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
automo0074ive 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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