The market for EV battery cell and pack materials is growing fast. It is expected to increase from $21.1 billion in 2024 to $48.7 billion by 2030, at a yearly growth rate of 15 percent. This growth is driven by the rising use of electric vehicles, new battery technology, and the need for cleaner energy solutions, according to ResearchAndMarkets.com.
Some of the players in the EV battery cell and pack materials market include BYD, CALB-CALB, CATL (Contemporary Amperex Technology), LG Chem, Panasonic Industry, SABIC (Saudi Basic Industries Corporation), Samsung SDI, Shenzhen GREPOW Battery and SK Innovation.
Innovation is playing a big role in this progress. New battery types, such as solid-state batteries, are making electric cars safer and more efficient. AI technology is also helping improve battery materials, making them last longer and work better. Scientists are also finding ways to reduce the use of rare and expensive materials like cobalt, making batteries more affordable and eco-friendly.
Companies are investing heavily in better materials and manufacturing processes. Many businesses are working on recycling old batteries to reuse materials like lithium and nickel. This helps reduce waste and makes battery production more sustainable. Governments and car manufacturers are also supporting research and development to make EV batteries more reliable and widely available.
The industry has already made big achievements. Lithium-ion batteries, the most common type, are expected to reach $44.5 billion in value by 2030. The U.S. market, worth $5.5 billion in 2024, is growing, and China is expanding even faster, with a growth rate of 14.1 percent per year.
Looking ahead, the focus will be on making EV batteries cheaper, safer, and better for the environment. More companies will invest in new materials, recycling, and energy storage solutions. With these advancements, the future of electric vehicles looks bright, and battery technology will continue to improve for years to come.
Faheema P