Electric Vehicle Battery Market is expected to grow with a CAGR of x.x% during the forecast period of 2018 to 2025.
An Electric-Vehicle Battery (EVB), also called as traction battery is installed in order to supply power to the propulsion system of battery electric vehicles. Traction batteries are used in various commercial and passenger vehicles such as forklifts, electric Golf carts, riding floor scrubbers, electric motorcycles, full-size electric cars, trucks, vans, and other electric vehicles. The battery is an indispensable part of any EV and is makes up a considerable cost of BEVs, which unlike for fossil-fueled cars, profoundly manifests itself as a price of range. Rechargeable traction batteries are majorly used in the EVs. With the enhancement of technology, newly introduced battery technologies have lower specific energy which often effects the maximal all-electric range of vehicles. The electric charge and total energy in batteries is usually measured in coulombs and watt hours (WH) respectively.
Electric Vehicle Battery Market Determinants
Constantly growing concerns regarding exhaustion of fossil fuels and degrading environmental conditions are the major factors which are stimulating the demand of electric vehicles. As the electric vehicles completely depend upon the electric batteries for their propulsion and power requirement, the rising demand of EVs will proportionally up surge the demand of electric vehicle batteries. According to the U.S. department of Energy, “Fast Charge”- EV batteries just take 30 minutes for getting 80% charged up. However, high initial costs and maintenance costs coupled with heavy weight of these batteries are the key factors which might impede the market growth. Irrespective of these challenges, the continuous development of new enhanced battery recycling processes can emerge out as future growth opportunity to the market. Researchers are working on improved battery technologies to increase driving range and reduce charging time, weight, and cost. These factors will ultimately determine the future of electric vehicles.
Market Determinants- Impact Analysis
Electric Vehicle Battery Market Segment Analysis
The global electric vehicle battery market is segmented on the basis of type, application and geography. By type, the market is segmented into lead acid batteries, nickel metal hydride batteries, lithium-ion batteries, metal air batteries, sodium nickel chloride batteries, ultra-capacitors batteries. On the basis of application, the market is segmented into Battery electric vehicles, hybrid vehicles, plug-in hybrid electric vehicles, plug-in electric vehicles. Geographically, the market is bifurcated as North America, Europe, Asia-Pacific and Rest of World. Europe, being the largest market for Electric vehicles is supposed to lead the global electric vehicle battery market. Asia-Pacific is expected to exhibit a substantial growth as a result of government incentives, which are promoting the use of battery powered vehicles.
Key market players are Automotive Energy Supply Corporation, Blue Energy Co., Ltd., GS Yuasa, Hitachi Group, LG Chem Power Inc., Lithium Energy Japan, Corporate, Panasonic Automotive Systems Dalian Co.,Ltd, Boston-Power Inc., Robert Bosch GmbH and Samsung SDI Co.
Electric Vehicle Battery Market Segmentation
• Lead Acid Batteries
• Nickel Metal Hydride Batteries
• Lithium-Ion Batteries
• Metal Air Batteries
• Sodium Nickel Chloride Batteries
• Ultra Capacitors Batteries
• Battery Electric Vehicles
• Hybrid Vehicles
• Plug-in Hybrid Electric Vehicles
• Plug-in Electric Vehicles
• Rest of Europe
• South Korea
• Rest of Asia-Pacific
Rest of Europe
• Latin America
• Middle East
Electric Vehicle Battery Market Players
• Automotive Energy Supply Corporation
• Blue Energy Co. Ltd.
• GS Yuasa
• Hitachi Group
• LG Chem Power Inc.
• Lithium Energy Japan Corporate
• Panasonic Automotive Systems Dalian Co., Ltd.
• Boston-Power Inc.
• Robert Bosch GmbH
• Samsung SDI Co.