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EV Battery Pack Market Size

The electric vehicle battery market is experiencing significant growth, driven by the increasing electrification of vehicles worldwide. This expansion is influenced by factors such as government regulations, the advantages of electric vehicles over traditional fossil fuel vehicles, and zero-emission initiatives. The demand for batteries, particularly lithium-ion, is rising as the adoption of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) accelerates, with Asia, especially China, leading the market. Emerging markets are also expected to contribute to the growth in battery demand. Government support for domestic battery manufacturing is further enhancing the market's expansion prospects.

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Market Size of ev battery pack Industry

EV Battery Pack Market Summary
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svg icon Study Period 2017 - 2029
svg icon Market Size (2024) USD 165.1 Billion
svg icon Market Size (2029) USD 265.1 Billion
svg icon Largest Share by Propulsion Type BEV
svg icon CAGR (2024 - 2029) 9.93 %
svg icon Largest Share by Region Asia-Pacific
svg icon Market Concentration High

Major Players
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*Disclaimer: Major Players sorted in no particular order

Key Players

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EV Battery Pack Market Analysis

The EV Battery Pack Market size is estimated at 165.1 billion USD in 2024, and is expected to reach 265.1 billion USD by 2029, growing at a CAGR of 9.93% during the forecast period (2024-2029).

165.1 Billion

Market Size in 2024 (USD)

265.1 Billion

Market Size in 2029 (USD)

38.68 %

CAGR (2017-2023)

9.93 %

CAGR (2024-2029)

Largest Segment by Body Type

84.66 %

value share, Passenger Car, 2023

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Sales of electric cars grew the most due to affordable model launches, government rebates and subsidies, EV benefits over conventional cars, and regulatory standards.

Largest Segment by Propulsion Type

94.41 %

value share, BEV, 2023

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Affordable option over PHEV, less maintenance, zero emissions, no fuel expenses have contributed to the highest growth of BEV segment in Global EV sales.

Largest Segment by Battery Chemistry

41.25 %

value share, LFP, 2023

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LFP batteries have acquired the highest share due to cheap production, long battery range, durability and highly manufactured by largest exporter of batteries i.e. China.

Largest Segment by Battery Form

66.40 %

value share, Prismatic, 2023

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Prismatic cells are largely used due to easy manufacturing, higher density in similar volume over other forms, unexpensive production and high safety rating.

Leading Market Player

37 %

market share, Contemporary Amperex Technology Co. Ltd. (CATL), 2022

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Contemporary Amperex Technology Co., Ltd. (CATL) sells the most batteries worldwide due to its vast production capacity, extensive client base, and global reach.

China leads battery demand for BEVs, PHEVs surge in Europe and North America

  • The electrification of vehicles in various countries globally has grown significantly over the past few years, making a positive impact on the demand for batteries as it is one of the major components of electric vehicles. The adoption of electric vehicles is growing due to various factors, including awareness of electric vehicles, strict norms from the government for EV adoption, advantages of EVs over the old fossil fuel vehicles, and zero-emission programs in various countries. As a result, the battery industry has grown parallelly and witnessed sales growth of 205% in 2021 over 2017 globally.
  • The major demand for batteries for PHEVs and BEVs is from Asian countries, with China as one of the biggest players in the electric automotive industry. The demand for BEVs is higher compared to the PHEVs in the majority of the market; for instance, 90% is acquired by China. Various regions, such as Europe and North America, are also witnessing a significant growth in the demand for BEV and PHEV, which has also contributed to the growth of the demand for batteries across the globe. As a result, the use of lithium-ion batteries in battery electric vehicles grew by 89% in 2022 over 2021 globally.
  • Launching of new products is attracting consumers to invest in EVs. For instance, in November 2022, the Chinese automaker BYD launched its electric SUV Atto 3 in India, which is equipped with a 60.48 kWh battery and offers a range of 521 km. The car has already got more than 2,000 bookings, and deliveries started in January 2023. Such launches are attracting customers, which is further expected to raise the demand for batteries with PHEV and BEV models during the forecast period in various countries globally.
EV Battery Pack Market

Governmental push for EVs and development in battery production infrastructure are driving the global EV battery pack market

