Site icon Fact.MR Blog

Global Electric Vehicle (EV) Battery Market Is Projected To Reach Usd 900 Billion By The End Of 2031

download 2022 08 19T125101.374

Fact.MR’s recently published electric vehicle battery report forecasts the market to expand at a whopping 25% CAGR, reaching US$ 900 Bn by the end of the 2021-2031 assessment period. Short-term prospects also appear highly lucrative, with a CAGR of 13.6% projected until 2022.

Historical data suggests that the market expanded healthily from 2016 to 2020, registering an impressive 12% CAGR. Although a general contraction in the automotive industry was experienced in the past half-a-decade, this didn’t appear to dampen the electric vehicle battery market growth prospects. The market closed in at US$ 91 Bn as of 2020.

Read Detailed Report

Key Segments Covered

Key takeaways from the Market study

“As vehicular emission regulations tighten, automobile owners are shifting towards hybrid and electric vehicles usage, prompting manufacturers to deploy batteries equipped with greater load carrying capacity,” says a Fact.MR analyst.

Competitive Landscape

In forthcoming years, manufacturers in the electric vehicle battery industry will primarily focus on strategic acquisitions, collaborations, and product introductions.

Exit mobile version