Global Electric Vehicle Battery Market Overview
Electric vehicle battery is a chemical energy stored in rechargeable battery packs. The electric vehicle battery is in demand due to increasing global concerns regarding negative effect of climate change and alarming pollution levels in major cities. The electric vehicle battery is also known as traction battery.
Furthermore, the major factor to drive the market is support provided by various governmental agencies to promote the sale of these vehicles. Therefore owing to high demand for electric vehicles the market of electric vehicle is expected to propel.
Moreover, the manufacturers are also now focusing more on their research to introduce cost effective solutions that can be used in automobiles.
The global electric vehicle battery market is segmented on the basis of product type, application, and region.
On the basis of propulsion type, the global electric vehicle battery market is segmented into battery electric vehicles, and plug-in hybrid electric vehicles. In propulsion type segment the hybrid electric vehicles dominate the electric vehicle battery market, owing to the voluminous production of hybrid electric vehicles.
Further, on the basis of vehicle type, the global market is segmented into passenger vehicle, and commercial vehicle. The passenger car has been estimated to generate highest revenue in vehicle type segment.
On the basis of region, the target market has been segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The electric vehicle battery market in North America accounted for highest revenue share, in 2018 and is expected to maintain its dominance over the forecast period. The developed infrastructure network and awareness regarding pollution is expected to drive the global electric vehicle battery market.
Key players operating in the global electric vehicle battery market includes Panasonic, LG Chem, BYD, Samsung SDI, Johnson Controls International PLC, GS Yuasa, Hitachi Group, Automotive Energy Supply Corporation, Blue Energy Co. Ltd, and Robert Bosch GmbH.
FAQs
The market accounted for US$ 20.65 billion in 2018 and is projected to register a lucrative CAGR of 18.01%
The market report has been segmented on the basis of type, application, and region.
The Electric Vehicle Battery Market is driven by factors such as the increasing adoption of electric vehicles (EVs), government incentives promoting EVs, advancements in battery technology, growing environmental awareness, and the expansion of charging infrastructure.
The high initial cost of electric vehicles, limited driving range compared to traditional vehicles, concerns about battery recycling and environmental impact, and the need for further advancements in battery technology for increased energy density and faster charging times. These factors act as potential restraints for the Electric Vehicle Battery Market globally.
North America, Europe, Asia-Pacific, and Latin America. The dominance of a region can vary based on factors such as government policies, consumer adoption of EVs, and investments in EV infrastructure. Currently, Asia-Pacific, particularly China, is a significant player in the electric vehicle and battery market. However, market dynamics can change, so it's essential to refer to the specific market research report for the latest insights or consult industry experts familiar with the latest market trends.
The prominent player operating in the global electric vehicle battery market includes Panasonic, LG Chem, BYD, Samsung SDI, Johnson Controls International PLC, GS Yuasa, Hitachi Group, Automotive Energy Supply Corporation, Blue Energy Co. Ltd, and Robert Bosch GmbH.