Global EV Battery Market Could Reach $251 Billion by 2035, Study Points Out

The global electric vehicle battery market is projected to grow from $91.93 billion in 2024 to about $251.33 billion by 2035, at a CAGR of 9.6 percent.

The 50 to 110 kWh battery segment is expected to lead growth, meeting the performance and cost requirements of mid-to-high performance EVs. Recent models illustrate this trend, with the BMW i4 (2024) using 70.2 to 83.9 kWh packs and the Mercedes EQA 250 (2024) featuring a CATL battery of up to 70.5 kWh.

Natural Graphite Expected to Register Highest Growth

Natural graphite is seen as the leading rising material for anodes, offering good conductivity, energy density, and competitive cost. Global demand for EVs broadens the need for natural graphite anode materials, with increasingly sustainable supply sources.

Strategic initiatives have recently emerged in the sector; for example, the partnership announced in 2025 between GM and Vianode to manufacture synthetic anode graphite at scale, aiming to support the production of millions of EVs per year by 2030.

BEVs Expected to Dominate the Market

Battery electric vehicles (BEVs) are expected to lead penetration, driven by zero emissions and lower long-term maintenance costs. Improvements in energy density and charging speed help reduce range anxiety, while global government incentives strengthen the movement.

In 2025, Suzuki introduced the global BEV eVITARA, with production scheduled for 2025 and availability in various markets by mid-year, signaling automakers' efforts to expand BEV offerings.

China Dominates APAC

China is well-positioned to dominate the battery market in the Asia-Pacific region, supported by public policies, a mature supply chain, and investments in innovation. In 2024, CATL unveiled Shenxing Plus, an LFP battery with a range exceeding 1,000 km per charge. BYD also announced plans to launch the next generation of the Blade battery in 2025. The presence of major automakers like BYD, Geely, and NIO, as well as battery manufacturers like CATL, CALB, and Sunwoda, strengthens China's role in the region.

Conclusion

As technology advances and EV demand grows globally, electric vehicle batteries are set to remain central to the transition toward cleaner energy solutions.