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Hybrid Electric Vehicle Battery Market Size (2024 - 2029)

The hybrid electric vehicle battery market is projected to experience substantial growth over the forecast period, driven by the increasing adoption of electric vehicles and decreasing lithium-ion battery costs. Despite potential challenges such as limited raw material reserves, advancements in battery technology, including enhanced energy density and faster charging, are expected to offer significant opportunities for market expansion. The Asia Pacific region is anticipated to lead in growth, reflecting the broader global trend towards electric vehicle adoption.

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Market Size of Hybrid Electric Vehicle Battery Industry

Hybrid Electric Vehicle Battery Market Summary
Study Period 2019 - 2029
Market Size (2024) USD 9.17 Billion
Market Size (2029) USD 23.69 Billion
CAGR (2024 - 2029) 20.90 %
Fastest Growing Market Asia Pacific
Largest Market Europe
Market Concentration Medium

Major Players

Hybrid Electric Vehicle Battery Market Major Players

*Disclaimer: Major Players sorted in no particular order

Hybrid Electric Vehicle Battery Market Analysis

The Hybrid Electric Vehicle Battery Market size is estimated at USD 9.17 billion in 2024, and is expected to reach USD 23.69 billion by 2029, growing at a CAGR of 20.90% during the forecast period (2024-2029).

  • Over the medium term, rising adoption of electric vehicles (EV) and declining lithium-ion battery prices are expected to drive the demand for hybrid electric vehicle batteries during the forecast period.
  • On the other hand, the lack of raw material reserves can significantly restrain the growth of the hybrid electric vehicle battery market.
  • Nevertheless, technological advancements in battery materials like higher energy density, faster charging times, improved safety, and longer lifespan are expected to create significant opportunities for hybrid electric vehicle battery market players in the near future.
  • Asia Pacific is the fastest-growing region in the global hybrid electric vehicle battery market during the forecast period due to the rising adoption of electric vehicle.

Hybrid Electric Vehicle Battery Industry Segmentation

A Hybrid Electric Vehicle (HEV) battery is a rechargeable energy storage system that powers the electric motor of a hybrid vehicle. HEVs combine a conventional internal combustion engine (ICE) with an electric propulsion system. The battery in an HEV is crucial for capturing and storing energy, particularly during regenerative braking, and for providing additional power during acceleration.

The Global hybrid electric vehicle battery market is Segmented by Battery Type and Geography. By battery type, the market is segmented into Lithium-Ion Battery, Lead-Acid Battery, Sodium-Ion Battery, and Others. The report also covers the market size and forecasts for the global hybrid electric vehicle battery market across major regions. The Report Offers the Market Size and Forecasts in Revenue (USD) for all the Above.

Battery Type
Lithium-ion Battery
Lead-Acid Battery
Sodium-ion Battery
Others
Geography [Market Size and Demand Forecast till 2029 (for regions only)]
North America
United States
Canada
Rest of North America
Europe
Germany
France
United Kingdom
Italy
Spain
NORDIC
Russia
Turkey
Rest of Europe
Asia-Pacific
China
India
Australia
Japan
South Korea
Malaysia
Thailand
Indonesia
Vietnam
Rest of Asia-Pacific
Middle East and Africa
Saudi Arabia
United Arab Emirates
Nigeria
Egypt
Qatar
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Colombia
Rest of South America
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Hybrid Electric Vehicle Battery Market Size Summary

The hybrid electric vehicle battery market is poised for significant growth, driven by the increasing adoption of electric vehicles and the declining costs of lithium-ion batteries. Technological advancements in battery materials, such as enhanced energy density and faster charging times, are expected to create substantial opportunities for market players. However, the market faces challenges due to the scarcity of raw material reserves, which could hinder its expansion. The Asia Pacific region is emerging as the fastest-growing market, fueled by a surge in electric vehicle adoption and supportive government policies aimed at reducing carbon emissions.

