From the last few years, consumers are more inclined to green ways of transportation, and electric vehicles have emerged as an efficient and reliable way of transportation. The global electric vehicle battery market is expected to witness significant growth in the near future on account of fluctuating fuel prices and high demand for oil and people are looking for alternative ways of transportation that can save money. Thus, advancing battery technologies are likely to enhance the performance of vehicle and trip range with considerable lifespan.
Global electric vehicle battery market is segmented by battery technology, application, and region.
On the basis of the application, the market is segmented into battery electric vehicles (BEV), hybrid vehicles, and plug-in hybrid electric vehicles (PHEV). The plug-in hybrid electric vehicles are expected to witness significant growth during the forecast period owing to its capability to run on multiple energy sources including alternative fuel or conventional fuel with battery.
Based on the battery technology, the market is segmented into lead acid batteries, nickel metal hydride batteries, zebra batteries, and lithium-ion batteries. The lithium-ion batteries are the most preferred owing to the high energy density and increased power per mass battery unit. Though lead-acid batteries are much cheaper than lithium-ion batteries; they have a relatively short lifespan, slow & inefficient charging, and various environmental issues.
The Asia Pacific is expected to witness immense growth during the forecast period owing to the presence of emerging economies such as China and India. Furthermore, the increased adoption of EVs in China is driving the demand for electric vehicle batteries.
Developed infrastructure, increased awareness regarding clean transportation, and favorable governments policies are leading the North America electric vehicle battery market.
Europe electric vehicle battery market is growing considerably due to the favorable initiative taken by governments from different nations.
LAMEA is consist of numerous underdeveloped and developing countries such as South Africa and Brazil. Governments of many countries in this region are not taking efforts to encourage EV.
Some of the key players in the market are Panasonic Corporation, Mitsubishi Electric Corporation, Samsung Electronics Co. Ltd., BYD Company Limited (BYD Auto Co., Ltd.), GSR Capital (Automotive Energy Supply Corporation), Wanxiang Group Corporation, Beijing Pride Power Battery Technology Co Ltd, Tianneng Power International Limited, and Enersys (Quallion LLC).
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