Electric Vehicle Battery Market Anticipated to Grow at a Robust CAGR of 8.5% by 2027

In order to study the various trends and patterns prevailing in the overall market for electric vehicle battery, Market Research Reports Search Engine (MRRSE) has included a new report titled “Global Electric Vehicle Battery Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.

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Traction in electric cars market is resulting in growth of electric vehicle battery market. The market is also experiencing more investments in the electric vehicle battery market with a motive to improve performances of electric vehicles. A forecast report for the year 2017-2025 says that the global market for electric vehicle battery is anticipated to grow at a robust CAGR of 8.5% with a revenue reaching around US$ 36 Bn by the end of 2027. The growth is driven by various factors like increasing demand for high energy density batteries, people relying more on cleaner and renewable power generation method, increasing private equity investments and

Government incentives on electric vehicles and many more. Moreover, there are few other factors that can limit the growth, such as high import taxes, stringent lead pollution norms and volatile prices of raw material. Yet, this comparative study shows a growing number of opportunities for the businesses that are a related to electric vehicle battery market during the forecast period of 2017 to 2027.

Need of efficient batteries to lead to an increase in demand for Lithium Ion batteries

The global electric vehicle battery market is segmented into various segments to analyze the market efficiently. The major segmentation is done on the basis of battery type, battery capacity, vehicle technology, vehicle type and by region. The bifurcation on the basis of Battery type includes segments like Lithium Ion Battery, Lead Acid Battery, Nickel Metal Hydride battery and others. Among these, Lithium Ion batteries are the most common batteries for traction in the market today owing to simpler operating parameters. Lithium ion batteries are the most popular solid state batteries widely known for their use in consumer electronics, laptop and mobile application as well as electric vehicle application. Lithium Ion batteries are dominating the electric vehicle battery market because of its lightweight and high energy density. Also, using the lighter battery decreases the overall weight of the car increasing the efficiency of the vehicle. Presently, lithium-ion batteries are used in all electric vehicles whether it is HEV, PHEV or BEV. It also requires low maintenance as compared to other battery types.

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Lithium Ion batteries and Nickel Hybrid batteries show high growth potential in terms of demand

Lithium ion segment is anticipated to create incremental $ opportunity of US$ 13,798.2 Mn over the forecast period. The research analysis of global electric vehicle battery market indicates that the lithium ion battery segment is anticipated to have a market value of more than US$ 23 Bn by the end of 2027 exhibiting a robust CAGR of around 9.5%, which is much higher from its 2017 revenue (about US$ 9,400 Mn). This segment is followed by nickel hybrid batteries segment that is estimated to reflect a value of more than US$ 11 Bn growing at a CAGR of 7.4% during the forecast period.

Enhancement in lithium ion batteries to shift focus of major companies in the coming years

Ongoing research and developments in the field of lithium ion batteries will enhance its range and are estimated to provide a better battery with longer range to electric vehicles. Recently, Toshiba Corporation have announced EV battery with a range of more than 200 miles with a charging time of 5-6 minutes. Also LG Chem anticipated that their lithium-manganese spinel batteries have an operational life of more than 40 years.

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