The Electric Vehicles Battery Market is expected to grow from USD 34.08 billion in 2020 to USD 166.06 billion by 2026 at a CAGR of 31.56% from 2020 to 2026.
Electric vehicle (EV) battery is essentially installed in battery electric vehicles (BEV), plug-in hybrid electric vehicles, and hybrid electric vehicles (HEV). Few common product variants include nickel-metal hydride battery, lithium-ion battery and lead-acid battery. Electric vehicle batteries provide various benefits in curbing carbon emissions, minimizing fuel dependency, minimizing maintenance costs, producing high energy per unit mass, etc. Rising concerns about the harmful impacts of climatic change with the emission of fuel vehicles along with the rising pollution level recorded in major regions have surged the demand for electric vehicles. The increase in petrol and diesel prices owing to the exhaustion of fossil fuel reserves has escalated the demand for advanced fuel-efficient technologies propelling the growth of the electric vehicle battery market during the forecast period. The continuous development of lithium-ion batteries has allowed battery manufacturers to manufacture a high-performance battery which meets the requirement for lightweight vehicles, thereby driving the growth of the Electric Vehicle Battery Market. With the significant increase in the demand for energy-efficient automobiles, manufacturers are governing their investments towards the development of high-density lithium-ion batteries, and solid-state battery technology to obtain extended battery range and quick recharging. The rising automotive production in developed and developing nations such as China, Germany, South Korea, Japan, Mexico, and Taiwan, projected to foster the growth of Electric Vehicle Battery Market. The rising government investments in developing infrastructure for electric vehicles in various countries would also supplement the market growth. Apart from this, the demand supply gap of certain vital raw materials and the changing raw material prices are some of the factors which may restrain the growth of the market.
Furthermore, the rising concerns associated to reducing oil and gas resources and degrading environmental conditions by the use of conventional fuel vehicles are having a positive impact on the demand for electric powered vehicles, also contributing to the electric vehicle battery market growth. In addition, the companies are coming up with business models such as battery swapping and battery-as-a-service (BaaS) which enable users to change or swap electric vehicle batteries once discharged which provides opportunity for the electric vehicle battery market growth. This saves users the consumed time on recharging the batteries, therefore enhancing customer satisfaction and addressing one of the key reasons consumers refrain from opting for electric vehicles.
The global Electric Vehicles Battery Market is segregated on the basis of Propulsion Type as Battery Electric Vehicle, Hybrid Electric Vehicle and Plug-in Hybrid Electric Vehicle. Based on Battery Type the global Electric Vehicles Battery Market is segmented in Lead Acid Battery, Nickel Metal Hydride Battery and Lithium ion Battery. Based on Vehicle Type the global Electric Vehicles Battery Market is segmented in Passenger Car, Commercial Vehicle and Two-Wheeler.
The global Electric Vehicles Battery Market report provides geographic analysis covering regions, such as Europe, North America, Asia Pacific, and Rest of The World. The Electric Vehicles Battery Market for each region is further segmented for major countries including the U.S., Canada, Germany, the U.K., France, Italy, China, India, Japan, Brazil, South Africa, and others.
Competitive Analysis
ATLASBX Co., Sony, Hitachi, NEC Corporation, Panasonic Corporation, TCL Corporation and others are among the major players in the global Electric Vehicles Battery Market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
The global Electric Vehicles Battery Market has been segmented as below:
Electric Vehicles Battery Market, By Propulsion Type
Electric Vehicles Battery Market, By Battery Type
Electric Vehicles Battery Market, By Vehicle Type
Electric Vehicles Battery Market, By Region
Electric Vehicles Battery Market, By Company
The report covers the below scope:
The years considered for the study are as follows:
Report Scope:
The global Electric Vehicles Battery Market report scope includes detailed study covering underlying factors influencing the industry trends. The report covers analysis on regional and country level market dynamics. The scope also covers competitive overview providing company market shares along with company profiles for major revenue contributing companies. The report scope includes detailed competitive outlook covering market shares and profiles key participants in the global Electric Vehicles Battery Market share. Major industry players with significant revenue share include ATLASBX Co., Sony, Hitachi, NEC Corporation, Panasonic Corporation, TCL Corporation, Huanyu New Energy Technology, Duracell and others.
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1. Introduction
1.1. Key Points
1.2. Report Description
1.3. Markets Covered
1.4. Stakeholders
2. Research Methodology
2.1. Research Scope
2.2. Research Methodology
2.2.1. Market Research Process
2.2.2. Research Methodology
2.2.2.1. Secondary Research
2.2.2.2. Primary Research
2.2.2.3. Models for Estimation
2.3. Market Size Estimation
2.3.1. Bottom-Up Approach
2.3.2. Top-Down Approach
3. Executive Summary
4. Market Overview
4.1. Introduction
4.2. Drivers
4.3. Restraints
4.4. Opportunities
4.5. Challenges
5. Electric Vehicles Battery Market, By Propulsion Type
5.1. Key Points
5.2. Battery Electric Vehicle
5.3. Hybrid Electric Vehicle
5.4. Plug-in Hybrid Electric Vehicle
6. Electric Vehicles Battery Market, By Battery Type
6.1. Key Points
6.2. Lead Acid Battery
6.3. Nickel Metal Hydride Battery
6.4. Lithium ion Battery
7. Electric Vehicles Battery Market, By Vehicle Type
7.1. Key Points
7.2. Passenger Car
7.3. Commercial Vehicle
7.4. Two-Wheeler
8. Competitive Landscape
8.1. Introduction
8.2. Start-up companies- Electric Vehicles Battery Market
8.3. Recent Developments
8.3.1. Mergers & Acquisitions
8.3.2. New Product Developments
8.3.3. Portfolio/Production Capacity Expansions
8.3.4. Joint Ventures, Collaborations, Partnerships & Agreements
8.3.5. Others
9. Company Profile
9.1. ATLASBX Co.
9.2. Sony
9.3. Hitachi
9.4. NEC Corporation
9.5. Panasonic Corporation
9.6. TCL Corporation
9.7. Huanyu New Energy Technology
9.8. Duracell
9.9. NorthStar
9.10. Crown Battery Manufacturing
9.11. GS Yuasa Corp
9.12. East Penn Manufacturing Co.
9.13. C&D Technologies, Inc.
9.14. B.B. Battery Co., Ltd.
9.15. Narada Power Source Co., Ltd.
9.16. CSB Battery Company Ltd.
9.17. EnerSys, Inc.
9.18. Coslight Technology International Group Co., Ltd.
9.19. Zibo Torch Energy Co., Ltd.
9.20. A123 Systems LLC
9.21. Ballard Power Systems Inc.
9.22. BYD Co. Ltd.
9.23. Crown Battery Manufacturing Co.
9.24. Cummins Inc.
9.25. East Penn Manufacturing Co. Inc.
Electric Vehicles Battery Market, By Propulsion Type
Electric Vehicles Battery Market, By Battery Type
Electric Vehicles Battery Market, By Vehicle Type
Electric Vehicles Battery Market, By Company