Global Electric Vehicle (EV) Battery Market Size was Valued at $23 Billion in 2017 and is Projected to Reach $84 Billion by 2025, Growing at a CAGR of 17.2% - Valuates Reports

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Nov 19, 2019, 07:44 ET

BANGALORE, India, Nov. 19, 2019 /PRNewswire/ -- Electric Vehicle Battery Market Statistics - 2025

A battery is used as a secondary power source in automobiles. An electric vehicle (EV) battery is a secondary (rechargeable) battery. It uses chemical energy stored in rechargeable battery packs for power and therefore does not require any combustion engine for propulsion. An electric vehicle battery or traction battery powers the propulsion of battery electric vehicles.

In recent years, consumers are more inclined toward battery electric/plug-in vehicles, because these vehicles run without fuel, such as petrol, diesel, and gasoline and have lower maintenance cost, which eventually reduces consumers' expenses. According to the statistics provided by the German Federal Motor Transport Authority, there is a 61% increase in the plug-in EV (electric vehicle) sales in 2018 as compared to that in 2017. Thus, environment-friendly nature of electric vehicles drives the growth of the electric vehicle battery market.

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The growth of the electric vehicle (EV) battery market is driven by rise in the demand for zero-emission vehicles, decrease in the cost of the electric vehicle battery system, and an increase in the global awareness regarding climate change.

However, stringent lead pollution norms in electric vehicle battery may hinder the market growth. In addition, high import taxes on EV batteries and instability in raw material prices are expected to limit the electric vehicle battery market growth. Furthermore, evolution of Lithium-ion technology in EV battery and growth in public charging infrastructure offer lucrative opportunities for the market..

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GLOBAL ELECTRIC VEHICLE (EV) BATTERY MARKET ANALYSIS

Over the past two decades, the advent of Lithium-ion technology has accelerated the growth rate of batteries. Although initial hybrid vehicles used Nickel Metal Hydride (NiMH) batteries, Li-ion batteries were the primary solutions to power plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) for automakers.

High-energy density, storage power for charging, and low maintenance are some of the advantages that have driven Li-ion's development as battery technology. Automotive manufacturers that introduce BEVs and PHEVs to the EV battery market are further expanding the technology and are expected to offer Li-ion energy solutions as their vehicles' primary power source.

TRENDS INFLUENCING THE GLOBAL ELECTRIC VEHICLE MARKET SHARE

Increasing concern about the adverse effects of climate change as well as troubling levels of pollution in major cities
Raising support provided by the various governmental agencies

ELECTRIC VEHICLE BATTERY MARKET SEGMENTATION

The global electric vehicle battery market is segmented based on vehicle propulsion type, battery type, vehicle type, and region. On the basis of vehicle propulsion, the market is divided into battery electric vehicle (BEV) and plug-in hybrid vehicle (PHEV). The various battery types are Lead-acid, Nickel metal Hydride, and Lithium-ion. Passenger car and commercial vehicle are the two vehicle types. Based on region, the global electric vehicle battery market is analyzed across North America, Europe, Asia-Pacific, and Latin America Middle East and Africa (LAMEA).

TOP IMPACTING FACTORS

The soaring demand for zero-emission vehicles, advancing evolution of Lithium-ion technology, and rising government regulations on emission control systems are the significant factors that affect the growth of the global electric vehicle battery market. These factors are anticipated to either drive or hamper the market growth.

PRODUCTION OF LOWER COST BATTERIES

Automobile companies focus on the production of advanced electric vehicle battery systems that are expected to have lower emission at relatively lower costs as compared to heavier and larger engines. Compactness and cost-effectiveness are other useful features of this battery Thus, development of technological advancement in the electric vehicle battery system presents various opportunities for leading players in the future.

KEY BENEFITS FOR ELECTRIC VEHICLE BATTERY MARKET:

This study comprises an analytical depiction of the global electric vehicle battery market with current trends and future estimations to depict the imminent investment pockets.
The overall market potential is determined to understand the lucrative trends to gain a stronger foothold in the electric vehicle battery industry.
The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global electric vehicle battery market.
Porter's Five Forces analysis illustrates the potency of the buyers and suppliers in this global market.

TOP COMPANIES IN ELECTRIC VEHICLE BATTERY MARKET:

Panasonic
AESC
BYD
LG Chem
SAMSUNG
WanXiang
Beijing Pride Power
Tianneng
SB LiMotive
Others

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ELECTRIC VEHICLE BATTERY MARKET KEY SEGMENTS:

Electric Vehicle (EV) Battery Market By Propulsion Type

Battery Electric Vehicle
Hybrid Electric Vehicle
Plug-in Hybrid Electric Vehicle

Electric Vehicle (EV) Battery Market By Type

Lead Acid Battery
Nickel Metal Hydride Battery
Lithium ion Battery

Electric Vehicle (EV) Battery Market By Vehicle Type

Passenger Car
Commercial Vehicle
Two-Wheeler

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REGION WISE GLOBAL ELECTRIC VEHICLE (EV) BATTERY MARKET ANALYSIS

Due to Chinese domination, the Asia Pacific continues to retain its leading position in the electric vehicle battery market, with revenues exceeding US$ 35,000 million in 2018. Sales of electric vehicle batteries in the region remain driven by the strong automotive industry and improving economic conditions.
North America is expected to be a high-growth market for batteries for electric vehicles, accounting for almost one-third of the 2018 production.

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By Region

North America

U.S.
Canada
Mexico

Europe

UK
Germany
France
Italy
Rest of Europe

Asia-Pacific

China
Japan
India
Australia
Singapore
Rest of Asia-Pacific

LAMEA

Latin America
Middle East
Africa

REPORTS RELATED TO ELECTRIC VEHICLE (EV) BATTERY MARKET:

EV Battery Market:

https://reports.valuates.com/market-reports/PROF-Auto-1G1374/global-ev-battery

Electric Vehicle (EV) Battery Cell Market:

Global Electric Vehicle Battery Cell market size will increase to 165600 Million US$ by 2025, from 17800 Million US$ in 2018, at a CAGR of 32.2% during the forecast period

https://reports.valuates.com/market-reports/QYRE-Auto-16128/global-electric-vehicle-battery-cell

Electric Vehicle (EV) Battery Pack Market:

Global Electric Vehicle Battery Pack market size will reach 131600 million US$ by 2025, from 16400 million US$ in 2018, at a CAGR of 29.7% during the forecast period

https://reports.valuates.com/market-reports/QYRE-Auto-0232/global-electric-vehicle-battery-pack

Electric Vehicle (EV) Battery Cases Market:

https://reports.valuates.com/market-reports/PROF-Auto-3O416/global-electric-vehicle-battery-cases

Electric Vehicle (EV) Power Battery Market:

Electric Vehicle Power Battery Market growing at a CAGR of 8.2% from 2019-2025

https://reports.valuates.com/market-reports/QYRE-Auto-8G451/global

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