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) – Mark

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.

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