Electric Vehicles Battery Market to grow at 8.81% CAGR between 2019 and 2023 due to rise in sales of electric vehicles which raises the need for its battery. Global Electric Vehicles Battery Market segmented 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.
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Key Players Analyzed:
Automotive Energy Supply Corporation (Japan), BYD Company Limited (China), Quallion (US), Boston-Power (US), Narada Power Source (China), Tianneng Power International (China), Hitachi Chemical Company (Japan), Panasonic Corporation (Japan), LG Chem Ltd (South Korea), Johnson Controls International (US), GS Yuasa Corporation (Japan), and Crown Battery Corporation (US).
Global Electric Vehicles Battery Market Analysis:
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. Initiatives of the automotive industry to come up with sustainable options and curb the harmful effects on the environment has resulted in the emergence of electric cars which, in turn, necessitates the need for electric vehicles battery. The decline in the price of batteries coupled with the development of charging infrastructure has supported the growth of electric vehicles battery market.
On the other hand, emerging economies have more opportunities for electric vehicles, and will create ample scope for market growth. The electric vehicles battery market is expanding due to the combined efforts of the governments across the globe and the key players who are investing intensively in the research and development of technology to produce high-performance batteries. Moreover, numerous countries are advocating the use of electric vehicles owing to rising concerns for air pollution which further boosts the market for electric vehicles market. The disruptive technology of battery storage has also aided the growth of the market since it has been able to eliminate the cause of reluctance surrounding electric vehicles, i.e., charging concerns. However, the electric vehicles battery market has a long way to go, and the market growth might be restrained due to some factors
Market Segmentation:
Based on 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.
Based on 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.
Based on end market, the market has been segmented as OEMs and aftermarket.
Regional Analysis:
The key markets of the global electric vehicle’s battery market include North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific leads the market for electric vehicles battery owing to increased demand for electric cars and growing awareness regarding the availability of electric cars. Europe and North America follow Asia-Pacific closely. There has been a surge in demand for electric vehicles battery in Europe and Germany, UK and France are the principal contributors in the region.
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.
Latest Industry News:
In July 2018, Honda Motor and Panasonic announced a partnership to develop detachable, portable lithium-ion The companies will be supplying batteries in emerging countries where the charging infrastructure is underdeveloped.
In June 2018, German carmaker Volkswagen announced an investment of around USD 100 Mn in US-based QuantumScape to produce solid-state batteries. This new joint venture will enhance lithium-ion
In June 2018, China’s Contemporary Amperex Technology Ltd (CATL), announced the set-up of a plant for the manufacture of lithium-ion The plant would be set up in Thuringia and will supply to European manufacturers including BMW.
Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.1 Definition
2.2.2 Research Objective
2.2.3 Assumptions
2.2.4 Limitations
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Electric Vehicles Battery Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.1 Introduction
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
Continued…
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