Market overview
As per the recent industry news, the Hybrid EV Battery Market is projected to be worth USD 27.68 billion by the end of 2027, registering a CAGR of 23.05% during the forecast period. The global market was valued at USD 8.15 billion in 2020.
The global market of Hybrid EV Batteries is projected to grow during the forecast period, primarily due to the rise in fuel costs, environmental concerns, and a huge increase in demand for plug-in hybrid EVs. hence, alternative vehicles, including hybrid and plug-in hybrid vehicles, are being introduced to the automotive industry as a part of corrective measures that are likely to help reduce environmental pollution. Moreover, there has been an increase in the adoption rate of hybrid vehicles in developing countries would present an opportunity for the global market.
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The major factors driving the demand for hybrid EV batteries are the increased fuel costs followed by other factors like rising environmental concerns and an increase in demand for plug-in hybrid EVs. The global market is witnessing the growth in demand and consumption of hybrid EV batteries that is highly influenced by the increasing fuel costs. Also, the environmental concerns among governments and consumers, which results in strict government standards primarily in the developed countries, like the US, Germany, Norway, the Netherlands, and Japan as well as in most of the developing countries such as China and India. The global governments have been encouraging users to minimize fuel consumption and are promoting environmental awareness programs to reduce the use of vehicles causing pollution.
Market Segmentation
The hybrid EV battery market has been segmented based on the following:
Type-based segmentation
The type segment of the global market includes lithium, lead-acid, nickel-based, and others.
Application-based segmentation
This segment of the global hybrid EV battery market includes both hybrid electric vehicles and plug-in hybrid EVs.
Regional Analysis
The hybrid EV battery market in Asia-Pacific is estimated to account for the highest share. The main reason is that the key players in the region are heavily investing in a hybrid EV by opting for large-scale development of advanced hybrid EV batteries to increase the adoption of such vehicles. The effective initiatives taken by the global governments of countries like China, Japan, India, and Singapore for the development of hybrid EV batteries are helpful. They are focusing on investing in the development of the charging duration and further, rechargeable battery packs are likely to drive the market.
Some of the prominent companies of the hybrid EV battery market are Saft (France), GS Yuasa International Ltd. (Japan), and others like BYD Co. Ltd. (China), and Contemporary Amperex Technology Co., Ltd. (China).
Industry News
In May 2019, the US Department of Energy was known to have imposed a federal tax credit of USD 2,500 to USD 7,500 to the target consumers for all the domestic purchase of plug-in hybrid EVs to reduce vehicular pollution. This has widely increased the demand for hybrid EVs in the US and has further, raised the production and consumption of hybrid EV batteries in the global market.
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