EV battery cells market is anticipated to grow at a significant CAGR of 19.9% during the forecast period (2024-2031). Electric vehicle (EV) battery cells are the fundamental building blocks of an EV battery pack. They are typically lithium-ion batteries that are designed to have a high power-to-weight ratio and energy density. EV battery cells can come in three formats: cylindrical, prismatic, and pouch.
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A significant factor driving the growth of the EV battery cell market is the surging demand for EVs. For instance, the electric car market is experiencing rapid expansion, with sales surpassing 10 million in 2022. EVs accounted for 14.0% of all new car purchases in 2022, a significant increase from approximately 9.0% in 2021 and less than 5.0% in 2020. This upsurge can be attributed to several converging trends. The growing societal and consumer awareness regarding the detrimental effects of fossil fuels on air quality has driven a shift towards cleaner transportation alternatives, with EVs emerging as a frontrunner. Active implementation of government policies that incentivize EV purchases further aiding to the market demand. For instance, In Korea, the government incentivizes EV adoption by offering higher subsidies for vehicles with longer fully electric ranges. While the maximum incentives for passenger cars decreased slightly from KRW 7 million ($ 5,400) to KRW 6.8 million ($ 5,300) in 2023, consumers can still take advantage of additional local subsidies.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Global EV Battery Cells Market Report Segment
By Types
- Lithium-Ion Battery Cells
- NI-MH Battery Cells
- Others(Solid-state batteries, Sodium-ion batteries, Redox flow batteries)
By Applications
- PHEVs(Plug-in Hybrid Vehicles)
- HEVs(Hybrid Electric Vehicles)
- BEVs(Battery Electric Vehicles)
Global EV Battery Cells Market Report Segment by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
Rest of the World
- Latin America
- Middle East & Africa
The Report Covers
- Market value data analysis of 2023and forecast to 2031.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global EV battery cells based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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