EV Battery Cell and Pack Materials Market Size & Share 2022 to 2030
Market Size by Vehicle (BEV, HEV, PHEV, FCEV), by Battery (Lithium-ion, Lead-Acid, Nickel-Metal Hydride, Ultracapacitors, Sodium-ion), Regional Insights & Forecast.
Report ID: GMI5367
|
Published Date: September 2022
|
Report Format: PDF
Download Free PDF
Authors:
Kiran Pulidindi, Kunal Ahuja
EV Battery Cell and Pack Materials Market Size
EV Battery Cell and Pack Materials Market size was valued at USD 13 billion in 2021 and is speculated to register over 14.5% CAGR from 2022 to 2030. The flourishing landscape of the global EV industry, led by the several cost-effective benefits and rising environmental concerns, is one of the key factors driving the demand for battery cells and packs. The increasing sales of electric vehicles will augment the industry trends throughout the forecast period.
According to the China Association of Automobile Manufacturers (CAAM), the NEV market in China witnessed a surge of about 17% in 2020, following a 2% decline in 2019. In addition, the total EV sales in China is projected to exhibit a 47% growth and stand at 5 million by 2022. Electric Vehicles have garnered notable support from governments all across the globe. The EVs have emerged as a preferred mobility choice in recent years as they offer significant cost saving on running and maintenance while reducing harmful air pollution and CO2 emissions.
Soaring raw material prices may hinder the market expansion
The fluctuating prices of raw materials are seen as a major concern that could impede industry growth over the coming years. The high prices of the cell and pack materials significantly increase the cost of production of batteries. The increasing battery procurement costs passively inflate the prices of the electric fleet and may hamper the expansion of the EV battery cell and pack materials industry. According to BloombergNEF, the price of batteries increase the cost of electric vehicles by 30%.
EV Battery Cell and Pack Materials Market Analysis
With regards to batteries, the EV battery cell and pack materials market is classified into lithium-ion batteries, nickel metal hydride batteries, lead-acid batteries, ultracapacitors, and sodium-ion batteries. The lithium-ion batteries segment is projected to exceed USD 59 billion by 2030, with the cell sub-segment anticipated to exhibit over 14% CAGR over the forecast period and the pack sub-segment accounting for more than USD 7 billion by 2030. The ongoing research & development efforts focused on extending useful life, reducing relatively high costs, and addressing the safety and overheating concerns in li-ion batteries will provide the much-needed boost to the segment in the forthcoming years.
Based on electric vehicle, global EV battery cell and pack materials market fragments into plug-in hybrid electric vehicles (PHEV), battery electric vehicles (BEV), hybrid electric vehicles (HEV), and fuel cell electric vehicles (FCEV). The battery electric vehicle segment is poised to exhibit over 14.5% CAGR during the study period and record a valuation worth more than USD 44 billion by 2030. Battery electric vehicles are generally used for several commercial purposes, such as high-performance sports cars, trucks, delivery vans, etc. Stringent government regulations on congestion and pollution caused by fuel-based engines, accelerating climate change, and increasing environmental degradation will fuel the demand for battery electric vehicles during the projection period.
Asia Pacific EV battery cell and pack materials market is anticipated to be worth more than USD 33 billion by 2030 and depict a CAGR of above 16% between 2022 and 2030. The positive outlook of the automotive sector and the surging EV sales in countries such as China, India, and Japan may bolster product demand across the Asia Pacific. As per the report by the International Energy Agency, China recorded sales of almost 3.3 million electric cars in 2021, accounting for about 50% of the total EV sales globally. In addition, strict regulatory mandates to limit carbon emissions will positively impact industry dynamics.
EV Battery Cell and Pack Materials Market Share
Major players participating in the EV battery cell and pack materials market include
These companies have been taking collaborative actions to strengthen their position and aid the development of advanced battery materials that could fuel the future of electric mobility.
Impact of COVID-19 Pandemic
The sudden outbreak of the COVID-19 pandemic negatively impacted the EV battery cell and pack materials industry as electric vehicles registered a significant drop in demand, especially in 2020. The surging severity of the crisis, coupled with the then economic slowdown, transformed the consumer's buying behavior causing an unprecedented plunge in vehicle sales globally. The International Energy Agency estimated vehicle sales to drop by almost 15% in 2020.
However, with the pandemic having entered its endemic stage, the market has recouped its path to recovery. With supportive moves & initiatives by governments along with battery makers and automobile manufacturers, the industry may register noteworthy expansion over the coming years.
The EV battery cell and pack materials market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in Kilo Tons and revenue in USD Million from 2018 to 2030 for the following segments:
Click here to Buy Section of this Report
Vehicle by Battery
Battery by Cell Material
Battery by Pack Material
By Region
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →