The global EV battery market is expected to reach $67 billion in 2025

According to foreign media reports, a market research agency released a report saying that global electric vehicles are expected to grow from US$27.3 billion in 2021 to US$67.2 billion in 2025, with a compound annual growth rate of 25.3%. Currently, the global electric vehicle battery market is dominated by a few companies, including CATL (China), Panasonic (Japan), BYD (China), LG Chem (South Korea), GS Yuasa (Japan), Samsung SDI (South Korea) and Toshiba (Japan).

Global Electric Vehicle Market

The factors driving the development of the electric vehicle battery market are mainly improved battery technology, government policy and regulatory support, and the launch of new plug-in hybrid models.

It is worth noting that battery manufacturers have provided innovative solutions in terms of battery design and composition. In order to reduce the size of batteries, electric vehicle battery manufacturers have made this a research and development focus. For example, Samsung SDI has made large-scale modifications to the battery positive and negative electrode separators to reduce the size of batteries. In addition to reducing the size of batteries, manufacturers are also trying to use different raw materials to improve battery performance. Many companies, including Toshiba, have used lithium titanate and graphite as materials for the positive and negative electrodes of batteries. Changes in raw materials can improve the safety and service life of batteries. In addition, the installation position of the battery on the vehicle has also been adjusted.

It is reported that the original intention of commercializing electric vehicles is to reduce the exhaust emissions of traditional fossil fuel vehicles. Against the backdrop of more and more pure electric vehicles replacing traditional internal combustion vehicles, the battery-driven vehicle market is expected to grow exponentially, creating a large number of business opportunities for battery manufacturers.

Phoenix Technology