The Global Electric Vehicle Battery Market is expected to reach USD 46.80 billion by 2027, according to a new report by Emergen Research. The growing demand for alternative energy sources is a key driver of growth. Electricity generation effectively lowers harmful pollutants like carbon dioxide emissions. As a result, the development of electric vehicle batteries will be crucial in addressing environmental problems and advancing the use of renewable energy sources. New opportunities for up-and-coming players are anticipated to result from ongoing product and technological advancements.
Since deep-cycle batteries are made to provide power for extended periods, they set themselves apart from starting, lights, and ignition (SLI) batteries. Smaller, lighter batteries are preferable since they reduce the weight of the vehicle and hence increase its performance. Electric vehicle batteries are distinguished by their relatively high power-to-weight ratio, specific energy, and energy density. The majority of today’s battery technologies have substantially lower specific energies than liquid fuels, which frequently affects the cars’ maximum all-electric range.
Due to their high energy density about weight, lithium-ion, and lithium polymer batteries are the most popular battery types in contemporary electric vehicles. Lead-acid (“flooded”, “deep-cycle,” and “valve-regulated lead acid”), nickel-cadmium, nickel-metal hydride, and, less frequently, zinc-air and sodium nickel chloride (“zebra”) batteries are other types of rechargeable batteries used in electric vehicles. Batteries’ electrical capacity, or “electric charge,” is measured in ampere-hours or coulombs, with the overall energy being expressed in kilowatt-hours.
Key Highlights From The Report :
The solid-state battery segment is projected to grow at the fastest rate once it gets commercialized
Once commercialized, the solid-state battery segment is anticipated to grow faster than other battery types. According to Meticulous Research’s estimate, solid-state battery commercialization is anticipated to begin in 2025. A Li-ion battery that uses a liquid electrolyte solution has a lower energy density than a solid-state battery. Due to the extremely low risk of fire, this sort of battery may be manufactured very small to conserve space. Compared to lithium-ion batteries, a solid-state battery can significantly increase the energy density per unit area. A solid-state battery pack will have more capacity than a lithium-ion battery of the same size because of these characteristics.
During the forecast period, the sector for light commercial vehicles is anticipated to increase at the greatest CAGR.
The light commercial vehicle sector is anticipated to expand at the highest CAGR throughout the projection period, according to the application. Due to the increasing adoption of electric light commercial vehicles by retail MNCs and fleet operators, growing public awareness of the benefits of electric vehicles in reducing emissions, rising demand for electric vehicles to reduce fleet emissions, and strict government regulations regarding vehicle emissions, this market segment is expected to grow rapidly during the forecast period. Electric light commercial cars are now much more affordable thanks to the mass manufacture of batteries and the alluring tax incentives provided by governments.
Europe is anticipated to have the fastest rate of growth :
In 2021, it is anticipated that the Asia-Pacific region would hold the biggest market share for EV batteries, followed by Europe, North America, Latin America, and the Middle East & Africa. However, during the forecast period, Europe is anticipated to experience the strongest increase. Numerous gigafactories that are anticipated to be operational throughout the forecast period and the high adoption of electric transportation in the region are variables that have been linked to the high growth of this region. By 2030, from the current battery production capacity of 3%, the European area is anticipated to account for a third of the global EV battery production capacities.
Emergen Research has segmented the global Electric Vehicle Battery Market based on vehicle type, battery type, propulsion, and region:
Battery Type Outlook (Revenue, USD Billion; 2017-2027)
- Nickel-Metal Hydride
Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)
- Passenger Vehicles
- Commercial Vehicles
Propulsion Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Battery Electric Vehicle
- Plug-In Hybrid Electric Vehicle
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- the U.S
- the UK
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA