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The global EV battery market is projected to grow at a CAGR of 25.3% from USD 27.3 billion in 2021 to USD 67.2 billion by 2025. High demand of electric passenger and commercial vehilces as well as improving battery technology will be driving the growth of EV battery market.

With the growing emphasis on eco-friendly transport, governments of different countries are focusing on adopting electric buses for public transport. The transportation sector—which includes medium and heavy commercial vehicles—is one of the largest sources of emissions and accounts for a significant share of energy consumption. The deployment of zero-emission heavy-duty vehicles, such as medium and heavy battery electric vehicles, can significantly reduce the emissions and energy consumption associated with freight and public transport. Additionally, the use of electric commercial trucks would also greatly benefit logistics companies, whose profits have been steadily declining due to the continually rising fuel prices. This has led to significant opportunities for manufacturers of EV batteries for heavy vehicles like buses and medium & heavy trucks. Manufacturers have also begun developing safe and fast-charging batteries, with empty-to-full charging times as low as 30 minutes. Improving technology and government incentives in countries like China, the US, India, Japan, as well as countries in Southeast Asia and Europe, are propelling the growth of EVs and the EV battery market.

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Players in the market like CATL, Samsung SDI, LG Chem, BYD, and Panasonic manufacture batteries for cars, buses, and trucks.  

The global EV battery market is dominated by major players CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).The key strategies adopted by these companies to sustain their market position are new product developments,merges & acquistions, partnerships, expanisons, collaborations, acquisitions, and contracts & agreements.

CATL is among one of the leaders in the EV battery market. The company has shown significant growth since its establishment in 2011 to become one of the largest companies in the EV battery market. Heavy focus on R&D and product development has enabled CATL to achieve this feat. CATL is a supplier of EV batteries to major EV manufacturers like Mercedes-Benz (Germany), Honda (Japan) and Toyota (Japan), Volkswagen (Germany), and BMW (Germany).

Panasonic is another major player in the EV battery business. It has been supplying EV battery systems to major EV manufacturers like Tesla. The company has been a major supplier to Tesla Motors, which gives it a strong global presence and the company has increased its production capacity multiple times in the past. Panasonic has entered into a partnership for EV battery production with existing automobile giants like Toyota which are focusing to enter the rapidly expanding EV market. Panasonic has collaborated with two European companies Equinor ASA and Norsk Hydro ASA to explore opportunities for expansion in the European market. Panasonic has also been actively involved in research & development and pursues to develop batteries with better characteristics and technology.

Samsung SDI is a global manufacturer of electric battery and battery systems for IT and automobiles. Samsung SDI has its presence across 30 locations in the world. The company has 13 manufacturing facilities and 15 sales offices along with 1 R&D center. The company develops compact, high-performance battery packs optimized for vehicle installation. Its lightweight, durable packs with battery management systems ensure the performance, safety and longevity of the cells which is a critical factor to the overall performance of the vehicle. Samsung SDI has also developed pack platforms for high voltage battery systems and is currently working on various projects with global OEMs like BMW and Fiat.

Related Reports:

EV Battery Market by Battery Capacity (<50, 50-110, 111-200, 201-300 and >300), Battery Form (Wire, Laser), Propulsion (BEV, PHEV, PHEV, FCEV), Battery Type, Material Type, Li-ion Battery Component, Method, Vehicle Type & Region - Global Forecast to 2025

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