Global EV battery market to hit $251B by 2035, driven by cylindrical cells and North American growth

The global electric vehicle (EV) battery market is projected to grow from $91.93 billion in 2024 to $251.33 billion by 2035, at a CAGR of 9.6%. Growth is fueled by rising EV adoption, innovations in cylindrical battery cells, advances in anode materials, and strong investments in North America. Key players like Tesla, GM, and Mazda are expanding production and partnerships, supported by government incentives such as US Department of Energy grants. This market expansion reflects increasing demand for longer-range, fast-charging EVs and the shift toward electric commercial vehicles.