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Pulished Date March, 2021
ID: 11393
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Electric Vehicle Batteries Market Segmented By Battery Type (Lead Acid Battery, Lithium-Ion Battery, Nickel Metal Hydride and others) By Vehicle Type (BEV, PHEV, and HEV) and Region, Size, Share, Trends and Growth Analysis Report – Industry Forecast | 2021 to 2026

Pulished: March, 2021
ID: 11393
Pages: 175

Electric Vehicle Battery Market Size and Growth:

The global electric vehicle battery market size is projected to reach USD 83.20 billion by 2026, growing at a CAGR of 6.6% during the forecast period.

Improved policy incentives, battery technology, and growing consumer interest to reduce vehicle carbon footprint, the share of electric vehicles (EVs) in the passenger car industry has improved over the few years. The key determinant for increasing the driving range per recharge and decreasing the value of EVs are majorly propelling the demand of the market. To store more energy and to form them lighter and smaller, new cell chemistries are being developed for these batteries, which might enable EVs to compete with the standard vehicles. New cell chemistries are developed to store more energy that make electric vehicles to compete with the standard vehicles.

Electric Vehicle Battery Market Trends:

Lithium-nickel-manganese-cobalt-oxide (NMC) is the highly used component in Electric vehicles. Additionally, lithium-nickel-cobalt-aluminum oxide (NCA) is employed in popular Electrical vehicles within the U.S. (Tesla model 3, S, and X). For example, the adoption of lithium-nickel-manganese-cobalt-aluminum oxide (NMCA) composition is anticipated to begin over in the next three years. They provide an extended life cycle and higher energy density, as compared to the equivalent NCA and NMC material. Hence, the development of advanced battery chemistry could be a positive trend influencing the electric vehicle battery market growth.

Recent Developments in the Electric Vehicle Battery Market:

  • In March 2020, BYD officially launched the new Blade Battery for Electric vehicles that optimizes the battery pack structure by over 50%, as compared to the conventional lithium iron phosphate batteries. It also exponentially increases battery safety.
  • In February 2020 – LG Chem partnered with the U.S.-based Electric vehicle company Lucid Motors to supply cylindrical batteries for its EVs from the second half of 2020 up to 2023.

Electric Vehicle Battery Market Drivers:

Currently, lithium-ion batteries is used as the first source of power for EVs. Additionally, the battery costs per kilowatt-hour (kWh) have fallen to less than 200 USD in 2019 from around 1000 USD in 2010. Moreover, due to the advancement of the battery pack manufacturing techniques and cell chemistry, battery costs are likely to decrease below 100 USD/kWh by the top of the forecast period. Hence, a decrease within the prices of battery packs which are liable for around 35% to 45% of Electric vehicle manufacturing costs, is expected to drive the expansion of the electric vehicle batteries market. Also, the growing awareness over the climate change to implement stringent fuel economy regulations is likely to fuel the demand of the market. Hence, vehicular emission concerns are expected to propel the adoption of EVs, which might increase the expansion of the market for an electric vehicle battery.

Electric Vehicle Battery Market Restraints:

Several minerals are necessary to store and utilize electricity as fuel like cobalt, manganese nickel, graphite, and rare-earth elements like neodymium that the supplies are geographically concentrated, and substitutes are non-existent or limited. Lack of shortage infrastructure in the countries like India is a restraining factor for the market. Additionally, the price of installation is high, and the cost-efficiency for consumers to charge their vehicles is also not at the specified level.

Opportunities in Electric Vehicle Battery Market:

The launch of various new techniques like battery swapping and battery-as-a-service (BaaS), which allow users to change EV batteries once discharged is set to create growth opportunities for the electric vehicle batteries market. This protects users from the time spent on recharging the batteries, thereby improving customer satisfaction and addressing one of the main reasons consumers refrain from choosing EVs. The BaaS model enables EV owners to rent battery services monthly rather than buying a battery with the EV. The model has two major advantages: consumers can save cash on battery cost, and that they don't need to worry about battery depreciation. Such models benefit both consumers and makers, as makers can accurately predict the market size and potential by docking with industries providing battery-as-a-service (BaaS) models.




