Relentless strides to decarbonize transport and reduce emissions have brought electric vehicles to the mainstream. This, in turn, has pushed the demand for electric vehicle battery. Market Research Future (MRFR) has recently published a report on the global Electric Vehicles Battery Market, after a thorough analysis of the key trends and patterns that can analysis the growth of the market over the review period of 2021-2027. MRFR's analysis has projected a CAGR of 8.81% over the forecast period.
Electric vehicles have come to the forefront as the automotive industry's solution to the problem of carbon emission and the problem of depleting fossil fuels. Electric vehicles comply with the global aims to reduce carbon emission and meet sustainability due to which they have gained massive popularity. Moreover, due to development in batteries, their prices have declined considerably. High-performance and storage efficiency has increased adoption among consumers. Rigorous R&D activities are further likely to enhance the growth of the market. Other factors motivating the growth of the market include the development of charging infrastructure across the globe.
Various government initiatives to encourage the use of electric vehicles have also been key to market growth. The governments in multiple countries are providing subsidies, giving exemption on various fees for battery operated electric vehicles, and exercising differential policies which have spurred the adoption of electric vehicles.
On the flip side, market growth can be deterred by depleting lithium resources and the high price of electric batteries.
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By battery type, the Electric Vehicles Battery Market has been segmented into lithium-ion battery, lead acid battery, nickel hydride battery, and others. The lithium-ion battery segment is anticipated to lead the market and will be followed by nickel hydride battery and lead-acid battery.
By vehicle technology, the Electric Vehicles Battery Market has been segmented into plug-in hybrid electric vehicles, battery electric vehicles, hybrid electric vehicles, and others. The battery electric vehicles segment is anticipated to have the largest share of the market, followed by hybrid electric vehicles.
By end market, the Electric Vehicles Battery Market has been segmented into OEMs and aftermarket.
In 2016, the global market was led by Asia Pacific. The region is a major automotive manufacturing hub and houses major electric vehicle battery producers. Electric vehicles battery production is concentrated in China, South Korea, and Japan.
Europe market is driven by growing awareness regarding electric vehicles and heightened demand for eco-friendly vehicles. The UK, Germany, and France are the key contributors to the Europe market. The growing Markets of electric vehicles is augmenting the growth of the North America market.
LG Chem Ltd (South Korea), Panasonic Corporation (Japan), Johnson Controls International (US), Crown Battery Corporation (US), BYD Company Limited (China), Tianneng Power International (China), Hitachi Chemical Company (Japan), Quallion (US), Automotive Energy Supply Corporation (Japan), GS Yuasa Corporation (Japan), Narada Power Source (China), and Boston-Power (US) are the notable players in the Electric Vehicles Battery Market.
May 2019 - Greaves Cotton, a company which has traditionally been involved in the production of diesel engines, generators, and pump sets is planning to foray into battery manufacturing and supply chain for electric vehicles (EVs). The company is currently working on an investment in an electric vehicles batter plant and is building a local chain of suppliers.