Double-Digit Growth in Electric Vehicle Battery Market

  • Lead acid battery is anticipated to be the largest sub-segment during the forecast period.
  • The passeneger cars sub-segment is expected to hold the largest market share.
  • Asia-Pacific region is expected to hold the largest market share for the overall electric vehicle battery market.

Electric Vehicle Battery Market is anticipated to record a CAGR of 18% over the forecast period. The electric vehicle battery market is expected to showcase a vibrant growth by the end of the forecast period. It expected to attain a total market size of $120 billion by 2027.

The market can be segmented on the basis of vehicle propulsion, battery and vehicle. On the basis of vehicle propulsion, it is sub-segmented into battery electric vehicle (BEV) and plug-in hybrid vehicle (PHEV).

The market can be segmented on the basis of vehicle propulsion, battery and vehicle. On the basis of vehicle propulsion, it is sub-segmented into battery electric vehicle (BEV) and plug-in hybrid vehicle (PHEV). Battery electric vehicle is expected to lead the vehicle propulsion segment during the forecast period. The high adoption of the electric vehicles in the various developing countries across the globe is anticipated to be the major factor driving the growth of the sub-segment during the forecast period.

On the basis of battery, it is sub-segmented into lead-acid, nickel metal hydride and lithium-ion.  Lead acid battery is anticipated to be the largest sub-segment during the forecast period. The various properties associated with the lithium ion battery such as high energy retention capacity and low maintenance is anticipated t0 boost the growth of the sub-segment during the forecast period.

On the basis of vehicle, it is sub-segmented into passenger vehicle and commercial vehicle. The passeneger cars sub-segment is expected to hold the largest market share during the forecast period. According to OICA the production statistics of the passenger car is nearly 73 million units. Thus, it is expected to boost the growth of the sub-segement.

On the basis of regional analysis, global electric vehicle battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia-Pacific region is expected to hold the largest market share for the overall electric vehicle battery market. The supportive government policy which is promoting the use of the eco-friendly vehicles is anticipated to drive the growth of the overall market during the forecast period.

For instance, the India government has started Fame India Scheme in which 99, 000 electric and hybrid vehicles have been given direct support since April 2015. Europe is anticipated showcase substantial growth during the forecast period. The surge in the adoption of the electric vehicles in the Europe is anticipated to drive the growth of the overall market in the region. For instance, France accounted the highest adoption of the electric vehicles which accounted 92 thousand of the total cars. Additionally, the stringent norms pertaining to environment is anticipated to boost the growth of the market in the region.

Rise in demand for the eco-friendly vehicles is anticipated to boost the growth of the market

The growing concern regarding the climate change on the account of increasing pollution levels across the globe is anticipated to drive the growth of the overall market. Additionally, supportive government norms across the globe is focusing towards the development of the eco-friendly vehicles which is of low cost and causes less pollution.

Cost effectiveness of the batteries

The growing concern regarding the climate change on the account of increasing pollution levels across the globe is anticipated to drive the growth of the overall market.

The various manufacturers are keen on developing the batteries which is of low cost and have lower emissions control. The low cost of the batteries can be obtained with reducing the size of the battery. Additionally, the various technological developments in the electric battery is anticipated to boost growth of the overall market during the forecast period.

The report titled “Electric Vehicle Battery Market: Global Demand Analysis & Opportunity Outlook 2027” delivers the detailed overview of the global electric vehicle battery market in terms of market segmentation by vehicle propulsion, by battery, by vehicle and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model. This report also provides the existing competitive scenario of some of the key players of the global electric vehicle battery market which includes company profiling of key companies such as Robert Bosch GmbH, Panasonic, LG Chem, Johnson Controls International PLC, BYD, Samsung SDI Co, Automotive Energy Supply Corporation, GS Yuasa, Hitachi Group, Lithium Energy Japan and Blue Energy Co. Ltd.

The outlining enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global electric vehicle battery market that is expected to help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.

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