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 2036. 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.

Frequently Asked Questions (FAQ)

The major factors driving the growth of the market are rise in number of new EV models, rising pollution from vehicles, and technological advancement in electric battery.

The market size of EV battery is anticipated to attain a CAGR of 22% over the forecast period, i.e., 2024 â€“ 2036.

The major players in the market are Honda Motors Co, Ltd., Panasonic Corporation, LG Energy Solution Ltd., Contemporary Amperex Technology Co. Limited, and others.

The passenger car segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.

Electric Vehicle Battery Market Share