Globally, the lithium-ion battery market is experiencing a dynamic shift, with these batteries gaining popularity due to their favorable capacity-to-weight ratio and superior performance characteristics. The decreasing prices of lithium-ion batteries, driven by economies of scale and ongoing research and development, are further propelling their adoption. Governments worldwide are actively promoting electric vehicles through various policies and incentives, which is positively impacting the demand for lithium-ion batteries. Initiatives such as the United Kingdom's ZEV mandate and significant lithium production projects in North America are expected to accelerate the production and demand for electric vehicles and their batteries in the coming years.

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Hybrid Electric Vehicle Battery Market Size - Table of Contents

  1. 1. MARKET OVERVIEW

    1. 1.1 Introduction

    2. 1.2 Market Size and Demand Forecast in USD, till 2029

    3. 1.3 Recent Trends and Developments

    4. 1.4 Government Policies and Regulations

    5. 1.5 Market Dynamics

      1. 1.5.1 Drivers

        1. 1.5.1.1 The Increasing Electric Vehicle (EV) Production

        2. 1.5.1.2 Declining Lithium-ion Battery Prices

      2. 1.5.2 Restraints

        1. 1.5.2.1 Lack of Raw Material Reserves

    6. 1.6 Supply Chain Analysis

    7. 1.7 Industry Attractiveness - Porter's Five Forces Analysis

      1. 1.7.1 Bargaining Power of Suppliers

      2. 1.7.2 Bargaining Power of Consumers

      3. 1.7.3 Threat of New Entrants

      4. 1.7.4 Threat of Substitutes Products and Services

      5. 1.7.5 Intensity of Competitive Rivalry

    8. 1.8 Investment Analysis

  2. 2. MARKET SEGMENTATION

    1. 2.1 Battery Type

      1. 2.1.1 Lithium-ion Battery

      2. 2.1.2 Lead-Acid Battery

      3. 2.1.3 Sodium-ion Battery

      4. 2.1.4 Others

    2. 2.2 Geography [Market Size and Demand Forecast till 2029 (for regions only)]

      1. 2.2.1 North America

        1. 2.2.1.1 United States

        2. 2.2.1.2 Canada

        3. 2.2.1.3 Rest of North America

      2. 2.2.2 Europe

        1. 2.2.2.1 Germany

        2. 2.2.2.2 France

        3. 2.2.2.3 United Kingdom

        4. 2.2.2.4 Italy

        5. 2.2.2.5 Spain

        6. 2.2.2.6 NORDIC

        7. 2.2.2.7 Russia

        8. 2.2.2.8 Turkey

        9. 2.2.2.9 Rest of Europe

      3. 2.2.3 Asia-Pacific

        1. 2.2.3.1 China

        2. 2.2.3.2 India

        3. 2.2.3.3 Australia

        4. 2.2.3.4 Japan

        5. 2.2.3.5 South Korea

        6. 2.2.3.6 Malaysia

        7. 2.2.3.7 Thailand

        8. 2.2.3.8 Indonesia

        9. 2.2.3.9 Vietnam

        10. 2.2.3.10 Rest of Asia-Pacific

      4. 2.2.4 Middle East and Africa

        1. 2.2.4.1 Saudi Arabia

        2. 2.2.4.2 United Arab Emirates

        3. 2.2.4.3 Nigeria

        4. 2.2.4.4 Egypt

        5. 2.2.4.5 Qatar

        6. 2.2.4.6 South Africa

        7. 2.2.4.7 Rest of Middle East and Africa

      5. 2.2.5 South America

        1. 2.2.5.1 Brazil

        2. 2.2.5.2 Argentina

        3. 2.2.5.3 Colombia

        4. 2.2.5.4 Rest of South America

Hybrid Electric Vehicle Battery Market Size FAQs

The Hybrid Electric Vehicle Battery Market size is expected to reach USD 9.17 billion in 2024 and grow at a CAGR of 20.90% to reach USD 23.69 billion by 2029.

In 2024, the Hybrid Electric Vehicle Battery Market size is expected to reach USD 9.17 billion.

Hybrid Electric Vehicle Battery Market Report Snapshots

Hybrid Electric Vehicle Battery Market Size & Share Analysis - Growth, Trends, Forecasts (2024-2029)