Electric Vehicle Battery Market | Industry Size, Share, Trends (2022-27)

 

Market Overview:

From USD 34.08 billion in 2020 to USD 218.47 billion in 2027, the market for electric vehicle (EV) batteries is projected to grow at a CAGR of 31.56%. Due to the disruption of the global supply chain caused by the COVID-19 outbreak, the supply chain for electric vehicles and their batteries was affected, but the effect was only temporary and had a short-term effect on the market. When compared to the growth in electric vehicle sales between 2018 and 2019, which was only about 5.2%, the final increase in electric vehicle sales was about 41%, from about 2.11 million units in 2019 to about 2.97 million units in 2020.

Electric vehicles are in high demand as a result of worries about the effects of climate change and the rise in carbon emissions in big cities. By 2030, the market share of electric vehicles (EVs) is intended to reach 30% (excluding two- and three-wheelers). Over the forecast period, it is anticipated that supportive government policies to encourage the sale of electric vehicles will increase demand for EV batteries. The high price of electric vehicles, the demand-supply gap, and other factors, however

Scope of the Report

The electric vehicle battery market report includes:

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