DUBLIN, Sept. 30, 2024 (Globe Newswire) — The “Electric Vehicle Batteries – Global Strategic Business Report” report has been added to ResearchAndMarkets.com’s offering.
The global electric vehicle battery market was estimated at USD 30.8 billion in 2023 and is projected to reach USD 84.5 billion by 2030, growing at a CAGR of 15.5% from 2023 to 2030. This comprehensive report provides a detailed analysis of market trends. , factors, and predictions to help you make informed business decisions.
The transition to electric vehicles with these highly efficient batteries is in line with global efforts to significantly reduce dependence on fossil fuels, reduce carbon emissions and combat climate change. Additionally, ongoing research and development is making these batteries more efficient and affordable, contributing to the rapid growth of the electric vehicle market and supporting the widespread adoption of clean energy technologies around the world.
The growth of the electric vehicle battery market is driven by several factors, including rising global demand for electric vehicles, advancements in battery technology, and supportive government policies promoting green transportation. As environmental awareness increases and technology improves, consumer preference for electric vehicles is increasing, which is directly driving demand for high-quality EV batteries. Technological advances such as increased battery capacity, faster charging times, and lower costs are making EVs attractive to a wider range of people.
In addition, many governments around the world are offering incentives for purchasing EVs and investing in charging infrastructure, facilitating the transition from conventional vehicles to electric vehicles. Efforts to reduce global carbon emissions and improve urban air quality will further accelerate the adoption of EVs, thereby accelerating the expansion of the EV battery market. Collectively, these trends point to a solid growth trajectory for EV batteries as an integral part of the future mobility landscape.
What innovations are improving the performance of electric vehicle batteries?
Innovations in electric vehicle battery technology continue to push the boundaries of what is possible in EV design and functionality. Significant advances include improvements in battery chemistry, such as the development of solid-state batteries that promise higher energy density and enhanced safety compared to traditional liquid lithium-ion systems. These next-generation batteries offer faster charging times and longer lifespans, potentially revolutionizing the consumer experience.
Another key area of innovation is the integration of battery management systems that optimize charging and power distribution, further extending battery life and efficiency. Researchers are also investigating environmentally friendly materials and recycling processes to reduce the environmental impact of battery manufacturing and disposal. These technological advances are key to not only improving the performance and cost-effectiveness of electric vehicle batteries, but also meeting growing consumer demand and stringent environmental regulations.
How do electric vehicle batteries impact environmental sustainability?
Electric vehicle batteries make a significant contribution to environmental sustainability by facilitating the transition away from internal combustion engines, which are a major source of air pollution and greenhouse gas emissions. EVs powered by these batteries do not emit pollutants from their tailpipes, providing a cleaner urban environment and helping cities meet air quality standards. Additionally, as the power grid becomes greener through the increased integration of renewable energy sources, the overall environmental impact of electric vehicles will continue to decrease. T
He focuses on developing more sustainable battery production methods, and establishing robust recycling systems for used batteries also plays a key role in reducing carbon emissions and conserving natural resources. . The electric vehicle industry is making great strides in promoting sustainability by improving the environmental friendliness of the battery lifecycle, from mining to manufacturing to recycling.
Key insights:
Market Growth: Understand the significant growth trajectory of the lithium-ion battery segment, expected to reach USD 69 billion by 2030 at a CAGR of 18.1%. The lead-acid battery segment is also expected to grow at a CAGR of 7.4% during the analysis period. Regional Analysis: Gain insight into the US market, estimated at $8.3 billion in 2023, and the Chinese market, expected to grow at an impressive CAGR of 21.4% to reach. $21 billion by 2030. Check out growth trends in other key regions such as Japan, Canada, Germany, and Asia Pacific.
Report features:
Comprehensive market data: Independent analysis of annual sales and market forecasts (USD million) from 2023 to 2030. Detailed regional analysis: Detailed insights into key markets including the US, China, Japan, Canada, Europe, Asia Pacific, and Latin. America, Middle East, Africa. Company Profile: Covers major companies such as A123 Systems LLC, Automotive Energy Supply Corporation (AESC), and Bosch Mobility Solutions. Free updates: Receive 1 year of free report updates to stay informed. About the latest market trends.
Key attributes:
Report Attribute Details No. Number of Pages 232 Forecast Period 2023 – 2030 Estimated Market Value in 2023 (USD) 30.8 Billion Dollars Predicted Market Value by 2030 (USD) 84.5 Billion Dollars Average Annual Growth Rate 15.5% Target Region Worldwide
Main topics covered:
Market overview
Influencer Market Insights Electric Vehicle Batteries – Global Major Competitors Market Share Percentage (E) in 2024 Competitive Market Presence – Strong/Active/Niche/Minor ( E) Latest global economic information
Market trends and drivers
Advances in lithium-ion technology are driving the evolution of EV batteries Government subsidies and incentives are driving EV adoption and battery development Innovations in battery management systems improve performance and safety Electric vehicle production expands globally Market Expands EV Battery Recycling and Second Life Applications Expand Market Scope Solid State Battery Development – State Batteries Increase Investment in Battery Production Facilities to Meet Demand Setting the Stage for Market Transformation Rapid Critical to EV Market Growth Charging technology development Expansion of EV infrastructure and impact on battery demand Heat management technology becomes more important for battery safety and efficiency
Pay attention to carefully selected players (total of 13 players appear)
A123 Systems LLCAutomotive Energy Supply Corporation (AESC)Bosch Mobility SolutionsBYD Co., Ltd.Contemporary Amperex Technology Co., LimitedE-One Moli Energy CorporationHitachi Automotive Systems Ltd.Johnson Controls, Inc.LG ChemSamsung SDI Co., LtdTesla Motors, Inc. Wanxiang America Corporation
For more information on this report, please visit https://www.researchandmarkets.com/r/78gksz.
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Electric vehicle battery market
