High Voltage Battery Market Analysis

Battery Type (Lithium-ion Battery, Lead-Acid Battery, Aluminium Air Battery, Hydrogen Battery)

The lithium-ion battery is poised to dominate the global high voltage battery market by reaching a growth of 40% by the end of 2037. Growth in this sector is due to the increased investment in the production of lithium-ion batteries. The expanding lithium-ion battery capacity globally is expected to be financed by various investments, which he expects to exceed USD 620 billion over the next 21 years. The funding is intended to cover different areas of battery production including supply chain, material extraction, and refining. Additionally, the increasing demand for lithium-ion batteries contributed significantly to the segment growth in the market. Global demand for this battery is expected to increase by about 11-fold between 2020 and 2030, and its capacity is expected to reach more than 2 terawatt hours.

Application (Passenger Cars, Commercial Cars)

The passenger car segment in the high voltage battery market is expected to observe the largest CAGR till 2037. Growing demand for passenger cars is expected to drive the growth of this segment. Indian passenger car sales increased by more than 8% in December 2022. About 280,000 passenger cars were shipped from factories to dealers during the same period, up from nearly 25,000 last year. In addition, the growing popularity of electric vehicles has increased the demand for electric passenger vehicles. As per the analysis, the global sales of electric passenger vehicles will increase by 13% in 2023.

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