Market Size Available

2019 – 2025

Base Year


Forecast Period

2020 - 2025



Segments Covered

By Product, Type, Consumption, Distribution Channel and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa


Market Leaders Profiled

CATL (China),, Panasonic (Japan),, LG Chem (South Korea), BYD (China), Samsung SDI (South Korea)., Amara Raja (India), NIO (China), FORD (US), QuantumSpace Corp (US), Plug Power (US)

Electric Vehicle Batteries Market

Electric Vehicle Battery Market Segmentation:

The Batteries for electric vehicles charging stations market is segmented based on battery type and by vehicle type. 

By Battery Type:

  • Lead Acid Battery
  • Lithium-Ion Battery
  • Nickel Metal Hydride

By type, the market is segmented into the lithium-ion battery (Li-Ion), lead-acid battery, nickel-metal hydride (Ni-MH) battery, and others. The lithium-ion segment held the biggest share of the market in 2019. Hence, the lithium-ion segment is predicted to dominate the global market of electric vehicle batteries over the forecast period.

By Vehicle Type:

  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Vehicle (PHEV)

Based on vehicle type, the market for electric vehicle batteries is classified into the hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), and battery electric vehicle (BEV). The BEV segment is estimated to exhibit a better CAGR as compared to the HEV segment. The government agencies' stringent fuel economy regulations and implementing quota systems, particularly within the developing economies, are likely to propel the adoption of BEV, which completely depends on rechargeable battery packs. The HEV segment held the biggest electric vehicle battery market share in 2019. HEVs use electric drive technology to deliver reduced fuel consumption and remove the dependence on charging stations. Hence, these factors, including their lower costs, as compared to BEV, are anticipated to improve to the dominance of this segment over others in the given forecast period.

Electric Vehicle Battery Market Regional Analysis:

      • North America

      • Asia Pacific

      • Europe

      • Latin America

      • Middle East and Africa

North America dominated the world market of batteries for Electric Vehicle Charging Stations Market in 2020, and it is expected to continue its dominance during the forecast period. This can be largely due to rising investments within the development of charging station infrastructure in the region. The Batteries for Electric Vehicle Charging Stations Market in the Asia Pacific is predicted to expand at a high CAGR during the forecast period because of the rise in the demand for electric vehicles in China, India, and Japan. China is the leading market, with the greatest number of electrical vehicles sold in the region in 2020, which was around 1.77 million units. China is leading with the highest shares of the market as this region held with the highest sales of electrical vehicles in 2020.

Impact of COVID-19 pandemic on the global market of Batteries for Electric Vehicles:

The outbreak of COVID-19 has resulted in a very severe supply shortage of lithium for automakers like PSA Group, Ford, and Fiat Chrysler, among others which operate their production plants within the Hubei province, the initial epicenter of the virus. The pandemic-induced lockdown is anticipated to cut back lithium-ion battery production output by 26 gigawatt-hours in China and has compounded the dependence of automakers on Asian battery manufacturers. Furthermore, the value of lithium hydroxide utilized in electric vehicles has increased, which is attributed to the logistical difficulties and greater production costs caused by the outbreak. Previously, several European original equipment manufacturers (OEMs) want to focus only on packaging and research & development activities. However, this corona has caused a severe bottleneck for electric vehicle battery supply within the automotive industry. Similarly, Daimler and Jaguar Land Rover, because of the unavailability of key elements like cobalt and lithium, have paused production of the Mercedes EQC and I-Pace electric SUV, respectively. It has impacted the profitability of those automakers. Hence, efforts to diversify the availability chain for crucial elements like lithium are expected to increase as a result of the corona pandemic, and a brief to a mid-term supply shortage for such elements will end in the reduced production of EVs over the subsequent two years.

Global Electric Vehicle Battery Market Key Players:

Key participants operating in the batteries for electric vehicles charging stations market include:

  • CATL (China), 
  • Panasonic (Japan), 
  • LG Chem (South Korea), 
  • BYD (China)
  • Samsung SDI (South Korea).
  • Amara Raja (India)
  • NIO (China)
  • FORD (US)
  • QuantumSpace Corp (US)
  • Plug Power (US)


