NEW YORK, May 15, 2018 /PRNewswire/ -- Global EV Battery Market to Reach $93.94 billion by 2026
Increasing global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in the major cities have created a significant demand for electric vehicles.A major factor behind the growth of electric vehicles is the support provided by the various governmental agencies to encourage the sale of these vehicles.
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The market for electric vehicles depends heavily upon the development of its primary component, i.e. the EV battery. Owing to the high demand for electric vehicles, the market for EV batteries has developed significantly over the past decade, with manufacturers focusing their research on introducing cost-effective solutions to be used in automobiles. The introduction and subsequent development of the revolutionary Lithium-ion battery technology has allowed the battery manufacturers to introduce batteries which meet the high performance parameters required to run a vehicle.
The development of well-established road infrastructure network has further aided the market growth for these vehicles, with charging points available more frequently on the civilian roads. The market in terms of value is estimated to witness growth at a CAGR of approximately 20% over the forecast period of 2016 to 2026. The report includes a number of segments and chapters which provide an in-depth analysis of the various technological, environmental and cost impacts that are expected to affect the market for EV batteries during the forecast period. The market has also been segmented into type of propulsion offered, types of vehicle, and by the different geographical regions.
The report provides a detailed market analysis and forecast for EV batteries with respect to different propulsion types in the electric vehicles market which are Battery Electric Vehicle (BEV) and Plug-in Hybrid Electric Vehicle (PHEV).Further classification has also been provided with respect to the type of vehicle, with the market divided into passenger vehicles and commercial vehicles.
While highlighting the key driving and restraining forces for this market, the report also provides a detailed study of the performance of the market across the various geographical regions.
The report addresses the following key questions about the global electric vehicles battery market:
• What is the global electric vehicles battery market size in terms of value in the period 2017-2026?
• What is the rate of penetration of electric vehicles across the different regions and who are the leading players in the market for electric vehicles and electric vehicle batteries?
• What are the current preferences of the market for electric vehicle batteries with respect to the manufacturer and consumer?
• What are the various factors that are driving the global market for EV batteries during the forecast period?
• What are the different factors challenging the growth of the EV battery market?
• What are the various prominent battery technologies in the current market that are used to power EVs? Which technologies possess the highest potential and why?
• How is the cost of the EV battery going to vary during the forecast period? What are the possible short-term and long-term implications of the changes in the price of the EV battery?
• What is the role of the start-ups in the EV ecosystem? How do the start-ups contribute to the overall market for EV batteries?
• Which will be the dominant vehicle by propulsion type in terms of value during the forecast period?
• Which vehicle type will lead by volume in the global electric vehicles battery market by the end of the forecast period?
• Which type of new strategies are being adopted by the existing market players to make a mark in the industry?
• Which region will lead the global electric vehicles battery market by the end of the forecast period?
The report includes an exhaustive analysis of the geographical split into North America, Europe, and Asia-Pacific. The analysis of each of the geographical regions details the individual push and pull forces in addition to the key players from that particular region.
The report examines the role of the leading market players involved in the industry.The Company Profiles section includes highlights of significant information about the key companies involved, along with their financial positions, key strategies & developmental activities of recent years (2014-2017).
Some of the key players in the electric vehicle batteries market are automakers, such as Tesla Inc. (U.S.), BYD Company Limited (China), Volkswagen AG (Germany), and General Motors (U.S.). Some of the EV battery manufacturers include Samsung SDI (South Korea), Automotive Energy Supply Corporation (Japan), LG Chem. (South Korea), Panasonic Corporation (Japan), and GS Yuasa International (Japan).
The automotive industry is one of the largest and fastest-growing industries within the manufacturing sector.Driven largely by innovation and consumer preference, the industry has advanced swiftly over the years owing to the rapid technological changes taking place within the ecosystem.
Perhaps one of the most prominent changes in the last decade has been the introduction of Electric Vehicles (EVs) and the subsequent growth in its market.The development of electric vehicles has been a collective effort from governments, authorities, and manufacturers to tackle the deteriorating condition of the environment.
