Originally published on Technavio: Electric Vehicle Battery Market Analysis - APAC, Europe, North America, South America, Middle East, and Africa - US, China, Japan, Norway, Germany - Size and Forecast 2023-2027
Electric Vehicle (EV) Battery Market Forecast 2023-2027:

The Global Electric Vehicle Battery Market size is estimated to grow by USD 53,626.86 million at a CAGR of 19.57% between 2022 and 2027. The market's growth depends on several factors, including increasing demand for EVs and their expanded applications, the automotive industry's shift toward EVs, and advances in EV batteries and associated technologies.

Market Dynamics and Customer Landscape 
Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Drivers
The increasing demand for EVs and their expanded applications is notably driving market growth. The market is directly driven by the growing sales of Battery Electric Vehicles (BEVs) and Plug-in Hybrid Electric Vehicles (PHEVs). Over 6.5 million EV batteries were sold worldwide in 2021, a 109% increase from 2020. China is set to dominate its 2022 EV battery sales, followed by Europe and the US. Advances in EV technology, improved charging infrastructure, and enhanced socio-economic conditions are expected to boost BEV demand during the forecast period.

Significant Trends  
The increasing use of software and sensors for intelligent Battery Management Systems (BMS) is a key trend influencing EV Battery Market growth. Plug-in hybrid electric vehicles (PHEVs) are increasingly equipped with innovative features such as GPS, modern powertrain systems, AC systems, power windows, and display drives providing real-time battery charge information. EVs, losing battery power more quickly, require frequent charging. Hence, there's an increased need for efficient and optimal rechargeable battery cycles, driving the growth of intelligent BMS in the automotive sector. The increased use of powertrain systems in EVs and PHEVs has led to a focus on developing advanced high-end BMS solutions through continuous research and development.

Major Challenges 
The growing global power crisis poses a challenge to market growth. As the market for Hybrid Electric Vehicles (HEVs) and electric vehicles expands, the global demand for electricity to power these vehicles increases. Regions where electricity generation only covers average daily consumption, primarily in developing countries like Norway, the Netherlands, the United Kingdom, and Nepal, face constraints in accommodating an increase in EV sales. For instance, in Europe, vehicles constitute nearly 25% of the vehicles on the road, minimizing crude oil consumption but increasing electricity demand, which accounts for 11% of the world's electricity demand.

Key Customer Landscape  
The market forecasting report covers the adoption lifecycle, from the innovator's stage to the laggard's stage, focusing on adoption rates in different regions based on penetration. Additionally, the report includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Customer Landscape

Companies are employing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their market presence.

A123 Systems LLC: The company offers various battery systems such as 12V Starter Batteries and 48V batteries. It also provides energy-scalable battery modules like PHEV2 Module and 22S3P Module.

The market research and growth report include detailed analyses of the competitive landscape and information about 15 market companies, including:

tries Ltd.

Qualitative and quantitative analyses of companies have been conducted to help clients understand the broader business environment and the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

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The market share growth by the lithium-ion battery segment will be significant during the forecast period. Lithium-ion batteries are expected to witness rapid growth due to high demand from the EV industry and declining battery technology prices. Lithium-ion batteries, belonging to a family of lithium metal chemistries, are manufactured using various anode and cathode materials.

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Technavio Research
Jesse Maida
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