Electric Vehicle Battery Market is expected to reach USD 508.8 Billion by 2034 growing at a CAGR of 14.5% during the forcast period

Electric vehicle battery market is expected to register lucrative growth over the forecast period. This is attributed to increasing demand of automobiles owing to increase in population and rise in income levels. Further, change in lifestyle of consumers also drives the electric vehicle battery market. Moreover, the rapid growth in pharmaceutical industries in emerging economics is also another factor to propel the growth of electric vehicle battery market. Electric Vehicle Battery Size was valued at USD 133 Billion in 2024 and is expected to reach USD 508.8 Billion by 2034 growing at a CAGR of 14.5%.

The report "Electric Vehicle Battery Market Size, Share, By Propulsion Type (Battery Electric Vehicles, Plug-In Hybrid Electric Vehicles), By Vehicle Type (Passenger Vehicle, and Commercial Vehicles) and By Region - Trends, Analysis and Forecast till 2034".

New innovations in direct drives are also expected to augment the market in near future. As key market players are continuously investing in enhancing the research and development to design advanced technology in electric vehicle battery.

Key Highlights:

• In May 2017, Samsung SDI completed the construction of a state-of-art electric vehicle (EV) battery plant in Hungary, which is scheduled to open in second quarter of 2018.
• In July 2017, the Mercedes-Benz Unterturkheim plant is being developed into a high-tech production unit for electric components.

Key Market Insights from the report:        

EV battery market Size was valued at USD 133 Billion in 2024 and is expected to reach USD 508.8 Billion by 2034 growing at a CAGR of 14.5%. The market report has been segmented on the basis of type, application, and region.

• By type the battery electric vehicles segment accounted for major revenue share in 2018 and is expected to dominate over the forecast. This is attributed to increasing demand for zero emission vehicles.
• By vehicle type, the passenger car segment is expected to grow at faster rate as compared to the commercial vehicles, and is expected to maintain its dominance over the forecast period.
• By region, North America electric vehicle battery market accounted for major revenue share of the global electric vehicle battery market and is further anticipated to maintain its dominance over the forecast period. The market in Europe accounted for second-highest revenue share in 2018.

Browse 70 market data tables* and 37 figures* on through 140 slides and in-depth TOC "electric vehicle battery Market” by Type (Battery Electric Vehicles, Plug-In Hybrid Electric Vehicles), By Vehicle Type (Passenger Vehicle, and Commercial Vehicles) - Global forecast till 20234:

The prominent player operating in the electric vehicle battery market includes Panasonic, LG Chem, BYD, Samsung SDI, Johnson Controls International PLC, GS Yuasa, Hitachi Group, Automotive Energy Supply Corporation, Blue Energy Co. Ltd, and Robert Bosch GmbH.         

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