Electric Vehicle Battery Market Analysis by Propulsion (Battery Electric, Plug-in Hybrid Electric, and Others); by Battery Type (Lead-Acid, Lithium-ion, and Others); by Vehicle Type (Passenger, and Commercial Vehicles); by Method (Wire and Laser); by Capacity (<50 kWh, 50-110 kWh, 111-200 kWh, and Others); and by End-User (Electric Vehicle OEMs, Battery Swapping Stations, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2033

Buy Now Report ID: 1268 | Published Date: Feb 24, 2023

Global Electric Vehicle Battery Market Size, Forecast, and Trend Highlights Over 2023 - 2035

The global electric vehicle battery market is estimated to garner a revenue of ~ USD 130 Billion by the end of 2033 by growing at a CAGR of ~30% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~ USD 40 Billion in the year 2022. The expansion of the EV battery market is anticipated to be supported in the near future by rising investments in urbanization, and rising government investments in the construction of infrastructure. The global adoption of EVs is anticipated to be fueled by increased technological developments and falling battery prices. For instance, when compared to the growth in electric vehicle sales between 2018 and 2019, which was around 5.2%, the final increase in electric vehicle sales was over 41%, from about 2.11 million units in 2019 to about 2.97 million units in 2020 globally.

Electric-Vehicle-Battery-Market-scope  The rising awareness regarding the benefits of electric vehicles, the surging popularity of advanced electric vehicles, and the growing production volumes by the top automakers are the prominent factors that are anticipated to drive the growth of the global electric vehicle battery market. As a result, the production rate of electric vehicles is expected to grow considerably which in turn is projected to bring lucrative growth opportunities. The latest report suggested that by 2030, it is planned to produce approximately 55 million electric vehicles across the world.

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Global Electric Vehicle Battery Market: Key Insights

Base Year


Forecast Year



~ 30%

Base Year Market Size (2022)

~ USD 40 Billion

Forecast Year Market Size (2033)

~ USD 130 Billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Global Electric Vehicle Battery Market: Growth Drivers and Challenges


Growth Drivers

  • Burgeoning Population Across the World – The expansion of the population is generating the need for fuel-efficient vehicles. Thus, the increasing demand for electric vehicle batteries is expected to rise with the production rate of electric vehicles. The World Bank calculated the global population to be 7.84 billion in 2021, an increase from 7.09 billion in 2021. This number is anticipated to rise to 9.8 billion in 2050 and 11.2 billion in 2100, as per the United Nations, Department of Economic and Social Affairs.

  • Rapid Growth of the Automotive Industry - Numerous factors have contributed to the rise of the automobile sector. The rising demand for cars, particularly in emerging nations, is one of the major factors influencing growth. The demand for automobiles, trucks, and other vehicles is anticipated to increase as economies develop and more people can purchase them. Recent statistics reveal that Indian passenger car sales were up by 26.5 percent from September 2019 to September 2020.

  • Increased Carbon Dioxide Emission – A report published recently stated that a passenger vehicle emits about 5 metric tons of carbon dioxide per year. Also, as per the International Organization of Motor Vehicle Manufacturers, globally road transport is responsible for about 16% of man-made carbon dioxide emissions.

  • Increasing Preference for Electric Cars – More and more people are opting for EVs as they become the wiser and more sustainable option.  The latest report by International Energy Agency stated the number of electric cars on the road was 16.5 million in 2021 globally.


  • Concern About an Explosion Resulting from Overcharging - Battery fires caused by lithium-ion (Li-ion) batteries are still a common occurrence. However, even though EVs run on electricity, still they can catch fire unexpectedly. It has been reported that the batteries in these vehicles have blown up, exploded, or even burst into flames. As a result, this factor is expected to slow down the market’s growth in the forecast period.
  • Expensive Battery Components and Materials
  • Costly Battery Repairs or Replacements

Global Electric Vehicle Battery Market Segmentation

The global electric vehicle battery market is segmented and analyzed for demand and supply by vehicle type into commercial, and passenger vehicles. Out of these, the passenger vehicles segment is attributed to garner the highest market share by 2033, owing to the high demand for personal vehicles by the burgeoning population. The increasing adoption of electric vehicle in both developed and emerging nations, along with the passenger car, currently dominates the market and is predicted to keep doing so over the projection period. Additionally, this category is anticipated to rule the EV battery market as more governments around the world embrace emission rules. In addition, increased consumer awareness of the benefits of EVs, evolving lifestyles, increasing urbanization, and rising disposable income are anticipated to boost the segment’s growth in the market. The International Energy Agency stated that passenger electric cars are surging in popularity and that it is estimated that 13% of new cars sold in 2022 were electric around the globe.

