Electric Vehicle Battery Market to grow by $ 37.69 Billion during 2021-2025 | Insights on COVID-19 Impact Analysis, Key Drivers, Trends, and Products Offered by Major Vendors | Technavio
NEW YORK, March 18, 2021 -- The global electric vehicle battery market is expected to grow by USD 37.69 Billion, exhibiting a CAGR of over 18% during 2021-2025, according to Technavio's latest market report. Based on our research, the renewable electricity sector witnessed a negative impact due to the widespread growth of the COVID-19 pandemic. The report also throws light on the pre- and post-impact of COVID-19 on businesses.
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The lithium-ion battery segment will generate maximum revenue in the electric vehicle battery market, owing to the high demand for lithium-ion batteries from the EV industry and the declining prices of battery technology. In terms of geography, APAC will present significant opportunities for market vendors due to the presence of numerous established vendors and the rising adoption of electric vehicles in the region.
Electric Vehicle Battery Market: Major Growth Drivers
The following factors are expected to drive the growth of the market during the forecast period:
- Advances in EV battery and associated technologies
- Shift of automotive industry toward EVs
- Decline in EV lithium-ion battery cost
In addition, the report identifies the significant developments in EV charging infrastructure as a major trend in the electric vehicle battery market. Factors such as the deployment targets for charging stations, enactment of regulations, provision of financial aids, and the mobilization of funding for installations are supporting the development of EV charging infrastructure. Besides, the high sales of electric vehicles are driving the demand for EV charging stations, which is attracting significant investments in the development of EV infrastructure.
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Electric Vehicle Battery Market: Key Vendor Offerings
A123 Systems LLC: The company offers batteries for low voltage hybrids and plug-in Evs.
Ballard Power Systems Inc.: The company offers fuel cells for heavy-duty modules, marine systems, OEM, and in power equipment.
BYD Company Ltd.: The company offers NiMH batteries, Lithium-ion batteries, and NCM batteries for applications in EVs and consumer electronics.
Cummins Inc.: The company offers batteries for fully electric and hybrid vehicles.
EnerSys: The company offers a wide range of batteries for EVs.
Reasons to Buy Electric Vehicle Battery Market Report:
- CAGR of the market during the forecast period 2021-2025
- Detailed information on factors that will assist electric vehicle battery market growth during the next five years
- Estimation of the electric vehicle battery market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the electric vehicle battery market across APAC, North America, Europe, MEA, and South America
- Analysis of the market's competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of electric vehicle battery market vendors
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