Electric Vehicle Battery Market: A Comprehensive Overview

By Gurusharan Dhillon, Director of eMobility at Customized Energy

Key Insights

The global electric vehicle (EV) battery market is poised for significant growth in the coming years. In 2023, 95% of the growth in battery demand was attributed to increased EV sales, while only 5% came from other applications.

Electric vehicle batteries differ from lithium-ion batteries used for energy storage in terms of their design and performance requirements.

Technology and price factors play a crucial role in the market growth for EV batteries, materials, and battery management systems (BMS).

What is an Electric Car Battery?

Electric vehicles are primarily powered by lithium-ion batteries. These batteries are rechargeable energy storage devices used to power the electric motors that propel the vehicle.

Lithium-Ion Battery Manufacturing Landscape in India

The demand for lithium-ion batteries in India is growing rapidly, driven by the increasing adoption of EVs and the government's push for clean energy solutions.