  • The electrification of vehicles has been growing significantly across various countries over the past few years and also impacting the growth of the battery industry. Various factors, such as the introduction of stringent norms by governments worldwide for electric vehicles, the various advantages of EVs over conventional fuel vehicles, subsidies, and tax benefits, including rebates, aided the tremendous growth of EVs by around 219.05% in the historical period, thus, positively impacting the battery demand from OEMs and aftermarket suppliers. The rise in EV adoption rates increased the battery demand by 217.99% in the historical period (2017-2021) worldwide.
  • Electric cars are among the major contributors to the overall battery pack sales, followed by light trucks and buses. Growth in the demand for EVs in 2022 in various countries such as China, the United States, and Germany increased the demand for batteries by around 86.00% in 2022, majorly driven by APAC countries. As a result, global demand for EV battery packs witnessed a growth of 87.78% in 2022 over the previous year. Various emerging markets, such as India and Thailand, are expected to register increased sales of EVs, which would further boost their demand for battery packs in the future.
  • The governments of various countries worldwide are supporting battery manufacturers in enhancing their production of batteries domestically. In May 2023, the Government of Canada announced that it would provide USD 9.90 billion in manufacturing tax credits and USD 532 million to construct a battery manufacturing plant in the country. Such developments in various countries are expected to enhance the demand for batteries during the forecast period globally.

EV Battery Pack Industry Segmentation

Bus, LCV, M&HDT, Passenger Car are covered as segments by Body Type. BEV, PHEV are covered as segments by Propulsion Type. LFP, NCA, NCM, NMC, Others are covered as segments by Battery Chemistry. 15 kWh to 40 kWh, 40 kWh to 80 kWh, Above 80 kWh, Less than 15 kWh are covered as segments by Capacity. Cylindrical, Pouch, Prismatic are covered as segments by Battery Form. Laser, Wire are covered as segments by Method. Anode, Cathode, Electrolyte, Separator are covered as segments by Component. Cobalt, Lithium, Manganese, Natural Graphite, Nickel are covered as segments by Material Type. Asia-Pacific, Europe, Middle East & Africa, North America, South America are covered as segments by Region.

  • The electrification of vehicles in various countries globally has grown significantly over the past few years, making a positive impact on the demand for batteries as it is one of the major components of electric vehicles. The adoption of electric vehicles is growing due to various factors, including awareness of electric vehicles, strict norms from the government for EV adoption, advantages of EVs over the old fossil fuel vehicles, and zero-emission programs in various countries. As a result, the battery industry has grown parallelly and witnessed sales growth of 205% in 2021 over 2017 globally.
  • The major demand for batteries for PHEVs and BEVs is from Asian countries, with China as one of the biggest players in the electric automotive industry. The demand for BEVs is higher compared to the PHEVs in the majority of the market; for instance, 90% is acquired by China. Various regions, such as Europe and North America, are also witnessing a significant growth in the demand for BEV and PHEV, which has also contributed to the growth of the demand for batteries across the globe. As a result, the use of lithium-ion batteries in battery electric vehicles grew by 89% in 2022 over 2021 globally.
  • Launching of new products is attracting consumers to invest in EVs. For instance, in November 2022, the Chinese automaker BYD launched its electric SUV Atto 3 in India, which is equipped with a 60.48 kWh battery and offers a range of 521 km. The car has already got more than 2,000 bookings, and deliveries started in January 2023. Such launches are attracting customers, which is further expected to raise the demand for batteries with PHEV and BEV models during the forecast period in various countries globally.
Body Type
Bus
LCV
M&HDT
Passenger Car
Propulsion Type
BEV
PHEV
Battery Chemistry
LFP
NCA
NCM
NMC
Others
Capacity
15 kWh to 40 kWh
40 kWh to 80 kWh
Above 80 kWh
Less than 15 kWh
Battery Form
Cylindrical
Pouch
Prismatic
Method
Laser
Wire
Component
Anode
Cathode
Electrolyte
Separator
Material Type
Cobalt
Lithium
Manganese
Natural Graphite
Nickel
Other Materials
Region
Asia-Pacific
By Country
China
India
Japan
South Korea
Thailand
Rest-of-Asia-Pacific
Europe
By Country
France
Germany
Hungary
Italy
Poland
Sweden
UK
Rest-of-Europe
Middle East & Africa
North America
By Country
Canada
US
South America
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EV Battery Pack Market Size Summary

The electric vehicle (EV) battery market is experiencing significant growth, driven by the increasing adoption of electric vehicles worldwide. This surge in demand is largely attributed to the global push towards vehicle electrification, supported by government regulations, incentives, and the environmental benefits of EVs over traditional fossil fuel vehicles. The market is witnessing a robust expansion, with major contributions from Asia, particularly China, which dominates the battery demand for battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). The introduction of new EV models and advancements in battery technology are further propelling market growth, as consumers are increasingly drawn to the benefits and innovations in electric mobility.

