Home / Press Release / Global Electric Vehicle Battery Materials Market is Expected to Grow a CAGR of 8.9% during the Forecast Period

Global Electric Vehicle Battery Materials Market is Expected to Grow a CAGR of 8.9% during the Forecast Period

The latest market report published by Credence Research, Inc. “Global Electric Vehicle Battery Materials Market: Growth, Future Prospects, and Competitive Analysis, 2015 - 2027”. The global electric vehicle battery materials market generated revenue of around USD 5,674.6 million in 2020 and anticipated to grow at a CAGR of over 8.9% during the forecast period from 2021 to 2027 to reach around USD 10,307.0 million in 2027.

Browse the full report at  https://www.credenceresearch.com/report/electric-vehicle-battery-materials-market 

Energy storage systems, usually batteries, are essential for hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and other electric vehicles (EVs) Most of today's PHEVs and EVs use lithium-ion batteries, but nickel-metal hydride batteries have been widely used in HEVs. Lead-acid batteries can be designed to be high power and are inexpensive, safe, and reliable. Also, solid-state batteries ensure size compactness, better energy efficiency, lightweight, and high running range, as compared to the current range of lithium-ion batteries.

Key Trends in Global Electric Vehicle Battery Materials Market

Growing Demand for Battery Materials in Electric Vehicles

Lithium-ion batteries are widely used for plug-in hybrid electric vehicles which in turn is a factor driving growth of the target market. The growing adoption of electric vehicles (EV), the increasing demand for various battery materials for electric vehicles, and the rapid development of electric vehicles are expected to maintain market growth in the next coming years. Increasing government initiatives and funding to promote the use of electric vehicles owing to harmful emissions is expected to support growth of the target market. Investments by prominent players and new developments in technologies of electric vehicles has created potential opportunities for major manufacturers and suppliers of the electric vehicle battery materials.

Impact of COVID 19 on Electric Vehicle Battery Materials Market

Driven by the global pandemic, the electric vehicle battery materials market will show significant growth. Due to the pandemic, the businesses have been shut down globally or partially which has a negative impact on the supply chain and product demand. The industry is facing unprecedented economic losses due to the disruption of supply chain of the major players operating in the target market. Distributors, suppliers, and retailers all have inventory in warehouses but cannot sell them due to restrictions, while manufacturers have to stop production in response to global lockdown.

Global Electric Vehicle Battery Materials Market by Material Type Insights

Lithium-ion batteries, nickel-metal hydride batteries, lead-acid batteries, and solid-state batteries are the material type of electric vehicle battery materials market. In 2020, lithium-ion batteries segment accounted for the largest share of global electric vehicle battery materials market.

Lithium-Ion Batteries Segment to Dominate the Global Electric Vehicle Battery Materials Market

Global Electric Vehicle Battery Materials Market by Vehicle Type Insights

Battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles are the vehicle type of electric vehicle battery materials market. In 2020, battery electric vehicle segment accounted for the largest share of global electric vehicle battery materials market.

Global Electric Vehicle Battery Materials Market by Sales Channel Insights

Based on sales channel, the global electric vehicle battery materials market is segregated into original equipment manufacturer (OEM) and aftermarket. In 2020, aftermarket segment is accounted for a significant share in 2020 of the global electric vehicle battery materials market.

Global Electric Vehicle Battery Materials Market by Regional Insights

The Asia Pacific market is accounted for the highest revenue share and is expected to dominate the global electric vehicle battery materials market over the forecast period. This is attributed to growing demand for the battery materials in electric vehicles and the increasing collaboration among major players for market penetration North America electric vehicle battery materials market is projected to register the considerable growth rate in the global market.

Global Electric Vehicle Battery Materials Market Competitive Landscape

Most prominent players in the global electric vehicle Battery Materials Market include Asahi Kasei Corporation, LG Chem, Mitsubishi Chemical Holdings, BASF SE, Samsung SDI Co., Contemporary Amperex Material Type Co. Limited (CATL), BYD Auto Co., Ltd., Hitachi, Ltd., Kureha Corporation, The Dow Chemical Company, and Others. The report covers very detailed profiles of these key players.

Market Segmentation

Global Electric Vehicle Battery Materials Market by Material Type, 2015 - 2027

· Lithium-Ion Batteries

· Nickel-Metal Hydride Batteries

· Lead-Acid Batteries

· Solid-State Batteries

Global Electric Vehicle Battery Materials Market by Vehicle Type, 2015 - 2027

· Battery Electric Vehicles (BEVs)

· Plug-In Hybrid Electric Vehicles (PHEVs)

· Hybrid Electric Vehicles (HEVs)

· Fuel Cell Electric Vehicles

Global Electric Vehicle Battery Materials Market by Sales Channel, 2015 - 2027

· Original Equipment Manufacturer (OEM)

· Aftermarket

Global Electric Vehicle Battery Materials Market by Region, 2015 - 2027

· North America

· Europe

· Asia Pacific

· Latin America

· Middle East and Africa

Global Electric Vehicle Battery Materials Market: Key Players

· Asahi Kasei Corporation

· LG Chem

· Mitsubishi Chemical Holdings

· BASF SE

· Samsung SDI Co.

· Contemporary Amperex Material Type Co. Limited (CATL)

· BYD Auto Co., Ltd.

· Hitachi, Ltd.

· Kureha Corporation

· The Dow Chemical Company

· Others

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