Global Electric Vehicle (EV) Battery Market Size was Valued at $23 Billion in 2017 and is Projected to Reach $84 Billion by 2025, Growing at a CAGR of 17.2% - Valuates Reports

BANGALORE, India, Nov. 19, 2019 /PRNewswire/ -- Electric Vehicle Battery Market Statistics - 2025

A battery is used as a secondary power source in automobiles. An electric vehicle (EV) battery is a secondary (rechargeable) battery. It uses chemical energy stored in rechargeable battery packs for power and therefore does not require any combustion engine for propulsion. An electric vehicle battery or traction battery powers the propulsion of battery electric vehicles.

In recent years, consumers are more inclined toward battery electric/plug-in vehicles, because these vehicles run without fuel, such as petrol, diesel, and gasoline and have lower maintenance cost, which eventually reduces consumers' expenses. According to the statistics provided by the German Federal Motor Transport Authority, there is a 61% increase in the plug-in EV (electric vehicle) sales in 2018 as compared to that in 2017. Thus, environment-friendly nature of electric vehicles drives the growth of the electric vehicle battery market.

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The growth of the electric vehicle (EV) battery market is driven by rise in the demand for zero-emission vehicles, decrease in the cost of the electric vehicle battery system, and an increase in the global awareness regarding climate change.

However, stringent lead pollution norms in electric vehicle battery may hinder the market growth. In addition, high import taxes on EV batteries and instability in raw material prices are expected to limit the electric vehicle battery market growth. Furthermore, evolution of Lithium-ion technology in EV battery and growth in public charging infrastructure offer lucrative opportunities for the market..

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GLOBAL ELECTRIC VEHICLE (EV) BATTERY MARKET ANALYSIS

Over the past two decades, the advent of Lithium-ion technology has accelerated the growth rate of batteries. Although initial hybrid vehicles used Nickel Metal Hydride (NiMH) batteries, Li-ion batteries were the primary solutions to power plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) for automakers.