EV Battery Market Size Worth USD 224.55 Billion by 2034 | CAGR: 9.5%

The global EV battery market size is expected to reach USD 224.55 billion by 2034, according to a new study by Polaris Market Research. The report “EV Battery Market Size, Share, Trends, Industry Analysis Report: By Battery, Propulsion (BEV, HEV, PHEV, and FCEV), Vehicle, Method, Capacity, Form, Material, and Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Forecast, 2025–2034” gives a detailed insight into current market dynamics and provides analysis on future market growth.

An EV (electric vehicle) battery is a rechargeable energy storage system that powers the electric motor in an electric vehicle. Unlike conventional fuel-powered vehicles that rely on internal combustion engines, EVs use batteries to store and supply electricity, making them more energy-efficient and environmentally friendly.

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The increasing support from governments worldwide is propelling the EV market growth.  Many countries have set ambitious targets for phasing out fossil fuel-based vehicles and promoting electric mobility. In regions such as Europe, North America, and China, governments are providing financial incentives, tax credits, and subsidies to encourage the adoption of electric vehicles, which is propelling the demand for EV batteries as these batteries are crtitical component of EVs. In addition to financial incentives, governments are investing in charging infrastructure to support to the growing number of EV users. Expanding charging networks, offering grants for home chargers, and implementing stricter emission regulations have all contributed to the rapid adoption of EVs, consequently boosting the EV battery market demand.

EV Battery Market Report Highlights

• In terms of propulsion, the BEV segment held the largest EV battery market share in 2024 due to increasing government incentives, stricter emission regulations, and growing consumer preference for zero-emission transportation.
• Based on material, the natural graphite segment is expected to grow at a robust pace in the coming years owing to its essential function in anode production.
• Asia Pacific held the largest share of the EV battery market revenue in 2024 due to its strong manufacturing base, high demand for electric mobility, and government initiatives supporting electrification.
• The Europe EV battery market is estimated to grow at a rapid pace during the forecast period due to its transition toward electrification.
• A few of the global key market players are Atlasbx Co. Ltd.; Bb Battery Co.; BYD Company Ltd.; C&D Technologies, Inc.; Contemporary Ampere Technology Co., Ltd; Crown Battery Manufacturing; Duracell; East Penn Manufacturing Company; Enersys, Inc.; Exide Industries Limited; GS Yuasa Corp.; Hitachi Chemical Co., Ltd; Huanyu New Energy Technology; LG Energy Solution; Narada Power Source Co., Ltd; NEC Corporation; North Star; Panasonic Corporation; Samsung SDI; SK Innovation Co. Ltd; and TCL Corporation.

Polaris Market Research has segmented the EV battery market report on the basis of battery, propulsion, vehicle, method, capacity, form, material, and region:

By Battery Outlook (Revenue, USD Billion, 2020–2034)

• Lead-Acid
• Lithium-Ion
  • Positive Electrode
  • Negative Electrode
  • Electrolyte
  • Separator

• Nickel-Metal Hydride
• Sodium-Ion
• Solid-State

By Propulsion Outlook (Revenue, USD Billion, 2020–2034)

• BEV
• HEV
• PHEV
• FCEV

By Vehicle Outlook (Revenue, USD Billion, 2020–2034)

• Passenger Cars
• Vans/Light Trucks
• Medium & Heavy Trucks
• Buses
• Off-Highway Vehicles

By Method Outlook (Revenue, USD Billion, 2020–2034)

• Wire Bonding
• Laser Bonding

By Capacity Outlook (Revenue, USD Billion, 2020–2034)

• 5o kWh
• 50-11o kWh
• 11-200 kWh
• 201-300 kWh
• >300 kW

By Form Outlook (Revenue, USD Billion, 2020–2034)

• Prismatic
• Cylindrical
• Pouch

By Material Outlook (Revenue, USD Billion, 2020–2034)

• Lithium
• Cobalt
• Manganese
• Natural Graphite

By Regional Outlook (Revenue, USD Billion, 2020–2034)

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Netherlands
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Malaysia
  • South Korea
  • Indonesia
  • Australia
  • Vietnam
  • Rest of Asia Pacific
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Israel
  • South Africa
  • Rest of Middle East & Africa
• Latin America
  • Mexico
  • Brazil
  • Argentina
  • Rest of Latin America

EV Battery Market Report Scope