Electric Vehicles Battery Market 2019 Industry Analysis By Battery Type (Lithium Ion Battery, Lead Acid Battery, Nickel Hydride Battery and others), By Vehicle Technology (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles and Others), by End Market (OEMs and Aftermarket) and By Region – Forecast To 2023.
The prominent players in the electric vehicles battery market include Automotive Energy Supply Corporation (Japan), Panasonic Corporation (Japan), BYD Company Limited (China), LG Chem Ltd (South Korea), Quallion (US), Boston-Power (US), Johnson Controls International (US), Narada Power Source (China), GS Yuasa Corporation (Japan), Tianneng Power International (China), Crown Battery Corporation (US), and Hitachi Chemical Company (Japan) .
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Over the last couple of years, the automotive industry has undergone various technological advancements in electric vehicles, and the global market has acknowledged these advancements while adopting electric vehicles. As a result, the demand for electric vehicles battery has increased enormously in various regions such as North America, Asia Pacific and Europe. Also the continuous rise in the sales of electric vehicles, has increased the need for its battery.
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.
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.
Region wise, the global electric vehicles battery market has been segmented as North America, Europe, Asia Pacific and Rest of the World. Asia Pacific has accounted for the largest market share, in 2016, followed by North America and Europe. In Asia Pacific, countries such as China, South Korea, Japan and India are the major markets of electric vehicles battery. Europe and North America are the second and third leading regions. Increasing demand for electric cars and growing awareness of ecofriendly vehicles have been the major growth drivers. Europe, has been witnessing a rise in the sales of new electric vehicles, which has augmented the demand for electric vehicles battery, here. Also, Germany, UK and France being the leading countries in Europe, have fuelled the growth of the market. Asia Pacific has registered the fastest growing economy in the global market.
The report for global electric vehicles battery market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
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