1. Introduction                             

              1.1 Market Definition                  

              1.2 Scope of the report               

              1.3 Study Assumptions               

              1.4 Base Currency, Base Year and Forecast Periods                       

2. Research Methodology                                       

              2.1 Analysis Design                      

              2.2 Research Phases                    

                             2.2.1 Secondary Research          

                             2.2.2 Primary Research 

                             2.2.3 Data Modelling    

                             2.2.4 Expert Validation 

              2.3 Study Timeline                       

3. Report Overview                                    

              3.1 Executive Summary              

              3.2 Key Inferencees                     

4. Market Dynamics                                   

              4.1 Impact Analysis                      

                             4.1.1 Drivers     

                             4.1.2 Restaints 

                             4.1.3 Opportunities       

              4.2 Regulatory Environment                    

              4.3 Technology Timeline & Recent Trends                         

5. Competitor Benchmarking Analysis                                

              5.1 Key Player Benchmarking                   

                             5.1.1 Market share analysis       

                             5.1.2 Products/Service  

                             5.1.3 Regional Presence

              5.2 Mergers & Acquistion Landscape                   

              5.3 Joint Ventures & Collaborations                     

6. Market Segmentation                                          

              6.1 Electric Vehicle Battery Market, By Battery Type                     

                             6.1.1 Lead Acid Battery 

                             6.1.2 Lithium-Ion Battery           

                             6.1.3 Nickel Metal Hydride         

                             6.1.4 Market Size Estimations & Forecasts (2021-2026) 

                             6.1.5 Y-o-Y Growth Rate Analysis            

                             6.1.6 Market Attractiveness Index          

              6.2 Electric Vehicle Battery Market, By Vehicle Type                     

                             6.2.1 Battery Electric Vehicle (BEV)         

                             6.2.2 Hybrid Electric Vehicle (HEV)         

                             6.2.3 Plug-in Hybrid Vehicle (PHEV)        

                             6.2.4 Market Size Estimations & Forecasts (2021-2026) 

                             6.2.5 Y-o-Y Growth Rate Analysis            

                             6.2.6 Market Attractiveness Index          

7. Geographical Landscape                                     

              7.1 Global Identity Governance and Administration Market, by Region                            

              7.2 North America - Market Analysis (2018 - 2024)                        

                             7.2.1 By Country            



                             7.2.2 By Battery Type    

                             7.2.3 By Vehicle Type    

              7.3 Europe                      

                             7.3.1 By Country            






                                  Rest of Europe

                             7.3.2 By Battery Type    

                             7.3.3 By Vehicle Type    

              7.4 Asia Pacific                

                             7.4.1 By Country            




                                  South Korea

                                  South East Asia

                                  Australia & NZ

                                  Rest of Asia-Pacific

                             7.4.2 By Battery Type    

                             7.4.3 By Vehicle Type    

              7.5 Latin America                         

                             7.5.1 By Country            




                                  Rest of Latin America

                             7.5.2 By Battery Type    

                             7.5.3 By Vehicle Type    

              7.6 Middle East and Africa                       

                             7.6.1 By Country            

                                  Middle East


                             7.6.2 By Battery Type    

                             7.6.3 By Vehicle Type    

8. Key Player Analysis                                

              8.1 CATL (China),                          

                             8.1.1 Business Description         

                             8.1.2 Products/Service  

                             8.1.3 Financials

                             8.1.4 SWOT Analysis     

                             8.1.5 Recent Developments       

                             8.1.6 Analyst Overview 

              8.2 Panasonic (Japan),                

              8.3 LG Chem (South Korea),                     

              8.4 BYD (China)              

              8.5 Samsung SDI (South Korea).              

              8.6 Amara Raja (India)                

              8.7 NIO (China)              

              8.8 FORD (US)                 

              8.9 QuantumSpace Corp (US)                  

              8.10 Plug Power (US)                   

9. Market Outlook & Investment Opportunities                             


              List of Tables                   

              List of Figures                 

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped
  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1. Global Electric Vehicle Battery Market By Region, From 2021-2026 ( USD Billion )
  2. Global Electric Vehicle Battery Market By Battery Type, From 2021-2026 ( USD Billion )
  3. Global Lead Acid Battery Market By Region, From 2021-2026 ( USD Billion )
  4. Global Lithium-Ion Battery Market By Region, From 2021-2026 ( USD Billion )
  5. Global Nickel Metal Hydride Market By Region, From 2021-2026 ( USD Billion )
  6. Global Electric Vehicle Battery Market By Vehicle Type, From 2021-2026 ( USD Billion )
  7. Global Battery Electric Vehicle (BEV) Market By Region, From 2021-2026 ( USD Billion )
  8. Global Hybrid Electric Vehicle (HEV) Market By Region, From 2021-2026 ( USD Billion )
  9. Global Plug-in Hybrid Vehicle (PHEV) Market By Region, From 2021-2026 ( USD Billion )

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