWh to 100kWh, 101kWh to 300kWh, and more than 300kWh. In 2024, the 51kWh to 100kWh segment is expected to account for the largest share of the electric vehicle batteries market.

However, the 101kWh to 300kWh segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to the rise in fuel prices and government initiatives for lowering fleet emissions of logistics and public transportation and the rise in fuel prices and government initiatives for lowering fleet emissions of logistics and public transportation. Also, the increasing launch of new EVs by automotive OEMs for electrification of logistics and public transport fleets and the increasing adoption of electric vehicles by E-commerce companies such as Amazon.com, Inc., (U.S.) and United Parcel Service, Inc. (U.S.) are supporting the market’s growth during the forecast period.

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Based on bonding type, the global electric vehicle batteries market is broadly segmented into wire bonding and laser bonding. In 2024, the wire bonding segment is expected to account for the largest share of the global electric vehicle batteries market. The growth of the segment is attributed to the high reliability of wire bonding technology, low production cost, better thermal relief properties, lesser scrap production, and easy replaceability of faulty wire bonds. Wire bonding can handle extreme temperature ranges, shock, and vibrations over increasingly longer lifetimes. Wire bonding is increasingly used for applications such as battery cell-to-cell connections, battery cell-to-busbar connections, and battery management system (BMS) interconnects. Wire bonding is an ultrasonic, metal friction welding process that is used to connect cells to a battery pack. This process takes place at room temperature, and no external heat is necessary for welding. Wire bonding is a combination of three parameters that form the bond: vertical force, ultrasonic power, and time. An ultrasonic transducer generates vibrations in the range of about 60kHz. Vibrations are transferred to the welding area for a period in the order of 100ms. Wire bonding makes fast and fully automated connections, and it allows better thermal relief as the cell can be placed against the enclosure.

However, the laser bonding segment is expected to record the highest CAGR during the forecast period mainly because laser-welded bonds can withstand higher currents, offer the advantages of narrow welds, high welding speed, and low level of heat, which is important for battery tab welding because the chemicals within the batteries are heat sensitive.

Based on battery form, the global electric vehicle batteries market is broadly segmented into prismatic, pouch, and cylindrical. In 2024, the colorful segment is expected to account for the largest share of the global electric vehicle batteries market. The large market share of this segment is attributed to various factors, as this form has a very thin profile, providing better space utilization and allowing flexibility in battery design and high-power quality. Prismatic cells offer better layering options than other types of cells, due to which they are commonly used in critical applications like EV batteries. Also, prismatic cells are highly stable since they are encased in steel or aluminum casing. Prismatic cells are made of aluminum alloy and contained in a rectangular can. The electrodes are either stacked or in the form of a flattened spiral. They are usually designed to have a very thin profile for use in small electronic devices. Prismatic cells provide better space utilization at the expense of slightly higher manufacturing costs, lower energy density, and more vulnerability to swelling.

However, the pouch segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to higher energy density compared with the same weight of prismatic cells, more safety performance, and lower internal resistance.

Based on application, the global electric vehicle batteries market is broadly segmented into electric cars, light commercial vehicles, heavy commercial vehicles, E-scooters & motorcycles, and E-bikes. Electric cars are further segmented into battery electric vehicles, plug-in hybrid electric vehicles, and pure hybrid electric vehicles. Heavy commercial vehicles are further segmented into electric buses and electric trucks. In 2024, the electric cars segment is expected to account for the largest share of the global electric vehicle batteries market. The large market share of this segment is attributed to growing concerns regarding the negative environmental effects of vehicular emissions, supportive government initiatives to decarbonize transportation, and increasing efforts by major automotive OEMs to reduce greenhouse gas emissions and transform their product line-ups into green and clean, environment-friendly vehicles. Also, battery OEMs are increasingly investing in the R&D of new battery technologies for reducing the car’s battery size cost-effectively and improving its performance and power to weight ratio. An electric car primarily uses a lithium-ion battery pack made of several cells, a battery management system (BMS) for monitoring and optimizing battery performance, and a cooling circuit (using air or liquid) for maintaining optimum operating temperatures, all encased within a reinforced waterproof box. A Lithium-ion (Li-ion) battery is primarily used as they have a higher energy density compared to other rechargeable battery technologies available. They also have a high power-to-weight ratio, high energy efficiency, good performance at high temperatures, and low self-discharge rate. Various key players in this market launch various initiatives in the development of the market. For instance, in February 2024, Car sharing marketplace Zoomcar (India) partnered with electric vehicles self-drive rental firm SPARKCARS to introduce over 1,000 EVs on its platform across India within the next two years. This partnership will help increase the supply of EV cars available for self-drive to meet the growing needs of convenient and independent travel. In October 2023, Honda Motor Co., Ltd. (Japan) partnered with General Motors (U.S.) to jointly develop affordable electric vehicles (EVs), just a year after they agreed to work together in a USD 5 billion effort to try to beat Tesla (U.S.) in sales.

