EV Battery Market Size, Share, Forecast, Report, 2035

The EV battery market is expanding rapidly, fueled by increasing electric vehicle (EV) adoption, technological advancements, and supportive government policies aimed at reducing emissions. In October 2023, Tesla announced plans to introduce dry cathodes in Cybertruck batteries by 2026, which promise higher energy density and efficiency. Additionally, in November 2024, BYD announced the unveiling of its next-generation Blade battery in 2025, aiming for improved safety and energy density.

The global EV battery market size was valued at USD 91.93? billion in 2024 and is expected to reach USD 251.33? billion by 2035, at a CAGR of 9.6%, during the forecast period 2024-2035

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Cylindrical battery form is expected to witness a notable growth during the forecast period.

The cylindrical form of EV batteries is projected to experience notable growth over the forecast period, driven by several factors such as superior durability, cost-effectiveness, and the efficient mechanical resistance they offer. Cylindrical batteries are the least expensive to manufacture compared to other EV battery formats, thanks to their robust casing that allows for better containment and resilience against both external and internal stresses. With the typical EV utilizing between 5,000 to 9,000 cylindrical cells—significantly more than pouch or prismatic cells—this format ensures higher reliability and performance. OEMs like Tesla and General Motors have already embraced cylindrical batteries for their vehicles due to these advantages.

The negative electrode to lead the EV battery market during the forecast period.

The negative electrode, or anode, in electric vehicle (EV) batteries is anticipated to experience the largest growth over the forecast period due to its pivotal role in battery performance and efficiency. As the demand for electric vehicles continues to rise, the need for high-performance anode materials becomes increasingly critical. The anode is responsible for storing lithium ions during charging and releasing them during discharge, making its energy density a key factor in determining the overall energy capacity of the battery. Innovations in anode materials, such as silicon-carbon composites and nanocomposite tin/carbon/cobalt alloys, are enhancing energy storage capabilities and cycle life, which are essential for meeting consumer expectations for longer driving ranges and faster charging times.

North America is expected to grow significantly during the forecast period

North America is poised for remarkable growth in the EV battery market, driven by cutting-edge R&D, innovative partnerships, and significant investments by major automotive and battery manufacturers. The region benefits from the presence of industry leaders such as Tesla, GM, Ford, and Stellantis, which are investing heavily in battery production facilities to meet the rising demand for electric vehicles. Recent developments underscore this momentum: In December 2024, the US Department of Energy approved a USD 9.6 billion loan to BlueOval SK, a Ford and SK On joint venture, for EV battery manufacturing.

Key Players

The major players in the EV battery market include Contemporary Amperex Technology Co., Limited (China), BYD Company Ltd. (China), LG Energy Solution Ltd. (South Korea), CALB (China), and SK Innovation Co., Ltd. (South Korea).

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