Electric Vehicle Battery Market to Reach USD 84 Billion by 2025: Allied Market Research

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Jul 11, 2018, 08:00 ET

PORTLAND, Oregon and PUNE, India, July 11, 2018 /PRNewswire/ --

According to a recent report published by Allied Market Research, titled, "Electric Vehicle Battery Market by Propulsion Type, Battery Type, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2017-2025," the global was valued at $23 million in 2017 and is projected to reach at $84 billion by 2025, growing at a CAGR of 17.2% from 2018 to 2025.

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An electric vehicle battery is a secondary (rechargeable) battery, which is used to power the propulsion of electric vehicles. Also known as a traction battery, it uses chemical energy stored in rechargeable battery packs for power and therefore does not require any combustion engine for propulsion.

At present, the Asia-Pacific region dominates the global EV battery market. An increase in vehicle population and a rise in vehicle standards fuel the growth of the Asia-Pacific EV market. Moreover, various technological advancements in electric vehicles have been in progress, owing to government initiatives, which further propels the growth. According to Economics Times, The Ministry of Industry and Information Technology (MIIT) China has set up a trial EV battery recycle program in the greater Beijing Hebei Tianjin region, the Yangtze River, Pearl Delta River, and Central China areas to curb pollution, as on 5 March, 2018.

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In the propulsion type segment, the hybrid electric vehicles dominated the market in 2017, owing to the voluminous production of hybrid electric vehicles.

KEY FINDINGS OF THE STUDY

In 2017, the hybrid-electric vehicles sub-segment generated the highest revenue in the global electric vehicle battery market.
In 2017, the passenger cars segment generated the highest revenue among the other vehicle types in the global electric vehicle battery market owing to increase in the number of passenger EV registrations.
In 2017, based on battery type, the Lithium-ion battery dominated the electric vehicle battery market worldwide.

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The key players profiled in the report include Panasonic, AESC, BYD, Mitsubishi, LG Chem, Samsung, Wanxiang, Beijing Pride Power, Tianneng, and SB LiMotive.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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