The Global Hybrid EV Battery Market is projected to be valued at USD 6.71 Billion by 2025, with 11.56% CAGR from 2019–2025. Hybrid EV battery is used in electric vehicles to decrease the dependence on conventional diesel and petrol vehicles. These batteries increase the overall performance of an electric hybrid vehicle.
Leading Players analyzed in the Hybrid EV Battery Market Report are:
The key players operating in the global hybrid EV battery market are LG Chem. (South Korea), Samsung SDI Co., Ltd. (South Korea), Tesla (US), Mahindra & Mahindra (India), Toshiba Corporation (Japan), Toyota (Japan), GS Yuasa International Ltd. (Japan), Nissan Motor Corporation (Japan), CATL (China),Dorman Products (US), Hitachi Automotive Systems Americas, Inc. (Japan), Panasonic Industry Europe GmbH (Japan), BYD Company Ltd. (China), Exide (India), and HBL Power Systems (India).
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Segmental Analysis
The global hybrid EV battery market has been segmented based on type and application.
On the basis of type, the global market includes lithium-Ion, nickel-metal hydride, lead-acid, and others. Lithium-ion battery segment is expected to dominate the global market due to its preference in high-voltage applications and its high power-to-weight ratio.
On the basis of application, the global market is segmented into plug-in hybrid EV, battery electric vehicles, and hybrid electric vehicles. The hybrid electric vehicle segment is expected to grow with the highest CAGR during the forecast period due to the largest installation of hybrid EV batteries in such vehicles
Regional Outlook
The global hybrid EV battery market has been segmented into six regions, which are Asia-Pacific, North America, Europe, the Middle East & Africa, and South America.
Asia-Pacific accounts for the largest share in the hybrid EV battery market due to increasing focus on electric vehicles and making them an integrated part of the entire automotive sector, thereby presenting lot of opportunities for the hybrid EV battery market. The Electric Vehicle Association of Asia-Pacific, established in 1990 has been focusing on promoting and developing electric and hybrid vehicles in the region, thereby driving the market for EV hybrid battery market. China is expected to hold a major share in Asia-Pacific region due to the increasing transition from petroleum-fueled vehicles to electric vehicles.
The market in North America is expected to be the second largest market for hybrid EV battery, owing to increasing investments the electric vehicle industry. The automotive industry in the region has been focusing on bringing up the electric and plug-in hybrids to the market. Recent emission control measures taken by the government has also motivated automotive companies to manufacture technically advanced hybrid vehicles, thereby driving the hybrid EV vehicles. The
US is expected to dominate the North America region owing to drastic increase in electric vehicles sales which increased by almost 81% in 2018.
The hybrid EV battery market in Europe is expected to be dominated by Germany owing to increasing focus on electric vehicles. Although, the European market is still dominated by petrol and diesel vehicles, but the share of electric vehicles has been growing fast.
The hybrid EV battery market within the Middle East & Africa is dominated by Saudi Arabia due to increasing investments in electric vehicles which would result into almost 42,000 EVs running on roads by 2030.
The hybrid EV battery market in South America is expected to foresee a positive trend due to growing awareness about vehicle emissions and lower operating and maintenance costs. Brazil is one of the largest electric vehicles producing country in the region and is expected to grow at the fastest rate during the forecast period.
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