The global Electric Vehicle (EV) battery cells market is anticipated to grow at a significant CAGR of 19.9% during the forecast period (2024-2031).The Electric Vehicle (EV) Battery Cells Market is experiencing professional growth due to escalating demand for electric vehicles, driven by environmental concerns and government regulations favoring cleaner transportation. Automakers' increased focus on electric vehicle production necessitates high-performance battery cells. Advancements in EV battery technology, including energy density and longevity, drive demand for cutting-edge cells supporting enhanced vehicle performance and range. Expanding EV charging infrastructure and new EV models require robust battery cells for seamless integration. Substantial investments in research and development optimize EV battery efficiency. These factors collectively along with emerging partnerships among key manufacturing are contributing to the global EV battery cells market.
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In April 2024, Hyundai Motor Company and Kia Corp. have teamed up with Exide Energy Solutions Ltd. to localize electric vehicle (EV) battery production in India. Their focus is on manufacturing lithium-iron-phosphate (LFP) cells domestically to support their EV expansion plans in the Indian market. This strategic partnership aims to pioneer the use of locally produced batteries in upcoming EV models, ensuring cost competitiveness and aligning with India's carbon neutrality goals. Exide Energy Solutions, a subsidiary of Exide Industries Ltd, brings over 75 years of battery manufacturing expertise.
Further, in February 2024, Ultium Cells, a collaborative venture between LG Energy Solution and General Motors (GM), announced a substantial investment exceeding $2.3 billion for the establishment of its second battery cell manufacturing facility in Spring Hill, Tennessee, within the United States. The new plant, to be built on land leased from GM, is projected to create approximately 1,300 new job opportunities. Construction of the expansive 2.8 million-square-foot facility will commence immediately, with plans for the plant to commence operations by late 2023. Once operational, it will serve as a critical supplier of battery cells to GM's Spring Hill assembly plant, contributing to the ongoing development and production of electric vehicles within the automotive industry.
Furthermore, in October 2023, BMW Group has unveiled the inauguration of its Cell Manufacturing Competence Centre (CMCC) in Parsdorf, Germany, marking a significant advancement in battery cell production. The facility has commenced production of cylindrical battery cell samples, indicative of the technology likely to power BMW's 'Neue Klasse' vehicles starting in 2025. The CMCC enables BMW to oversee the entire cell value creation process, setting benchmarks for production, quality, performance, costs, and environmental standards. Collaborating closely with partners, BMW aims to implement these standards for standard production of battery cells.
Market Coverage
• The market number available for – 2023-2031
• Base year- 2023
• Forecast period- 2024-2031
• Segment Covered-
o By Types
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- includes BYD Company Ltd., Hitachi, Ltd., Panasonic Holdings Corp., SAMSUNG SDI CO., LTD, SK Innovation Co Ltd, and Tata Sons Private Ltd. among others.
Key questions addressed by the report
Global EV Battery Cells Market Report Segment
By Types
By Applications
Global EV Battery Cells Market Report Segment by Region
North America
• United States
• Canada
Europe
• UK
• Germany
• Italy
• Spain
• France
• Rest of Europe
Asia-Pacific
• China
• India
• Japan
• South Korea
• Rest of Asia-Pacific
Rest of the World
• Latin America
• Middle East & Africa
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