The market landscape is characterized by a high level of consolidation, with leading companies such as BYD, Contemporary Amperex Technology Co. Ltd. (CATL), LG Energy Solution Ltd., Samsung SDI Co. Ltd., and SK Innovation Co. Ltd. holding significant market shares. These companies are at the forefront of technological advancements and strategic partnerships, enhancing their production capabilities and expanding their global presence. The demand for EV batteries is expected to continue its upward trajectory, supported by government initiatives and the growing popularity of electric vehicles in emerging markets. The market's growth is also reflected in the increasing sales of top-performing EV models, which highlight the rising consumer interest and investment in electric mobility solutions.

Explore More >

EV Battery Pack Market Size - Table of Contents

  1. 1. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2029 and analysis of growth prospects)

    1. 1.1 Body Type

      1. 1.1.1 Bus

      2. 1.1.2 LCV

      3. 1.1.3 M&HDT

      4. 1.1.4 Passenger Car

    2. 1.2 Propulsion Type

      1. 1.2.1 BEV

      2. 1.2.2 PHEV

    3. 1.3 Battery Chemistry

      1. 1.3.1 LFP

      2. 1.3.2 NCA

      3. 1.3.3 NCM

      4. 1.3.4 NMC

      5. 1.3.5 Others

    4. 1.4 Capacity

      1. 1.4.1 15 kWh to 40 kWh

      2. 1.4.2 40 kWh to 80 kWh

      3. 1.4.3 Above 80 kWh

      4. 1.4.4 Less than 15 kWh

    5. 1.5 Battery Form

      1. 1.5.1 Cylindrical

      2. 1.5.2 Pouch

      3. 1.5.3 Prismatic

    6. 1.6 Method

      1. 1.6.1 Laser

      2. 1.6.2 Wire

    7. 1.7 Component

      1. 1.7.1 Anode

      2. 1.7.2 Cathode

      3. 1.7.3 Electrolyte

      4. 1.7.4 Separator

    8. 1.8 Material Type

      1. 1.8.1 Cobalt

      2. 1.8.2 Lithium

      3. 1.8.3 Manganese

      4. 1.8.4 Natural Graphite

      5. 1.8.5 Nickel

      6. 1.8.6 Other Materials

    9. 1.9 Region

      1. 1.9.1 Asia-Pacific

        1. 1.9.1.1 By Country

          1. 1.9.1.1.1 China

          2. 1.9.1.1.2 India

          3. 1.9.1.1.3 Japan

          4. 1.9.1.1.4 South Korea

          5. 1.9.1.1.5 Thailand

          6. 1.9.1.1.6 Rest-of-Asia-Pacific

      2. 1.9.2 Europe

        1. 1.9.2.1 By Country

          1. 1.9.2.1.1 France

          2. 1.9.2.1.2 Germany

          3. 1.9.2.1.3 Hungary

          4. 1.9.2.1.4 Italy

          5. 1.9.2.1.5 Poland

          6. 1.9.2.1.6 Sweden

          7. 1.9.2.1.7 UK

          8. 1.9.2.1.8 Rest-of-Europe

      3. 1.9.3 Middle East & Africa

      4. 1.9.4 North America

        1. 1.9.4.1 By Country

          1. 1.9.4.1.1 Canada

          2. 1.9.4.1.2 US

      5. 1.9.5 South America

EV Battery Pack Market Size FAQs

The EV Battery Pack Market size is expected to reach USD 165.12 billion in 2024 and grow at a CAGR of 9.93% to reach USD 265.05 billion by 2029.

In 2024, the EV Battery Pack Market size is expected to reach USD 165.12 billion.

EV Battery Market Report Snapshots

Electric Vehicle Battery Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2024 - 2029)

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