How big is the Battery Systems For Electric Vehicle Market?

The Battery Systems For Electric Vehicle Market size is expected to reach USD 29.73 billion in 2024 and grow at a CAGR of 13.5% to reach USD 55.99 billion by 2029. Read More

What is the current Battery Systems For Electric Vehicle Market size?

In 2024, the Battery Systems For Electric Vehicle Market size is expected to reach USD 29.73 billion. Read More

Who are the key players in Battery Systems For Electric Vehicle Market?

Altairnano, Toshiba Corporation, Hitachi, Ltd., Panasonic Corporation and Samsung SDI Co Ltd are the major companies operating in the Battery Systems For Electric Vehicle Market. Read More

Which is the fastest growing region in Battery Systems For Electric Vehicle Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Battery Systems For Electric Vehicle Market?

In 2024, the North America accounts for the largest market share in Battery Systems For Electric Vehicle Market. Read More

What years does this Battery Systems For Electric Vehicle Market cover, and what was the market size in 2023?

In 2023, the Battery Systems For Electric Vehicle Market size was estimated at USD 26.19 billion. The report covers the Battery Systems For Electric Vehicle Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Battery Systems For Electric Vehicle Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Battery Systems for Electric Vehicles Market

Battery Systems for Electric Vehicles Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The Global Battery Systems for Electric Vehicles Market is segmented by Type (Lithium-Ion, Nickel-Metal Hydride Batteries, Lead-Acid Batteries, Ultra-capacitors, and Other Types), Vehicle Type (Passenger Cars and Commercial Vehicles), and Geography (North America, Europe, Asia-Pacific, South America, and Middle-East and Africa). The report offers market size and forecasts for all the above segments in value (USD).

Battery Systems for Electric Vehicles Industry Overview

The key vendors include Samsung SDI Co Ltd, Toshiba Corporation, BYD, and Panasonic Corporation, as they will be responsible for providing the automobile makers with the battery kit shortly. Currently, the battery manufacturers of electric vehicles are investing in R&D to improve the chemistry of the batteries to give a longer discharge time.

Technological advances in Li-ion batteries have made them comparatively lightweight with a long lifespan compared to conventional lead-acid and valve-regulated lead-acid battery (VRLA) batteries. With battery electric vehicles becoming the most viable alternative to ICE-powered automobiles and a solution to the problem of emissions, the demand for this type of vehicle is expected to increase considerably during the forecasted period, which calls for an excellent opportunity for electric battery manufacturers.

For instance, Swiss start-up Morand has introduced a groundbreaking battery technology that significantly reduces the charging time of electric vehicles to approximately 72 seconds. Their innovative EV battery utilizes a hybrid system, cleverly combining conventional battery technology with ultracapacitor technology, aptly named eTechnology. This pioneering approach allows electric vehicles to achieve an impressive 80% charge in a mere 72 seconds and complete a full 100% charge in just 2.5 minutes.