This research report analyzes Global Electric Vehicle Battery Market by Battery Type (Lithium Ion Battery, Lead Acid Battery, Nickel Hydride Battery and others), Vehicle Technology (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles and Others), End Market (OEMs and Aftermarket) and Region with Forecast to 2023.
Key Companies in Electric Vehicle Battery analyzed are for market analysis are: Tianneng Power International (China), Hitachi Chemical Company (Japan), Panasonic Corporation (Japan), LG Chem Ltd (South Korea), Johnson Controls International (US), GS Yuasa Corporation (Japan), and Crown Battery Corporation (US), Automotive Energy Supply Corporation (Japan), BYD Company Limited (China), Quallion (US), Boston-Power (US), Narada Power Source (China).
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Electric Vehicle Battery Global Market Overview:
For the purpose of this study, the global electric vehicles battery market has been divided on the basis of battery type, vehicle technology, end market and region.
On the basis of battery type, the market has been segmented as lithium ion battery, lead acid battery, nickel hydride battery and others. Among these components, lithium ion battery is expected to dominate the market followed by nickel hydride battery and lead acid battery. On the basis of vehicle technology, the market has been segmented as battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles and others. The battery electric vehicles is expected to lead the market followed by hybrid electric vehicles. On the basis of end market, the market has been segmented as OEMs and aftermarket.
The global electric vehicle battery market has experienced a remarkable growth over the past few years and it has been analyzed that the market will grow similarly during the forecast period. Electric vehicles battery market looks promising during the forecast period due to the major driving factors such surge in demand of electric vehicle worldwide, increasing fuel prices, expansion of global auto-manufacturers into new emerging markets, and government initiatives. On the other hand, emerging economies have more opportunities for electric vehicles, and will create ample scope for market growth. However, high prices of the electric vehicle and its battery, and underdeveloped aftermarket services, could hinder the market growth. The global market for electric vehicles battery is expected to be broaden in the recent years. MRFR analysts have predicted that global electric vehicles battery market is expected to grow at the CAGR of 8.81% during the forecast period.
Moreover, numerous countries are advocating the use of electric vehicles owing to rising concerns for air pollution which further boosts the market for electric vehicles market. The disruptive technology of battery storage has also aided the growth of the market since it has been able to eliminate the cause of reluctance surrounding electric vehicles, i.e., charging concerns. However, the electric vehicles battery market has a long way to go, and the market growth might be restrained due to some factors. Availability of raw materials such as cobalt and lithium are crucial to the production of batteries and decrease in such materials might restrict the growth of the electric vehicles battery market. Depleting lithium resources pose a threat to the electric vehicles battery market since lithium is one of the main elements of the battery. Complexities arising out of the manufacturing process of batteries is also a possible hindrance to the market growth. The high price of batteries is a major restraining factor. Reduction in the price of batteries and recharge might provide the market the incentive that it needs to surpass the conventional car’s market.
Regional Analysis:
The key markets of the global electric vehicles battery market include North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific leads the market for electric vehicles battery owing to increased demand for electric cars and growing awareness regarding the availability of electric cars. Europe and North America follow Asia-Pacific closely. There has been a surge in demand for electric vehicles battery in Europe and Germany, UK and France are the principal contributors in the region.
Table Of Contents:
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Research
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
Continued…
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