Factors, such as rapid urbanization and growing population have led to major global concerns that are hampering the atmosphere and the climatic conditions.Global warming and burgeoning pollution levels are some of the alarming environmental concerns that have encouraged manufacturers to introduce alternate sources of energy to run automobiles.
A major part of the success or failure of electric vehicles depends on the technology and performance delivered by the main component of an electric vehicle viz. the electric vehicle battery. Batteries have been used as secondary power sources ever since the introduction of the first automobile. Furthermore, the introduction of hybrid vehicles in the market increased its importance as the battery was responsible for energy saving functions along with the conventional electrical operations within the automobile. As the demand for conventional vehicles increased rapidly, the conventional lead acid battery used in gasoline-powered vehicles dominated the market for batteries. However, in the current scenario, the conventional vehicles powered by petrol and diesel are being described as the major sources of pollution, as the gases released from the exhaust of these cars contain fumes that are harmful for the atmosphere.
The report provides an in-depth analysis of the current battery technologies that are being used to power electric vehicles.Lithium-ion battery technologies are expected to be the most prominent solution to power EVs in the near future.
With the demand for EVs expected to increase significantly during the forecast period, the report discusses the possible short-term and long-term impact of extensive demand on EV batteries and on the various raw materials that are used in its manufacturing.The report also sheds light upon the current scenario of the market, discussing the various patents, regulations, and technological advancements that are encouraging the growth of the entire EV ecosystem.
A detailed analysis of the various start-ups within the EV ecosystem is also provided along with their impact on the overall automotive industry.
The global electric vehicles battery market has been fundamentally benefiting from the changing paradigms in governmental regulations and increasing environmental awareness among the consumers.The global electric vehicles battery market by propulsion type has been categorized into: Battery Electric Vehicle (BEV), and Plug-in Hybrid Electric Vehicle (PHEV).
The battery market for Battery Electric Vehicles (BEVs) held the highest share and accounted for 71.3% share in 2016, and is also expected to grow at a faster rate as compared to Plug-in Hybrid Electric Vehicles (PHEVs). Factors, such as growing demand for zero emission vehicles, government initiatives, and improved charging infrastructure are responsible for the growth of BEVs and thus, leading to the growth of battery market for BEVs. The global battery market for BEV is expected to register a CAGR of approximately 20% during the forecast period 2016 to 2026.
During the forecast period, the electric vehicle battery market for passenger cars is expected to grow at a faster rate as compared to the commercial vehicles owing to the factors, such as increasing demand for electric cars, stringent governmental regulations, and high energy density of batteries. The electric vehicle battery market for passenger cars is expected to register a CAGR of approximately 20% during the forecast period from 2016 to 2026.
This report also covers the global electric vehicles market, by region and consequently provides data on the key regions which include North America, Europe, and Asia-Pacific (APAC). The Asia-Pacific (APAC) region dominated the global electric vehicles battery market by value and accounted for a share of 79.5% in 2016. The APAC automotive electric vehicles battery market is majorly dominated by the South Asian countries comprising of some of the biggest automotive producers in the world. The automotive market in the APAC region is growing rapidly. The development of electric vehicles is gaining attention due to collective efforts from the government and manufacturers to initiate reforms and further enhance technologies which will promote the sale of these vehicles and make them economically efficient for use. Presently, China is the largest market for EV battery owing to significant demand for EVs coupled with the largest consumer base in the world. Almost all the major manufacturers in China have introduced EVs in their product portfolio, and additional EV offerings from international brands have increased the choices available to consumers. The EV battery market in APAC is expected to register a CAGR of approximately 20% during the forecast period of 2016 to 2026.
Some of the key players in the electric vehicle battery market are automakers, such as Tesla Inc. (U.S.), BYD Company Limited (China), Volkswagen AG (Germany), and General Motors (U.S.). Some of the EV battery manufacturers include Samsung SDI (South Korea), Automotive Energy Supply Corporation (Japan), LG Chem. (South Korea), Panasonic Corporation (Japan), and GS Yuasa International (Japan). These companies are aiming for an increased number of product launches and collaborations to expand their operations and prevent new companies from becoming potential future competitors.
• North America
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