Report Overview:
Lithium-ion Batteries in Hybrid and Electric Vehicles are rechargeable energy storage systems used to power electric motors in hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs).
The US Lithium-ion Batteries in Hybrid and Electric Vehicles market is experiencing rapid growth, driven by increasing electric vehicle adoption, government incentives, and advancements in battery technology. In 2023, total battery production for EVs reached 85 GWh, with BEVs accounting for 70% of market value. The market saw a 30% increase in average battery pack capacity in 2023, as automakers push for longer driving ranges. Use of high-nickel cathode chemistries is growing at 35% annually. The market is witnessing a trend towards faster charging capabilities, with a 40% year-over-year increase in the deployment of 800V battery systems. Adoption of solid-state battery prototypes in premium EVs grew by 50% in 2023, albeit from a small base. Key manufacturers are focusing on improving energy density and reducing costs, with a 25% increase in R&D investments for next-generation battery technologies. The industry is also seeing increased interest in battery recycling and second-life applications, with a 45% rise in initiatives for circular economy approaches in EV battery lifecycle management.
Market Value:
The global EV Construction Vehicles market was valued at US$ 3.5 billion in 2024 and is projected to reach US$ 10.4 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 20% during the forecast period (2024-2030).
(2022 – 2029)
By Types:
•Battery Electric Vehicles
•Plug-in Hybrid Electric Vehicles
•Hybrid Electric Vehicles
