Northbrook, IL -- (SBWIRE) -- 04/05/2022 -- The global EV battery market is projected to grow at a CAGR of 25.3% from USD 27.3 billion in 2021 to USD 67.2 billion by 2025. Increasing demand of electric vehicles, improvement in battery technology, supporting government policies and regulations, and launch of new plug-in EV models are factors responsible to drive the EV battery market.

The growth of the EV battery market can be attributed to the increasing demand of electric vehicles, improvement in battery technology, supporting government policies and regulations, and launch of new plug-in EV models.

Asia pacific is expected to be the largest EV battery market in the forecast

Countries such as China, Japan, India, South Korea, and Thailand are considered under Asia Pacific for market analysis. China is the largest contributor to the global market, accounting for a share of more than 95%. Chinese companies such as Panasonic, LG, Chem, Samsung, CATL, and BYD are dominating both the Chinese and global EV battery market. Chinese EV manufacturers, who have access to cheaper parts and components, are providing electric vehicles at lower prices.

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Europe is expected to be the fastest-growing market during the forecast

Countries such as Germany, France, Spain, UK, Italy, Norway, Sweden, and Denmark are considered under Europe for market analysis. The presence of OEMs such as VDL Groep (Netherlands) and AB Volvo (Sweden) offers opportunities for the growth of the EV battery market in the region. The increasingly stringent regulations related to environmental issues are propelling market players to test and develop advanced vehicles, which will further boost the market for advanced battery technologies. For example, Brexit deal creates an opportunity for Nissan to expand the business operations at its Sunderland plant. In return, the Japanese OEMs is even investing in the UK and other European countries. Nissan is interested to build additional battery production capacity in Sunderland. In September 2020, Mercedes-Benz, a subsidiary of Daimler AG, introduced its new all-electric eCitaro G, optionally equipped with innovative solid-state batteries. In December 2019, Volvo Trucks, a subsidiary of AB Volvo, developed heavy-duty electric concept trucks for construction operations and regional distribution.

The laser bonding segment is expected to be the largest EV method in the forecast

The laser bonding method is expected to lead the EV battery market during the forecast period. This method is mostly preferred due to its non-contact process that enables welding of dissimilar materials with high precision. Laser bonding is considered a reliable technology to connect battery cells and achieve fast production of battery pack conductive joints.

Key Market Players

The global EV battery market is dominated by major players CATL (China), Panasonic (Japan), LG Chem (South Korea), BYD (China), and Samsung SDI (South Korea).The key strategies adopted by these companies to sustain their market position are new product developments,merges & acquistions, supply contracts, partnerships, expanisons, collaborations, acquisitions, and contracts & agreements.

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