According to 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 worth USD 20.44 billion in 2021 and is anticipated to witness notable expansion through 2027.

Credible estimates suggest that the worldwide xEV battery technology market is primarily driven by rapid urbanization, increasing demand for electric vehicles, rising worries about CO2 emissions, and supportive government initiatives.

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Based on EV battery type, the industry is branched into NMH battery, lead acid batteries, lithium-ion batteries, and others. Among these, lithium-ion batteries segment accounts for significant revenue share at present and is anticipated to grow at rapid rate during the forecast timeframe, due to widespread usage of this battery in electric vehicles.

In terms of vehicle type, the marketplace is divided into BEV, PHEV, and HEV. Out of which, BEV segment holds substantial revenue share currently and is predicted to grow considerably during the estimated timeframe, because of increasing demand for electric vehicles.

Based on application spectrum, global xEV battery technology market is split into commercial and personal. Among these, commercial segment accounts for sizeable market share at present and is slated to grow constantly during the review period, owing to widespread EV adoption in commercial sector as well as favorable government policies.

Regionally, Asia Pacific market held a significant revenue share in 2021 and is poised to grow tremendously over 2022-2027, with Japan, China, and South Korea as leading battery producers. Growing population, surge in demand for electric vehicles, and focus on making reliable batteries for EVs are impelling the regional share.

The key players in global xEV battery technology market are Alternative Energy Systems Consulting, Inc., SK Innovation Co., Ltd., CBAK Energy Technology, Inc., Contemporary Amperex Technology Co., Limited, Samsung SDI Co., Ltd., BYD Auto Co., Ltd., GS Yuasa Corporation, LG Chem Ltd, Toshiba Corporation, and Panasonic Corporation. Leading manufacturers are expanding production capacity to meet increased consumer demand, as well as undertaking research and development projects which are enhancing the industry dynamics.