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Electric Vehicle Battery Market By Vehicle Type (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle), By Battery Type (Lead Acid Battery, Nickel Metal Hydride Battery, Lithium-Ion Battery), By Sales Channel (Original Equipment Manufacturers (OEMs), Aftermarket), By Application (Passenger Car, Commercial Vehicle) - Growth, Share, Opportunities & Competitive Analysis, 2015 – 2027

The global Electric Vehicle Battery market is expected to cross market value of USD 78.11 billion in 2027 from USD 26.62 billion in 2020. It is expected to grow at a CAGR of over 24.16% during the forecast period.

Global Electric Vehicle Battery Market

Hybrid cars have an internal combustion engine and an electric motor, and they use energy stored in batteries, which are charged by regenerative braking and the internal combustion engine. Credence Research is offering holistic information and absolute accuracy on the report titled “Global Electric Vehicle Battery Market”.

Key Market Drivers and Restraints

Factors that have high impact on the market growth of industrial electric vehicles will be covered her. Also, covers factors that may challenge or act as opportunity for market will be discussed in order to identify the revenue generation.

Global Electric Vehicle Battery Market

Impact of COVID 19

Although the outbreak of COVID-19 halted global production and sales of new vehicles, the effect on electric vehicles was positive. The total number of electric vehicles sold in 2020 was higher than the total number of electric vehicles sold in 2019. Part production, on the other hand, suffered a setback, and marginal Tier II and Tier III manufacturers faced cash flow problems.

Global Electric Vehicle Battery Market

Asia-Pacific to Dominate the global market

On geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research is providing in-depth insight on prominent regions of market. Asia-Pacific dominated with over 58% share in 2020.

Global Electric Vehicle Battery Market

Global Market is led by the Lithium-Ion Battery

Nickel-Metal Hydride Battery, Lead Acid Battery, and Lithium-Ion Battery are the various battery type of the global market. In 2020, Lithium-Ion Battery accounted for the largest share in global market. Companies can use the refined constituent materials for producing lithium-ion batteries for energy storage systems by recycling lithium-ion batteries that are already used in electric vehicles (ESS).

BEV continue to dominate the global market in terms of vehicle type

BEV, PHEV and HEV are three vehicle types of this market. BEV has dominated the market in 2020. The popularity of battery electric vehicles (BEVs) is skyrocketing, due to the continuous introduction of new BEV models to meet consumer demand.

Global Electric Vehicle Battery Market

Frequently asked questions about global electric vehicle battery industry

  • Which are the different Battery Types of this industry?
    Ans: Nickel-Metal Hydride Battery, Lead Acid Battery, Full-hybrid, and Plug-in hybrid are different Battery Types
  • Who are the key players in the global industry?
    Ans: A123 Systems LLC, Bosch Mobility Solutions, Automotive Energy Supply Corporation (AESC), BYD Co., Ltd., Hitachi Automotive Systems Ltd., Bosch Mobility Solutions, Contemporary Amperex Technology Co., Limited, are the key players operating in this market
  • Which is the fastest growing Vehicle Type segment for global industry?
    Ans: BEV Vehicle Type offers tremendous opportunities to players
  • Which is the leading regional market for global industry?
    Ans: Asia-Pacific has the largest share owing to various developments happening in this space
  • What will be the CAGR (2021 - 2027) of in global industry?
    Ans: The market is anticipated to grow at a CAGR of 24.16% throughout the forecast period

"Government Support through Taxes & Incentives and Regulations on Emissions Influencing the Electric Vehicle Battery Market Growth Positively"

The electric vehicle battery market was valued at US$ 2.24 Bn in 2017 and expected to grow at a CAGR of 20.2% during the forecast period from 2017 to 2026. The electric car revolution has become a hot investing theme in recent years as many believe it will transform the future of transport. Currently, push factors such as government support through taxes and incentives coupled with regulations on emissions are driving the market for electric vehicles. The aforementioned factors further make electric vehicles cheaper than cars with internal combustion engines (ICE) owing to which carmakers are investing heavily on R&D activities. Improving market conditions including technological, economic and political factors are expected to create favorable growth opportunities for the electric vehicle market to flourish, a factor influencing the electric vehicle market growth positively. Moreover, in the coming years, car manufacturers are expected to significantly expand their electric vehicle product range. This growth can be understood from the fact that in 2017, the number of new BEV and PHEV models launched globally doubled and again expected to further double in 2018. Therefore, these factors in combination expected to contribute to the electric vehicle battery market growth in the coming years.

