Electric Vehicle Battery Market Surges to more than 500 Billion Dollars by 2031

The Global Electric Vehicle (EV) Battery Market is driven by increasing demand for EVs due to environmental concerns, supportive government policies, and advancements in battery technology, leading to longer ranges and faster charging times.

The worldwide market is projected to grow at a CAGR (compound annual growth rate) of 25.1 percent from 2024 (value 63.51 billion US-Dollar) to 2031 and is expected to reach 573.08 billion US-Dollar, according to a new report published by the US company Verified Market Research. Asia-Pacific, especially China, has a dominant position in this market. That is mainly due to its strong manufacturing capabilities, wide supply chain, and favorable government regulations.

“This dominance expedites market expansion by stimulating innovation and achieving economies of scale. However, it also generates regional interdependencies and exposes supply chain vulnerabilities for other markets, notably Europe and North America, which might affect global market stability and growth dynamics.” Major players would play a pivotal role in shaping the future of the Electric Vehicle Battery Market. Financial statements, product benchmarking, and SWOT analysis provide valuable insights into the industry’s key players.

Based on the research, Verified Market Research has segmented the global market into battery type, application, end-user, and geography.

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(Published in GLOBAL RECYCLING Magazine 3/2024, Page 32, Photo: O. Kürth)