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Technavio forecasts a $53.62 billion surge in Electric Vehicle (EV) Battery Market between 2022-2027, featuring key players like A123 Systems and Ballard Power Systems.

Industry: Environment

Regional Impact: Electric Vehicle (EV) Battery Market Dynamics Across Geographies

New York, NY (PRUnderground) December 11th, 2023

The electric vehicle (EV) battery industry is poised for substantial growth, with a projected increase of USD 53.62 billion between 2022 and 2027. Technavio anticipates a steady CAGR of 19.57% during this forecast period. Market segmentation encompasses battery types (lithium-ion, lead-acid, and others), vehicle types (battery electric, plug-in hybrid electric, and hybrid electric), and geographical regions (APAC, Europe, North America, South America, and Middle East and Africa). Our comprehensive analysis covers 20 key players in the EV battery market, including A123 Systems LLC, Ballard Power Systems Inc., BYD Co. Ltd., Clarios, Crown Battery Manufacturing Co., Cummins Inc., East Penn Manufacturing Co. Inc., EnerSys, Enertech International Inc., Envision Group, Exide Industries Ltd., GS Yuasa Corp., Hitachi Ltd., LG Chem Ltd., OptimumNano Energy Co. Ltd., Panasonic Holdings Corp., Samsung SDI Co. Ltd., SK Innovation Co. Ltd., Solid Power Inc., Tianneng Battery, and Zhejiang Narada Power Source Co. Ltd.

For those seeking up-to-date market insights, our report offers an in-depth analysis. To gauge the precise growth variance and year-on-year growth rate, request a complimentary sample report.

Electric Vehicle (EV) Battery Market 2023-2027: Corporate Analysis

Samsung SDI, a prominent player, provides a range of electric vehicle batteries, including lithium-ion PHEV, EV, and HEV. Our report details the strategies and latest developments of key companies. Access detailed company information by purchasing the report now.

Electric Vehicle (EV) Battery Market 2023-2027: Market Segmentation


  • The lithium-ion battery segment is anticipated to witness significant market share growth. This surge is attributed to rising demand from the electric vehicle sector and declining battery technology prices. Lithium-ion batteries outperform other technologies with higher current density, extended current holding periods, and longer shelf life.

Vehicle Type

  • Market growth is further categorized by vehicle type, including battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle.


  • APAC is projected to contribute 48% to global market growth during the forecast period. Governments in China, Japan, India, and South Korea actively promote the shift from fossil fuels to electric vehicles through targets, reforms, and incentives. R&D initiatives in the APAC market are concentrated on advancing EV technology. Other regions considered include Europe, North America, South America, and the Middle East and Africa.

Explore concise infographics and detailed descriptions summarizing the contribution of each segment. Obtain a free PDF sample report for a more in-depth understanding.

Electric Vehicle (EV) Battery Market 2023-2027: Key Highlights

  • Historical Market Size (2017-2021)
  • CAGR during 2023-2027
  • Detailed insights into factors fostering EV battery market growth over the next five years
  • Estimation of market size and its contribution to the parent market
  • Forecasts on emerging trends and shifts in consumer behavior
  • Analysis of the competitive landscape and comprehensive information on companies
  • In-depth details on factors hindering the growth of EV battery market companies

Related Reports:

The Lithium-ion Battery (LIB) Recycling Solution Market size is forecast to grow by USD 12.02 billion at a CAGR of 19.85% between 2023 and 2028.

The aqueous batteries market size is forecast to grow by USD 577.56 million at a CAGR of 25.01% between 2023 and 2028.


Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Vehicle Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis


About Technavio Research

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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