The global electric vehicle battery market is also segmented and analyzed for demand and supply by end-user into electric vehicle OEMs, battery swapping stations, and others. Out of these segments, the electric vehicle OEM segment is projected to garner the highest market share over the forecast period. This can be ascribed to the fact that electric vehicle OEMs are the biggest end-users of electric vehicle batteries by a large margin. The original equipment manufacturing companies use these batteries as replacements for faulty or expired batteries in their battery electric vehicles (BEVs). For instance, over 400,000 BEVs were sold in the US in 2021.

Our in-depth analysis of the global electric vehicle battery market includes the following segments:

                     By Propulsion

  • Battery Electric
  • Plug-in Hybrid Vehicle
  • Others

                     By Vehicle Type

  • Commercial Vehicles
  • Passenger Vehicles

                     By Method

  • Wire Bonding
  • Laser Bonding

                     By Capacity

  • <50kWh
  • 50 – 110 kWh
  • 111 – 200 kWh
  • 201 – 300 kWh
  • > 300 kWh

                    By Battery Type

  • Lead-Acid Battery
  • Lithium-ion Battery
  • Sodium-ion Battery
  • Nickel-Metal Hydride Battery
  • Others

                     By End-User

  • Electric Vehicle OEMs
  • Battery Swapping Stations
  • Others

Global Electric Vehicle Battery Market Regional Synopsis


The Asia Pacific electric vehicle battery market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. owing to the large production of electric vehicles in the region. China is the top producer of electric vehicles as per the International Energy Agency. The electric car registration rose from the year 2019 with almost 1000 thousand units to the year 2020 with around 1300 thousand units in China. Further, the large population in the region is expected to increase the demand for electric vehicles during the assessment period, which in turn is projected to increase the adoption rate of electric vehicle batteries. The population in East Asia and the Pacific, as per World Bank was 2.37 billion in 2021. Additionally, technological advancements, growth in Gross Domestic Level (GDP) along with the rise in disposable income are other factors that are anticipated to fuel the global electric vehicle battery market size.

Furthermore, opportunities for the stakeholders in this market are anticipated as top international investors make increasing investments in the Indian EV market. India's EV start-ups invested $406 million in 2019, up from $20 million in 2017. Of that investment, Ola Electric raised about $300 million, helping the business carve out a niche for itself in the Indian EV market. Additionally, the business has formed alliances with a wide range of OEMs and battery producers in order to collaborate with the automotive sector and develop seamless solutions for EV operations. These advances are anticipated to encourage the expansion of EVs globally in the upcoming years, which will increase market demand for electric batteries.


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Top Featured Companies Dominating the Global Electric Vehicle Battery Market

    • Nissan Motor Co., Ltd.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Contemporary Amperex Technology Co., Limited
    • Panasonic Holdings Corporation
    • LG Chem
    • BYD Company Limited
    • Hitachi, Ltd.
    • Samsung SDI Co., Ltd.
    • GS Yuasa Corporation
    • Mitsubishi Electric Corporation
    • GSR Ventures



In The News

  • Nissan Motor Co., Ltd., Renault Group, and Mitsubishi Motors Corporation has entered into a partnership to launch the new Kei or mini electric vehicle (EV).

  • Contemporary Amperex Technology Co., Limited in co-operation with Solaris Bus & Coach sp. z o.o. is all set to enhance the battery supply and electrification of city transportation in Europe.



Global Economic Impact

Request Insights
Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Author Credits:  Harshita Srivastava, Saima Khursheed

Key Questions Answered in the Report

1) What are the major factors driving the growth of the electric vehicles market?

Ans: The rising demand for electric vehicles by the burgeoning population and increased concerns regarding environmental protection are expected to fuel the market growth.

2) What would be the CAGR of electric vehicles market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~30% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the electric vehicles market growth?

Ans: The high costs of infrastructure along with the increased need for investments and assets along with the non-presence of standardization among nations are expected to hamper the market growth.

4) Which region will provide more business opportunities for growth of electric vehicles market in future?

Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the electric vehicles market?

Ans: The major players in the market are Nissan Motor Co., Ltd., Contemporary Amperex Technology Co., Limited, Panasonic Holdings Corporation, LG Chem, BYD Company Limited, Hitachi, Ltd., Samsung SDI Co., Ltd., GS Yuasa Corporation, Mitsubishi Electric Corporation, GSR Ventures, and other key players.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the electric vehicle battery market?

Ans: The market is segmented by propulsion, battery type, vehicle type, method, capacity, end-user, and by region.

8) Which segment captures the largest market size in vehicle type in the electric vehicle battery market?

Ans: The electric vehicle OEM segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

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