Electric Vehicle Battery Market Share

APAC Market Forecast

The EV battery market in Asia Pacific is projected to generate the largest share of about 35% by the end of 2037. This growth could be owing to the growing production of electric vehicles. In 2021, the Asia-Pacific market for electric car production increased by double digits over the preceding year to 122,243 units. Moreover, this region also has the presence of major market players which is also boosting the market expansion in this region.

North American Market Analysis

The North America EV battery market is also estimated to have notable growth over the forecast period. The growth of the market can be attributed majorly to the increasing investment for boosting the manufacturing of electric vehicle. In the manufacturing of electric vehicles and batteries, the United States is now prepared to draw the greatest amount of foreign investment. Since President Biden's appointment in 2021, companies have announced investments totaling around USD 210 billion in the EV battery industry.