However, barriers to large scale adoption of electric vehicles exist in the form of limited vehicle range, battery degradation & cost and lack of charging infrastructure. For instance, it takes an average time of four minutes to refuel an ICE car as compared to that of a BEV, which takes around 7 hours and 20 minutes to recharge.

"Low Maintenance Cost, High Charge Retention Capacity and High Energy Density to Make Lithium-Ion Battery a Popular Choice in Coming Years"

The adoption of lithium-ion battery in electric cars expected to be high during the forecast period. Initially, Nickel Metal Hydride (NiMH) batteries were mainly used to power hybrid vehicles, however, over the years, lithium-ion battery have emerged as the primary solutions for automakers to power plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). The factors supporting the increasing adoption of lithium-ion battery in electric cars include, low maintenance cost, high charge retention capacity and high energy density. These factors expected to positively influence the adoption of lithium-ion battery in BEVs and PHEVs in the coming years. However, certain drawbacks exist for lithium-ion battery in the form of it being an expensive battery technology and major safety concerns pertaining to overcharging and overheating.

"R&D Activities to Remain on the Center Stage for Electric Vehicle Battery Manufacturers"

Research and development activities is one of the most common strategies adopted by the manufacturers of electric vehicle battery. These manufacturers are focusing on battery performance improvements and cost reductions in order to improve the appeal of electric vehicles. Moreover, in order to achieve the aforementioned factors, the manufacturers are making continuous efforts to increase the production scale and battery sizes. Furthermore, with the transition to technologies beyond lithium-ion, further improvements are expected to be witnessed in the area of electric vehicle battery.

"Asia Pacific to register the fastest Growth during the Forecast Period"

Asia Pacific was the largest regional market for electric vehicle battery worldwide in 2017. China stood as the largest market for electric cars in 2017 globally. The adoption of electric cars in the country has been growing at a very rapid rate. In 2017, China witnessed a growth of 72% in the sales of electric cars owing to which various electric car manufacturers are eyeing the region as potential market for revenue generation. For instance, Tesla recently announced its plan to invest US$ 5 Bn in in a factory in Shanghai. This will enable the company to have better access to the domestic market and at the same time ease the effects of punitive tariffs for its Chinese customers. With this move, the company expected to produce 500,000 cars annually in China. One of the most prominent factor aiding the electric vehicle battery market growth in Asia Pacific can be attributed to rising concerns related to energy security and incentives on use of battery powered vehicles. Europe expected to be another important market for electric vehicle battery in the coming years. The popularity of electric vehicle in the region can be understood from the fact that, in 2017, the market share of electric cars in Norway, Iceland and Sweden accounted for 39%, 12% and 6% respectively.

 

Key questions answered in this report

  • What was the global electric vehicle battery market size in 2017 and forecast for 2026?
  • What are the current trends in the electric vehicle battery market?
  • What are the various valuable opportunities for the players in the market?
  • Which is the largest regional market for electric vehicle battery?
  • Which region expected to be the fastest-growing and why?
  • What are the future prospects for the electric vehicle battery market?
  • What are the major drivers and restraints influencing the market growth?
  • What are the new innovations by the leading players?
  • What are the key strategies adopted by the leading players in market?

 

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Published Date:  May 2021
Category:  Technology & Media
Report ID:   59421
Report Format:   PDF
Pages:   120
Rating:    4.4 (66)
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