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The global electric vehicle battery market size is projected to reach USD 82.20 billion by 2027. The rising initiatives by the governments of emerging economies for promoting the usage of electric vehicles (EVs) are set to impact growth positively. The main reason behind this is the increasing vehicular emission concerns worldwide. Fortune Business Insights™ provided this information in a new report, titled, “Electric Vehicle Battery Market Size, Share & COVID-19 Impact Analysis, By Battery Type (Lead Acid Battery, Nickel-Metal Hydride Battery, Lithium-Ion Battery, Others), By Vehicle Type (PHEV, BEV, HEV), and Regional Forecast, 2020-2027.” The report further states that the market stood at USD 71.83 billion in 2019. But, it is set to exhibit a CAGR of 6.6% during the forecast period between 2020 to 2027.
Lucid Motors & LG Chem Partner up for Developing Lucid Air Pure-electric Sedan
In February 2020, Lucid Motors, a developer of luxury EVs joined hands with LG Chem for its Lucid Air pure-electric sedan. The production of this sedan will begin in late 2020 in the company’s innovative factory situated in Arizona. Battery cells from LG Chem will be powering the standard versions of this EV in 2023. This deal would also help Lucid to provide better service to a wide range of customers.
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Increasing Advancements in Battery Pack Manufacturing Techniques to Aid Growth
Lithium-ion batteries are the most vital parts of EVs. They are considered to be the primary source of power. The U.S. International Trade Commission mentioned in a study that lithium-ion batteries are occupying more than 70% of the global rechargeable battery market. At the same time, the costs of batteries per kilowatt-hour (kWh) have reduced from 1000 USD in 2010 to less than 200 USD in 2019. Also, because of the rising advancements in cell chemistry and the manufacturing techniques of electric vehicle battery packs, the costs would decline by 2027 below 100 USD/kWh. This factor is expected to surge the electric vehicle battery market growth in the near future. However, the rising disruptions in supply chains of many reputed companies operating in Hubei may obstruct growth amid the COVID-19 pandemic.
Key Companies Focus on Partnership Strategy to Strengthen Their Positions
The global market for electric vehicle batteries contain numerous big, small, and large scale manufacturers. They are trying to strengthen their positions by engaging in the partnership and collaboration strategies. Some of them are also conducting extensive research activities to develop state-of-the-art batteries that would enable people to adopt EVs rapidly across the globe.
Fortune Business Insights™ lists out the names of all the renowned electric vehicle battery manufacturers present in the global market. They are as follows:
A Noteworthy Industry Development-
Further Report Findings-
The global market can be segmented in the following way:
Value (USD Billion) & Volume (Thousand Units)
By Battery Type
By Vehicle Type