What is Electric-vehicle Batteries Market?
An electric vehicle battery is defined as the secondary battery which uses chemical energy stored in rechargeable battery packs for power. It includes bicycle, forklifts, buses, scooters, and cars. Rising worldwide concerns about the negative effect of climate change and its alarming pollution levels recorded in the major cities, subsidies, and incentives on the usage of such vehicles has also played an important role in positively impacting the growth of the market
Highlights from Electric-vehicle Batteries Market Study
Attributes | Details |
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Study Period | 2018-2028 |
Base Year | 2022 |
Unit | Value (USD Million) |
Key Companies Profiled | Panasonic Corporation (Japan), AESC (United States), BYD Auto Co., Ltd (China), Mitsubishi Motors Corporation (Japan), LG Chem Ltd., (South Korea), Samsung (South Korea), Wanxiang Group Corporation (China), Beijing Pride Power (China), Tianneng Power (China) and SB LiMotive (Germany) |
The market is fragmented with numerous players focusing on technique and quality of the product due to which the global electric vehicle battery market can witness an upsurge in the forecast period. Research Analyst at AMA predicts that United States Vendors will contribute to the maximum growth of Global Electric-vehicle Batteries market throughout the forecasted period.
Panasonic Corporation (Japan), AESC (United States), BYD Auto Co., Ltd (China), Mitsubishi Motors Corporation (Japan), LG Chem Ltd., (South Korea), Samsung (South Korea), Wanxiang Group Corporation (China), Beijing Pride Power (China), Tianneng Power (China) and SB LiMotive (Germany) are some of the key players profiled in the study. Electric-vehicle Batteries Market Segmentation:
Scope | Sub-Segments |
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Type | Battery Electric Vehicle,Hybrid Electric Vehicle,Plug-in Hybrid Electric Vehicle |
Vehicle Type | Passenger Car,Commercial Vehicle,Two Wheeler |
Battery Type | Lead Acid Battery,Nickel Metal Hydride Battery,Lithium-ion Battery |
On the basis of geography, the market of Electric-vehicle Batteries has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Growing Concerns Related to Decreasing Oil & Gas Resources as Well as Degrading Environmental Conditions
Market Growth Drivers:
Endowments and Motivating Forces on Utilization of Such Vehicles and Stringent Environmental Policies in the European Union Countries
Challenges:
Lack of Awareness Regarding the Benefit of Electric Vehicle Battery
Restraints:
Costly Nature of Electric Vehicle Battery
Opportunities:
Rising Demand from Emerging Economics such as India, China, and others
In 2018, according to the German Federal Motor Transport Authority, more than 61% increase in the plug-in EV (electric vehicle) sales in 2018 as compared to that in 2017
In December 2018, the government of China has removed the high-energy density requirement for new Electric Vehicle battery projects