BANGALORE, India, Nov. 19, 2019 /PRNewswire/ -- Electric Vehicle Battery Market Statistics - 2025
A battery is used as a secondary power source in automobiles. An electric vehicle (EV) battery is a secondary (rechargeable) battery. It uses chemical energy stored in rechargeable battery packs for power and therefore does not require any combustion engine for propulsion. An electric vehicle battery or traction battery powers the propulsion of battery electric vehicles.
In recent years, consumers are more inclined toward battery electric/plug-in vehicles, because these vehicles run without fuel, such as petrol, diesel, and gasoline and have lower maintenance cost, which eventually reduces consumers' expenses. According to the statistics provided by the German Federal Motor Transport Authority, there is a 61% increase in the plug-in EV (electric vehicle) sales in 2018 as compared to that in 2017. Thus, environment-friendly nature of electric vehicles drives the growth of the electric vehicle battery market.
The growth of the electric vehicle (EV) battery market is driven by rise in the demand for zero-emission vehicles, decrease in the cost of the electric vehicle battery system, and an increase in the global awareness regarding climate change.
However, stringent lead pollution norms in electric vehicle battery may hinder the market growth. In addition, high import taxes on EV batteries and instability in raw material prices are expected to limit the electric vehicle battery market growth. Furthermore, evolution of Lithium-ion technology in EV battery and growth in public charging infrastructure offer lucrative opportunities for the market..
GLOBAL ELECTRIC VEHICLE (EV) BATTERY MARKET ANALYSIS
Over the past two decades, the advent of Lithium-ion technology has accelerated the growth rate of batteries. Although initial hybrid vehicles used Nickel Metal Hydride (NiMH) batteries, Li-ion batteries were the primary solutions to power plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) for automakers.
High-energy density, storage power for charging, and low maintenance are some of the advantages that have driven Li-ion's development as battery technology. Automotive manufacturers that introduce BEVs and PHEVs to the EV battery market are further expanding the technology and are expected to offer Li-ion energy solutions as their vehicles' primary power source.
TRENDS INFLUENCING THE GLOBAL ELECTRIC VEHICLE MARKET SHARE
Increasing concern about the adverse effects of climate change as well as troubling levels of pollution in major cities
Raising support provided by the various governmental agencies
ELECTRIC VEHICLE BATTERY MARKET SEGMENTATION
The global electric vehicle battery market is segmented based on vehicle propulsion type, battery type, vehicle type, and region. On the basis of vehicle propulsion, the market is divided into battery electric vehicle (BEV) and plug-in hybrid vehicle (PHEV). The various battery types are Lead-acid, Nickel metal Hydride, and Lithium-ion. Passenger car and commercial vehicle are the two vehicle types. Based on region, the global electric vehicle battery market is analyzed across North America, Europe, Asia-Pacific, and Latin America Middle East and Africa (LAMEA).
TOP IMPACTING FACTORS
The soaring demand for zero-emission vehicles, advancing evolution of Lithium-ion technology, and rising government regulations on emission control systems are the significant factors that affect the growth of the global electric vehicle battery market. These factors are anticipated to either drive or hamper the market growth.
PRODUCTION OF LOWER COST BATTERIES
Automobile companies focus on the production of advanced electric vehicle battery systems that are expected to have lower emission at relatively lower costs as compared to heavier and larger engines. Compactness and cost-effectiveness are other useful features of this battery Thus, development of technological advancement in the electric vehicle battery system presents various opportunities for leading players in the future.
KEY BENEFITS FOR ELECTRIC VEHICLE BATTERY MARKET:
This study comprises an analytical depiction of the global electric vehicle battery market with current trends and future estimations to depict the imminent investment pockets.
The overall market potential is determined to understand the lucrative trends to gain a stronger foothold in the electric vehicle battery industry.
The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global electric vehicle battery market.
Porter's Five Forces analysis illustrates the potency of the buyers and suppliers in this global market.
REGION WISE GLOBAL ELECTRIC VEHICLE (EV) BATTERY MARKET ANALYSIS
Due to Chinese domination, the Asia Pacific continues to retain its leading position in the electric vehicle battery market, with revenues exceeding US$ 35,000 million in 2018. Sales of electric vehicle batteries in the region remain driven by the strong automotive industry and improving economic conditions.
North America is expected to be a high-growth market for batteries for electric vehicles, accounting for almost one-third of the 2018 production.
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