Report Overview:
Electric Vehicle (EV) batteries are energy storage devices that power the electric motors in battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). These batteries replace traditional internal combustion engines by supplying consistent, rechargeable energy.
Most EV batteries are lithium-ion-based, known for their high energy density, efficiency, and long lifespan. Key metrics defining their performance include capacity (kWh), energy density (Wh/kg), charging time, and cycle life. As electric mobility rises globally, EV batteries have become pivotal not only for vehicle performance but also for infrastructure planning, environmental impact reduction, and future energy ecosystems.
Market Value:
As of 2024, Global EV battery market was valued at approximately USD 141,870 million. With increasing adoption of electric mobility, this market is projected to expand significantly, reaching an estimated USD 1,034,400.33 million by 2032, registering a CAGR of 24.70% over the forecast period.
CAGR of 24.70%
(2024 – 2032)
