As per the research report titled ‘Global xEV Battery Technology Market (2022 Edition) - Analysis By EV Battery Type, Vehicle type, Application, By Region, By Country: Market Insights and Forecast with Impact of Covid-19 (2022-2027)', available with MarketStudyReport, global xEV battery technology market was valued at USD 20.44 billion in 2021 and is expected to garner significant traction through 2027.

Swift urbanization, growing concerns regarding carbon dioxide emissions, rising government assistance & subsidies, and increasing preference for electric vehicles are the significant factors contributing to the growth of global xEV battery technology market.

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Based on the EV battery type, the market is bifurcated into NMH batteries, lead acid batteries, lithium-ion batteries, and others. Among these, the lithium-ion batteries segment contributed a major share in the overall market and is expected to grow at a significant rate through 2027. The main reason behind this growth is the higher demand for these batteries, and extensive utilization in electric vehicles owing to vital benefits. 

Analysing the market by vehicle type, the classification comprises BEV, PHEV, and HEV. As mentioned in the report, the BEV (battery electric vehicle) segment accounts for a significant revenue share at present and is expected to rise consistently over the forecasted timeline, because it is a fully electric vehicle that runs solely on batteries, surging the popularity of BEV among masses.

Segmentation of global xEV battery technology market concerning the application spectrum includes commercial and personal. The commercial application segment held a substantial industry share in the recent past and is anticipated to grow considerably through 2027. The strong demand for EVs in commercial transportation, all thanks to the favourable rules and regulations by the government, will impel the segmental share.

Moving onto the regional spectrum, APAC market registered notable growth in 2021 and is projected to garner traction through 2027. The existence of prominent battery manufacturers in Japan, South Korea, and China, alongside increasing population, and growing adoption of electric vehicles are pushing the regional industry forward.

The leading organizations framing the competitive panorama of worldwide xEV battery technology marketplace include Toshiba Corporation, GS Yuasa Corporation, Samsung SDI Co., Ltd., CBAK Energy Technology, Inc., Alternative Energy Systems Consulting, Inc. (AESC), Panasonic, LG Chem Ltd., BYD Auto Co., Ltd., Contemporary Amperex Technology Co., Ltd. (CATL), and SK Innovation Co., Ltd.