The market for electric vehicle (EV) batteries was estimated to be worth USD 91 billion in 2020; by the end of 2031, it is anticipated to be worth USD 900 billion, growing at a CAGR of 25%. Over the projected timeframe, the e-mobility trend is predicted to gain traction due to rising electric vehicle sales. The market’s potential for growth would be increased by the continued deployment of integrated charging stations and the development of green power generation capacities.
Important conclusions from the market study
• The market for EV batteries will more than double by 2031.
• Demand for EV batteries in passenger cars is expected to account for 50% of global sales by vehicle type.
• Electric car batteries for storing electricity will grow at a rate of around 10% CAGR.
• More than 3 out of 10 electric vehicle battery sales are probably to come from Europe.
• Asia will overtake other regions as the largest market, with China accounting for 28.3% of sales.
• India is expected to be an opportune market with a growth of 15% CAGR through 2031.
Manufacturers in the electric car battery market will put a lot of effort into strategic partnerships, new launches, and acquisitions in the ensuing centuries.
Everyone was taken aback when Sony first showed their electric car, the Vision S, at the Consumer Electronics Show (CES) 2020. The battery-powered car, however, appears to be moving closer to becoming a reality based on the photographs.
Hitachi High-Tech anticipates that as more people transition to electric cars, there will be an increase in demand for old lithium-ion batteries. By 2030, the company projects that the annual global market for testing batteries would be between 500 billion ($4.8 billion) and 1 trillion yen.
Hitachi High-Tech anticipates that as more people transition to electric cars, there will be an increase in demand for old lithium-ion batteries.