Market Size of Lithium-ion Battery For Electric Vehicle Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 64.40 Billion |
| Market Size (2029) | USD 169.67 Billion |
| CAGR (2024 - 2029) | 21.38 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Europe |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Lithium-ion Battery For Electric Vehicle Market Analysis
The Lithium-ion Battery For Electric Vehicle Market size is estimated at USD 64.40 billion in 2024, and is expected to reach USD 169.67 billion by 2029, growing at a CAGR of 21.38% during the forecast period (2024-2029).
Over the medium term, declining lithium-ion battery prices, increasing adoption of electric vehicles, and supportive government policies and initiatives are expected to drive the demand for lithium-ion batteries in the electric vehicle market during the forecast period.
On the other hand, the emerging alternative battery technologies and the demand-supply mismatch of raw materials are expected to hinder the market's growth during the forecast period. The adoption of solid-state lithium-ion batteries for electric vehicles is anticipated to create vast opportunities for lithium-ion batteries in the electric vehicle market. Due to the increasing adoption of electric vehicles in the region, Asia-Pacific is expected to be a dominant region for lithium-ion batteries in the electric vehicle market.
Lithium-ion Battery For Electric Vehicle Industry Segmentation
A lithium-ion battery for electric vehicles (EVs) is a rechargeable battery commonly used to power electric cars and other electric transportation. This battery technology is known for its high energy density, long cycle life, and lightweight design. It enables efficient storage and delivery of electrical energy. Lithium-ion batteries contain cells containing an anode, cathode, separator, and electrolyte. These batteries offer a high power-to-weight ratio, excellent energy efficiency, and reduced self-discharge compared to other rechargeable batteries, making them a preferred choice for modern electric vehicles.
The lithium-ion battery for electric vehicle market is segmented into vehicle type, propulsion type, and geography. By vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and other vehicles (bikes, scooters, etc.), and by propulsion type into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV). The report also covers the market size and forecasts for the lithium-ion battery for the electric vehicle market across major regions in terms of revenue in USD for all the above segments.
| Vehicle Type | |
| Passenger Vehicles | |
| Commercial Vehicles | |
| Other Vehicles (Bikes, Scooters, etc.) |
| Propulsion Type | |
| Battery Electric Vehicle (BEV) | |
| Plug-in Hybrid Electric Vehicle (PHEV) | |
| Hybrid Electric Vehicles (HEV) |
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Lithium-ion Battery For Electric Vehicle Market Size Summary
The lithium-ion battery market for electric vehicles is poised for significant growth, driven by the increasing adoption of electric vehicles and supportive government policies. The market is expected to expand substantially over the forecast period, with declining battery prices and technological advancements playing a crucial role. However, challenges such as emerging alternative battery technologies and raw material supply issues may impede growth. The Asia-Pacific region is anticipated to dominate the market due to its rapid adoption of electric vehicles and robust manufacturing capabilities. The region's abundance of critical raw materials, coupled with its strong industrial base, creates a favorable environment for the expansion of lithium-ion battery production.
Battery electric vehicles (BEVs) are gaining traction as a sustainable alternative to traditional vehicles, with significant contributions from major automakers. The global shift towards BEVs is supported by government incentives and advancements in battery technology, which have improved driving ranges and charging infrastructure. This trend is expected to drive the demand for lithium-ion batteries, as countries worldwide implement initiatives to promote electric vehicle adoption. The market is characterized by a semi-consolidated landscape, with key players like Panasonic, Samsung SDI, and CATL leading the charge. Recent developments, such as new manufacturing facilities and strategic partnerships, further underscore the industry's commitment to meeting the growing demand for electric vehicle batteries.
Lithium-ion Battery For Electric Vehicle Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD, till 2029
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.1.1 Declining Lithium-ion Battery Prices
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1.5.1.2 Increasing Adoption of Electric Vehicles
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1.5.1.3 Supportive Government Policies and Initiatives
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1.5.2 Restraints
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1.5.2.1 Emerging Alternative Battery Technologies
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1.5.2.2 Demand-Supply Mismatch of Raw Materials
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1.6 Supply Chain Analysis
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1.7 Industry Attractiveness - Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Vehicle Type
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2.1.1 Passenger Vehicles
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2.1.2 Commercial Vehicles
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2.1.3 Other Vehicles (Bikes, Scooters, etc.)
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2.2 Propulsion Type
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2.2.1 Battery Electric Vehicle (BEV)
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2.2.2 Plug-in Hybrid Electric Vehicle (PHEV)
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2.2.3 Hybrid Electric Vehicles (HEV)
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Rest of North America
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Nordic
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2.3.2.7 Russia
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2.3.2.8 Rest of Europe
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2.3.3 Asia-Pacific
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2.3.3.1 China
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2.3.3.2 India
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2.3.3.3 Japan
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2.3.3.4 South Korea
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2.3.3.5 Thailand
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2.3.3.6 Malaysia
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2.3.3.7 Indonesia
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2.3.3.8 Vietnam
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2.3.3.9 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 Saudi Arabia
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2.3.4.2 United Arab Emirates
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2.3.4.3 South Africa
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2.3.4.4 Egypt
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2.3.4.5 Nigeria
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2.3.4.6 Qatar
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2.3.4.7 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Chile
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2.3.5.4 Rest of South America
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Lithium-ion Battery For Electric Vehicle Market Size FAQs
How big is the Lithium-ion Battery For Electric Vehicle Market?
The Lithium-ion Battery For Electric Vehicle Market size is expected to reach USD 64.40 billion in 2024 and grow at a CAGR of 21.38% to reach USD 169.67 billion by 2029.
What is the current Lithium-ion Battery For Electric Vehicle Market size?
In 2024, the Lithium-ion Battery For Electric Vehicle Market size is expected to reach USD 64.40 billion.