However, the light commercial vehicle segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed to the increasing shift of retail MNCs and transport fleet operators to electric light commercial vehicles, growing awareness regarding the role of electric vehicles in reducing emissions, increase in demand for electric vehicles to reduce fleet emissions, and stringent government rules and regulations towards vehicle emissions.

Based on end user, the global electric vehicle batteries market is broadly segmented into electric vehicle OEMs and battery swapping stations. In 2024, the electric vehicle OEMs segment is expected to account for the larger share of the global electric vehicle batteries market. The growth of the segment is attributed to the increasing consumer adoption of EVs for personal use, increasing investment by automotive OEMs in EV battery manufacturing capacities to create a secure supply chain for their future electric vehicles, and the increasing launch of new EV models by automotive OEMs. Moreover, all major EV OEMs currently cover batteries in a warrant for 8 to 10 years, due to which customers buy replacement batteries for older EVs from OEMs, further supporting the battery demand by EV OEMs.  

However, the battery swapping stations segment is expected to record the highest CAGR during the forecast period. The growth of this segment is attributed mainly to battery swapping services that help reduce EV acquisition costs, increase the battery lifespan, and increase battery swapping services by various automotive start-up companies. Also, other mobility stakeholders, such as oil refining companies, are partnering with E-mobility start-ups to set up battery-swapping stations, which will support the market growth of this segment. Battery swapping is a service in which a drained battery is exchanged for a fully charged battery at a battery swapping station (BSS). The BSS acts as a battery aggregator that provides the infrastructure where the number of batteries is kept in charging and charged batteries are made available to the EV drivers. The battery swapping service helps to reduce EV acquisition costs, i.e., we can separate the vehicle business from the energy business, and it eliminates long-time charging. AC charging and even fast DC charging require time for charging as per their battery capacity but battery swapping service is as fast as refueling a conventional vehicle.

Additionally, various key players in this market launched various initiatives in the development of the market. For instance, in December 2023, Stellantis N.V. (Netherlands) signed a binding agreement with Ample (U.S.) to establish a partnership in electric vehicle (EV) battery charging technology capable of delivering a fully charged electric vehicle battery in less than five minutes. The two partners have agreed to work toward integrating Ample’s Modular Battery Swapping solution in Stellantis electric vehicles.

Based on geography, the electric vehicle batteries market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, Asia-Pacific is expected to account for the largest share of the global electric vehicle batteries market. The penetration of electric vehicles drives the market growth in Asia-Pacific at a higher rate as compared to other regions. Increasing demands for EVs and associated charging facilities, a growing number of start-ups offering numerous solutions and services in the electric mobility industry, and growing government initiatives in developing charging infrastructure and incentive programs for EV adopters are factors driving the electric vehicle market’s growth in this region, which will support the demand of electric vehicle batteries in the region during the forecast period.

However, the European region is projected to record the highest CAGR during the forecast period. The growth of this market is attributed to various key players planning to launch numerous gigafactories in this region to meet the anticipated surge in demand for electric vehicles (EVs) and the high adoption of electric mobility. European governments are taking initiatives to promote EV adoption, with the European Battery Alliance setting an objective for 90% of Europe’s annual battery demand to be supplied from within the EU by 2030, according to a U.K. Parliament report.

By 2030, Germany is expected to have the largest amount of battery manufacturing capacity in Europe. Eastern European countries, such as Hungary and Poland, have also attracted significant investments from leading Asian battery manufacturers, partly due to the cheaper land and labor in these countries but also because of their proximity to the German car industry.

The key players operating in the global electric vehicle batteries 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.).

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Scope of the Report:

Electric Vehicle Batteries Market, by Type                               

  • Lithium-ion Battery
  • Sealed Lead Acid Battery
  • Nickel-metal Hydride Battery
  • Ultracapacitors
  • Solid-state Batteries
  • Other Battery Types

Electric Vehicle Batteries Market, by Battery Capacity                        

  • Less Than 50kWh
  • 51kWh to 100kWh
  • 101kWh to 300kWh
  • More Than 300kWh

Electric Vehicle Batteries Market, by Bonding Type                              

Electric Vehicle Batteries Market, by Battery Form                              

  • Prismatic
  • Pouch
  • Cylindrical

Electric Vehicle Batteries Market, by Application                                  

  • Electric Cars
    • Battery Electric Vehicles
    • Plug-in Hybrid Electric Vehicles
    • Pure Hybrid Electric Vehicles
  • Light Commercial Vehicles
  • Heavy Commercial Vehicles
    • Electric Bus
    • Electric Trucks
  • E-scooters & Motorcycles
  • E-bikes

Electric Vehicle Batteries Market, by End User                       

  • Electric Vehicle OEMs
  • Battery Swapping Stations

Electric Vehicle Batteries Market, by Geography                                   

  • Asia-Pacific
    • China
    • Japan
    • South Korea
    • Taiwan
    • India
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific
  • Europe
    • Germany
    • France
    • U.K.
    • Norway
    • Sweden
    • Italy
    • Spain
    • Poland
    • Hungary
    • Rest of Europe
  • North America
  • Latin America
  • Middle East and Africa

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