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An electric vehicle battery, also known as a traction battery, is utilized to power electric vehicles for propulsion.
The global electric vehicle battery market has registered a significant growth corresponding to the increase in public charging infrastructure. The Electric Vehicle Charging Association reported more than 50,000 charge points (public and private) in operation in the U.S. in 2017, up from 45,000 the year before. The increasing growth rate of charging infrastructure across the globe offers growth opportunities for the EV battery market.
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The Asia-Pacific region is expected to register substantial growth owing to government incentives encouraging usage of battery powered vehicles and an increase in concerns associated with energy security in the region. The high cost of electric vehicle batteries serves as the major restraint to the market growth. However, a surge in demand of these batteries in emerging economies, such as China and development of new enhanced battery recycling processes are factors expected to provide potential growth opportunities for market expansion.
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 market is categorized based on battery type into Lead-acid, Nickel metal Hydride, or Lithium-ion. The vehicle type segments are passenger car and commercial vehicle. The various regions for the market are North America, Europe, Asia-Pacific, and Latin America Middle East and Africa (LAMEA).
The key global market players profiled in the report include Panasonic, AESC, BYD, Mitsubishi, LG Chem, Samsung, Wanxiang, Beijing Pride Power, Tianneng, and SB LiMotive.
These players focus on vital market strategies, such as mergers, acquisitions, collaborations, and partnerships, to strengthen their market reach; thereby, retaining their position in the competitive market.
KEY BENEFITS FOR STAKEHOLDERS
This study includes the analytical depiction of the global electric vehicle battery market along with current trends and future estimations to determine the imminent investment pockets. The report presents information regarding key drivers, restraints, and opportunities. The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the industry. Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in the global industry.
KEY MARKET SEGMENTS
BY PROPULSION TYPE
Battery Electric Vehicle
Plug-in Hybrid Electric Vehicle
BY BATTERY TYPE
Lead Acid Battery
Nickel Metal Hydride Battery
Lithium ion Battery
BY VEHICLE TYPE