EV Batteries Market to Grow at a CAGR 19.7% During 2018-2022 Report by TBRC

LONDON, Dec. 13, 2019 /PRNewswire/ -- Electric vehicle battery manufacturers are increasingly investing in the integration of IoT and artificial intelligence with electric vehicle batteries to accelerate the energy transition from fossil fuels. The internet of things (IoT) is a system of connected devices that can transfer data over a network without human interaction. IoT-enabled batteries can help in cost savings through accurate monitoring and forecasting of energy consumption. Major automotive manufacturers such as Tesla have already invested in IoT-enabled electric vehicle batteries. For instance, during Hurricane Irma, IoT-enabled batteries allowed Tesla to temporarily increase the range of the cars that were in the storm's path by changing how the batteries were consumed. This helped drivers to get to some safe spots without needing to recharge the battery. View More @ https://www.thebusinessresearchcompany.com/report/electric-vehicle-battery-manufacturing-global-market-report .

Electric Vehicles Are In High Demand

The global electric vehicle battery manufacturing market was valued at about $26.96 billion in 2018 and is expected to grow to $55.4 billion at an annual growth rate of more than 19.5% through 2022. Increasing demand for electric vehicles is driving the market for electric vehicle batteries that are used for propulsion. Electric vehicles use one or more electric motors which are powered by electric batteries. Electric vehicle batteries can be recharged and their use does not emit harmful gases. According to the IEA Global Electric Vehicle Outlook 2018, sales of new electric cars reached 1 million units in 2017, a 54% increase when compared to 2016. The Clean Energy Ministerial is taking measures to accelerate the deployment of electric vehicles globally and aims to increase the sales of electric vehicles to 228 million units by 2030.

Governing Bodies In The Electric Vehicle Battery Manufacturing Market

Electric vehicle battery manufacturers are governed by various local and international organizations which set quality, safety and product testing standards. The IEC 62660-1 is one such international standard issued in 2018 by the International Electrotechnical Commission. The standard specifies performance and life testing of secondary lithium-ion cells used for propulsion of electric vehicles including battery electric vehicles (BEV) and hybrid electric vehicles (HEV). The standard also specifies basic performance characteristics of lithium ion cells which are essential for securing a basic level of battery performance.

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Shortage Of Lithium Supply Will Hinder Market Growth For Electric Vehicle Batteries

The increasing prices of lithium used in electric vehicle batteries due to limited supplies is acting as a restraint on the electric vehicle batteries market. Lithium is also used in devices such as mobile phones, laptops, and cordless power tools. As demand for lithium from automotive companies is increasing, there has been a shortage in supply and increase in prices. According to the United States Geological Survey, prices of lithium increased from $5,180 per metric ton in 2010 to $14,000 per metric ton in 2017. Also, there is no accurate data on the amount of global lithium reserves, which is affecting prices.

Major Electric Vehicle Battery Manufacturers

Major players in the global electric vehicle battery manufacturing market are Panasonic Corporation, BYD Company Ltd., Automotive Energy Supply Corporation, LG Chem Ltd., and GS Yuasa International Ltd. Companies have been investing in merger and acquisition activity to strengthen and expand their businesses. For instance, in April 2019, Keppel acquired a stake in EV battery businesses of Envision AESC Group Ltd for $50 million. Envision AESC Group Ltd, founded in 2007 and headquartered in China, is a leading intelligent lithium-ion battery company. Both, Keppel and Envision are working to introduce IoT-enabled storage devices that can transform the electric vehicle batteries market.

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Here Is A List Of Similar Reports By The Business Research Company:

Electric Vehicle Charging Stations Global Market Report 2019 - https://www.thebusinessresearchcompany.com/report/electric-vehicle-charging-stations-global-market-report

Primary Batteries Market By Type (Alkaline Batteries, Lithium Batteries And Other Primary Batteries), Market Trends And Market Overview – Global Forecast To 2022 - https://www.thebusinessresearchcompany.com/report/primary-batteries-market

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