EV Battery Cell and Pack Materials Market Analysis

EV Battery Cell and Pack Materials Market Analysis

To get key market trends

  Download Free Sample

With regards to batteries, the EV battery cell and pack materials market is classified into lithium-ion batteries, nickel metal hydride batteries, lead-acid batteries, ultracapacitors, and sodium-ion batteries. The lithium-ion batteries segment is projected to exceed USD 59 billion by 2030, with the cell sub-segment anticipated to exhibit over 14% CAGR over the forecast period and the pack sub-segment accounting for more than USD 7 billion by 2030. The ongoing research & development efforts focused on extending useful life, reducing relatively high costs, and addressing the safety and overheating concerns in li-ion batteries will provide the much-needed boost to the segment in the forthcoming years.
 

Based on electric vehicle, global EV battery cell and pack materials market fragments into plug-in hybrid electric vehicles (PHEV),  battery electric vehicles (BEV), hybrid electric vehicles (HEV), and fuel cell electric vehicles (FCEV). The battery electric vehicle segment is poised to exhibit over 14.5% CAGR during the study period and record a valuation worth more than USD 44 billion by 2030. Battery electric vehicles are generally used for several commercial purposes, such as high-performance sports cars, trucks, delivery vans, etc. Stringent government regulations on congestion and pollution caused by fuel-based engines, accelerating climate change, and increasing environmental degradation will fuel the demand for battery electric vehicles during the projection period.
 

Asia Pacific EV battery cell and pack materials market is anticipated to be worth more than USD 33 billion by 2030 and depict a CAGR of above 16% between 2022 and 2030. The positive outlook of the automotive sector and the surging EV sales in countries such as China, India, and Japan may bolster product demand across the Asia Pacific. As per the report by the International Energy Agency, China recorded sales of almost 3.3 million electric cars in 2021, accounting for about 50% of the total EV sales globally. In addition, strict regulatory mandates to limit carbon emissions will positively impact industry dynamics.