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Electric Vehicles Battery Market Next-Gen
Demand and Business Opportunity
An electric vehicle functions on electricity unlike its counterpart,
which runs on fuel. Rather than internal combustion engine, these
vehicles run on an electric motor which involves constant supply of
energy from batteries. There are a variety of batteries used in these
vehicles. Electric vehicles were principally intended to replace
conventional ways of travel as they result in environmental pollution.
Today, electric vehicles have gained attraction due to several
technological advancements.
The electric car market is growing quickly, with more than 128,500
pure-electric cars on UK roads at the end of May 2020 - and over
315,000 plug-in models including plug-in hybrids (PHEVs). The most
recent set of figures from the Society of Motor Manufacturers and
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Traders (SMMT) show that pure-electric models accounted for 6% of
total new car registrations, whilst adding in PHEVs takes that figure up
to 10%.
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Top Key Players
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ATLASBX Co.
Sony
Hitachi
NEC Corporation
Panasonic Corporation
TCL Corporation
Duracell
NorthStar
Crown Battery Manufacturing
East Penn Manufacturing Co.
CSB Battery Company Ltd
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Electric vehicles utilize one or more than one electric motors or
traction motors for propulsion. These vehicles are motorized either by
a collector system through electricity from charging station
deployments or can be charged by self-charging devices such as
regenerative braking systems and turbochargers.
MARKET DYNAMICS- GLOBAL ELECTRIC VEHICLES BATTERY MARKET
Technological advancements are anticipated to gain attraction
together with the increasing sale of electric vehicles over the forecast
period. The sustained rollout of integrated charging stations and the
institution of green power-generation capability is also likely to
provide supplementary stimulus to the market growth. Moreover, the
tactical alliances between e-mobility providers, battery
manufacturers, and energy suppliers are also projected to boost the
market growth. Moreover, manufacturers are also chasing
technological innovations to guarantee powerful propulsion for their
electric vehicles.
ELECTRIC VEHICLES BATTERY MARKET SEGMENTAL OVERVIEW
The study analyses Global Electric Vehicles Battery Market based on
Type, Vehicle Type, Propulsion and Geography.
ELECTRIC VEHICLES BATTERY MARKET BY TYPE
The various types of batteries include lead-acid, lithium-ion, nickelmetal hydride, sodium-ion, and others. However, the lithium-ion
batteries are anticipated to dominate the market over the forecast
period. Lithium-ion batteries are used in applications that need lighter
weights and higher energy density. These batteries provide a high
energy density per weight and are thus used extensively in automotive
applications including electric and hybrid automobiles. Suitable
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availability of EV charging infrastructure remains vital for the rollout
of e-mobility and bodes well for the growth of the lithium-ion battery
sales.
ELECTRIC VEHICLES BATTERY MARKET BY VEHICLE TYPE
Based on the type of vehicles, the market is classified into passenger
vehicles and commercial vehicles. The passenger vehicles segment is
anticipated to dominate the market over the estimated timeframe.
Nevertheless, the commercial vehicles is likely to grow at a fastest
CAGR over the forecast period. The need for commercial vehicles is
mounting, specifically in developing nations, together with the
sustained infrastructure development. However, commercial vehicles
tend to be heavy-duty vehicles and their emission discharge rates are
higher than those of passenger vehicles.
ELECTRIC VEHICLES BATTERY MARKET BY PROPULSION
By propulsion, the market is classified into battery electric vehicle
(BEV) and plug-in hybrid electric vehicle. The BEV segment dominated
the market in 2019 and is likely to continue its dominance over the
forecast period. However, the PHEV segment is projected to be
growing swiftly by 2026. The BEV segment is particularly expected to
gain high traction in emerging economies owing to the fuel economy
regulations.
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ELECTRIC VEHICLES BATTERY MARKET BY GEOGRAPHY
Geographically, the study is comprised of the key countries of North
America, Europe, Asia-Pacific and Rest of the World. The Asia Pacific
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region is likely to hold majority share of the market as countries such
as China, India, and South Korea, have been noticing a increased
electric vehicle battery demand over the past few years linked with
the rising preference for electric vehicles. However, the existence of
major market players such as Tesla and Ford is likely to move the
market for the electric vehicles battery in Europe and North America.
Furthermore, the constant development of electric cars is
strengthening competition among market players to provide better
and cost-effective solutions.
GLOBAL ELECTRIC VEHICLES BATTERY MARKET-KEY PLAYERS
ATLASBX Co., Sony, Hitachi, NEC Corporation, Panasonic Corporation,
TCL Corporation, Duracell, NorthStar, Crown Battery Manufacturing,
East Penn Manufacturing Co., CSB Battery Company Ltd. and among
others are the major players active in the Electric Vehicles Battery
market.
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