Electric Vehicle Battery Market
The GlobalElectric Vehicle Battery Market size is estimated to be USD 31.43 billion in 2019and is predicted to reach USD 175.11 billion by 2030 with a CAGR of 16.9% from2020-2030.
Electric Vehicle Battery is used as the secondarypower source and it uses its chemical energy which helps in the vehiclepropulsion. These batteries are rechargeable in nature and help in the vehiclepropulsion and various other purposes. There are different types of batteryused in the vehicle which have different chemical composition which offersvarious advantages as compared to conventional batteries. There is alsoincrease in the demand of renewable source of energy which further increasesthe demand of electric vehicle battery market.
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MarketDynamics and Trends:
Overthe period of time there have been various technological advancement takingplace coupled with development in infrastructure over the forecast period.Moreover, increase in conventional fuel prices such as oil, gas, petroleum andothers with increase in electric vehicle and renewable source of energy arefurther expected to fuel the growth of electric vehicle battery market.
Theother factors include increase in awareness among people, with stringentregulatory policies with regards to pollution coupled with increased demand ofzero emission vehicle are further expected to contribute the market growth.However, high cost of battery powered vehicle are expected impede the marketgrowth. On the other hand increase in research and evolution in electricalvehicle battery is expected to create ample opportunities in the electricvehicle battery market.
Market Segmentations andScope of the Study:
Theglobal electric vehicle battery market share is analyzed on the basis ofpropulsion type, battery type, vehicle type and geography. On the basis ofpropulsion type, the market is segmented into Battery Electric Vehicle, HybridElectric Vehicle, and Plug-in Hybrid Electric Vehicle. On the basis of batterytype, the market is divided into Lead Acid Battery, Nickel Metal HydrideBattery, and Lithium ion Battery. Based on vehicle type, the market isfragmented into passenger car, commercial vehicle, and two-wheeler. Geographicbreakdown and analysis of each of the aforesaid segments includes regionscomprising North America, Europe, Asia-Pacific, and RoW.
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Geographical Analysis:
NorthAmerica is expected to account for notable market share over the forecastperiod North America is anticipated the major market share with increasedadoption of electrical vehicle battery over the forecast period. The othersupporting factors include technological advancement, evolution of electricalvehicle battery with increased awareness about environment pollution areexpected to further accelerate the growth of electric vehicle battery market.
AsiaPacific is expected to show rapid growth over the forecast period with constantincrease in market share owing to the stringent government policies withincreased demand of electric vehicle and zero emission vehicle are furtherexpected to augment the growth of electrical vehicle market.
Competitive Landscape:
Theelectric vehicle battery market, which is highly competitive and fragmented,consists of various market players. Some of the major market players includePanasonic Corporation, LG Chem Ltd, Crown Battery Corporation, Johnson ControlsInternational, Tianneng Power International, BYD Company Limited, Quallion,Hitachi Chemical Company, GS Yuasa Corporation, Automotive Energy SupplyCorporation, Boston-Power and Narada Power Source among others.
Key Benefits:
Theelectric vehicle battery market report provides a quantitative analysis of thecurrent market and estimations through 2020-2030 that assists in identifyingthe prevailing market opportunities to capitalize on.
Thestudy comprises a deep dive analysis of the electric vehicle battery markettrend including current and future trends for depicting the prevalentinvestment pockets in the market.
Thereport provides detailed information related to key drivers, restraints,opportunities and their impact on the electric vehicle battery market.
Thereport incorporates a competitive analysis of the market players along withtheir market share in the global electric vehicle battery market.
Thestudy elaborates SWOT analysis and Porters Five Forces model for the electricvehicle battery market.
Valuechain analysis in the electric vehicle battery market study provides a clearpicture of the stakeholders’ roles.
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