A recent study by Triton Market Research titled ‘Global Electric Vehicle Battery Market’ includes the Global Analysis and Forecasts by Vehicle Type (Plug-in Hybrid Electric Vehicle, Hybrid Electric Vehicle, Battery Electric Vehicle), End-user (Commercial Vehicle, Passenger Car, Other End-users), Battery Type (Lead Acid, Lithium-ion, Nickel-Metal Hydride), and by Geography (Middle East and Africa, Asia-Pacific, Latin America, Europe, North America).
Traction batteries powering electric vehicles, including hybrid and plug-in EVs, are known as electric vehicle batteries.
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Based on Triton’s estimates, the global electric vehicle battery market is set to grow at a CAGR of 17.66%, gaining a revenue worth $94.35 billion over the forecasted period 2021-2028.
In recent years, electric vehicles have emerged as an integral part of the automotive industry. This is because they offer an efficient pathway to achieve energy efficiency, reducing emission levels to a large extent. In this regard, rising environmental concerns and favorable government initiatives have enhanced the demand for EV vehicles. Thus, the rise in the electric vehicle segment and governmental incentives are fueling the growth of the electric vehicle battery market.
On the contrary, challenges faced by manufacturers in procuring raw materials, security concerns, and high charging time are negatively impacting the expansion of the electric vehicle battery market.
The electric vehicle battery market is segmented into vehicle type, end-user, and battery type. Based on vehicle type, it is trifurcated into a plug-in hybrid electric vehicle, hybrid electric vehicle, and battery electric vehicle. In terms of end-user, the market is divided into commercial vehicle, passenger car, and other end-users. Lastly, vehicle type is subdivided into lead acid, lithium-ion, and nickel-metal hydride.
The Asia-Pacific is leading in the electric vehicle battery market over the estimated phase. This robust growth is mainly owing to the presence of prominent battery manufacturers. Moreover, the rising population and industrialization in China and India have enhanced the demand for vehicles. Furthermore, the availability of cheap labor, raw materials, and governmental support across major countries play a major role in enhancing the demand for electric vehicles. Here, the surge in demand for electric vehicles ultimately increases the demand for electric vehicle batteries. Thus, these factors are motivating the development of the electric vehicle battery market across the region.
Toshiba Corporation, Lithium Energy Japan, Vehicle Energy Japan Co Ltd, Panasonic, LG Ensol, Northvolt AB, CATL, BYD, CALB, Prime Planet Energy Solutions, Envision AESC, Samsung SDI, GS Yuasa, SK Innovation, and A123 Systems are prominent companies in the electric vehicle battery market.
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Question & Answer: Electric Vehicle Battery Market
Question 1: What factors are fueling the growth of the electric vehicle battery market?
Answer: In recent years, electric vehicles have emerged as an integral part of the automotive industry. This is because they offer an efficient pathway to achieve energy efficiency, reducing emission levels to a large extent. In this regard, rising environmental concerns and favorable government initiatives have enhanced the demand for EV vehicles. Thus, the rise in the electric vehicle segment and governmental incentives are fueling the growth of the electric vehicle battery market.
Question 2: What factors are negatively impacting the expansion of the electric vehicle battery market?
Answer: The challenges faced by manufacturers in procuring raw materials, security concerns, and high charging time are negatively impacting the expansion of the electric vehicle battery market.
Question 3: Which region is leading in the electric vehicle battery market?
Answer: The Asia-Pacific is leading in the electric vehicle battery market over the estimated phase. This robust growth is mainly owing to the presence of prominent battery manufacturers. Moreover, the rising population and industrialization in China and India have enhanced the demand for vehicles. Furthermore, the availability of cheap labor, raw materials, and governmental support across major countries play a major role in enhancing the demand for electric vehicles. Here, the surge in demand for electric vehicles ultimately increases the demand for electric vehicle batteries. Thus, these factors are motivating the development of the electric vehicle battery market across the region.
Question 4: Which are the prominent companies in the electric vehicle battery market?
Answer: Toshiba Corporation, Lithium Energy Japan, Vehicle Energy Japan Co Ltd, Panasonic, LG Ensol, Northvolt AB, CATL, BYD, CALB, Prime Planet Energy Solutions, Envision AESC, Samsung SDI, GS Yuasa, SK Innovation, and A123 Systems are prominent companies in the electric vehicle battery market.
Related Report:
Global Electric Vehicle Charging System Market
The global electric vehicle charging system market is expected to witness growth at a CAGR of 44.15% between 2021 and 2028, garnering $81.30 billion in revenue by 2028.
Over the years, the demand for electric vehicles has surged across various countries, owing to the increase in investments. Moreover, since electric vehicles do not contribute to the population, governments are incentivizing their adoption, increasing the need for electric vehicle charging infrastructure.
Furthermore, the technological innovations, government initiatives, and advancements in wireless charging technology largely support the development of the electric vehicle charging system market globally.
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