Electric Vehicle Battery Market: Current trends, Opportunities, Challenges by 2023

Growing concerns related to decreasing oil and gas resources and degrading environmental conditions are having positive impact on the demand for electric powered vehicles. Moreover, subsidies and incentives on usage of such vehicles is another factor driving the market for electric powered vehicles. These vehicles depend on electric batteries to provide the primary or the secondary power. Thus any impact on the demand for electric powered vehicles will affect the electric vehicle battery market. An electric powered vehicle or battery electric vehicle use chemical energy stored in rechargeable battery packs for power.

As all the power is derived from batteries therefore, it does not require any combustion engine for propulsion. Battery Electric vehicles include scooters, rail cars, bicycle, forklifts, buses and cars. The advantages in battery storage technology have also positively affected the electric vehicle battery market.

The segmentation of the electric vehicle battery market can be done on the basis of technology, application and geography. Technology segment deals with the different types of batteries used for manufacturing of electric vehicle battery. Major battery types include lead acid batteries, nickel metal hydride batteries, zebra batteries and lithium ion batteries.

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Lead acid batteries are the most common and cheapest type of batteries. Nickel metal hydride batteries have higher energy densities than the common lead acid batteries and if used properly can have exceptionally long lives. The Zebra batteries use molten chloro-aluminate sodium as electrolyte. Lithium ion batteries use graphite anode and lithium cobalt oxide anode. These batteries are use to power the Battery Electric Vehicles, Hybrid Vehicles, Plug-in Hybrid Electric Vehicles and Plug-in Electric Vehicles.

Regional segmentation of the electric vehicle battery market includes countries such as the United States and Canada in North America; Germany, France, Sweden and the United Kingdom in Europe. The government incentives on usage of battery powered vehicles are one of the main reasons behind the growth of North American and European electric vehicle battery market. Other prominent market includes Asia Pacific and Middle East.

Asia Pacific market includes the countries such as Japan, China and South Korea. Increasing concerns related to energy security and incentives on use of battery powered vehicles are the major factor driving the Asia Pacific market. The Rest of the World segment still lags behind in the electric vehicle battery market. The Rest of the World Market includes countries such as Brazil, Argentina and Venezuela.

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Decreasing crude oil reserves and concerns regarding degradation of the environment are the major factors driving the electric vehicle battery market. With decreasing crude reserves the demand for economical transportation technologies has attracted investment in this market. The governments of many major countries have encouraged adoption hybrid vehicles that utilize the electric battery. Many national agencies have enforced rules and provide attractive concessions on purchasing hybrid cars. Stringent environmental regulations in the European Union nations have encouraged wide adoption of the battery powered vehicles. The fluctuating crude oil prices are another major factor bolstering consumers to adopt such batteries. Expensive nature of electric vehicle battery is one of the major restraints to the market.

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