Electric Vehicle Battery Market to Surge 17% Yearly, Reaching $6.5B by 2032 on Rising EV Demand
• Global electric vehicle battery formation and testing market valued at $1.42 billion in 2022, expected to reach $6.46 billion by 2032 with a 16.59% CAGR • Rising electric vehicle demand driving growth as reliable, efficient batteries are critical • China is the dominant regional market, advancing through innovations, incentives, manufacturing • Battery testing is the largest application segment; passenger vehicles and lithium-ion batteries lead respective categories • Supply chain challenges and inadequate charging infrastructure pose potential constraints