EV Battery Cell and Pack Materials Market Size

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.

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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%.