Electric Vehicle Battery Market Analysis

Vehicle Type (Passenger Car, Commercial Vehicle, Two-Wheeler)

The passenger segment is estimated to hold 60% share of the EV battery market in the year 2037. The growth of the segment can be attributed to the rising demand for passenger electric cars. The demand for passenger electric vehicles is rising quickly; the International Energy Agency predicts that by 2022, almost 13% of all new cars sold are to be electric. Furthermore, regionally speaking, in 2020, 35 million electric passenger cars were sold in China, followed by Europe, where 1.8 million cars were sold. Passenger cars contribute heavily to air pollution, therefore substituting gas-passenger cars with electric cars is likely to be a great solution and is also expected to boost the market growth.

Battery Type (Lithium-Ion, Nickel Metal Hydride, Lead Acid)

EV battery market from the lithium-ion battery segment is expected to gamer a significant share of approximately 50% in the year 2037. The growth of the segment is expected to grow on account of rising demand for lithium-ion batteries. On the other hand, compared to lead-acid batteries, lithium-ion batteries have a higher energy density and a longer lifespan. Owing to this, lead acid batteries are being phased out of many applications, including grid and transportation, and being replaced by lithium-ion batteries.

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