Market Size of Electric Vehicle Battery Industry
| Study Period | 2020 - 2029 |
| Market Size (2024) | USD 62.07 Billion |
| Market Size (2029) | USD 178.46 Billion |
| CAGR (2024 - 2029) | 23.52 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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EV Battery Market Analysis
The Electric Vehicle Battery Market size is estimated at USD 62.07 billion in 2024, and is expected to reach USD 178.46 billion by 2029, growing at a CAGR of 23.52% during the forecast period (2024-2029).
- Over the medium term, factors such as declining lithium-ion battery prices, growing demand for electric vehicles and supportive government policies to promote electric vehicle sales, are expected to be one of the most significant drivers for the electric vehicle battery market during the forecast period.
- On the other hand, demand-supply gap of the vital raw materials. This poses a threat to the electric vehicle battery market during the forecast period.
- Nevertheless, supportive government policies and investment for the deployment of the public charging infrastructure clubbed with the increasing efficiency of the electric vehicle are expected to create a significant opportunity for the market's growth in the near future.
- Asia-Pacific is expected to witness a significant growth in the electric vehicle battery market, owing to the increasing demand from countries such as China, India, Japan, and other countries.
