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Global Battery Market for Electric Car Headed for Strong Growth as Focus on Reduction in Carbon Emission Increases
The global battery market for electric car is predicted to see expansion while riding on the growth of the automotive industry. In a report added by MarketResearchReports.biz, the market is carefully analyzed on the basis of competition, segmentation, geography, and other critical aspects. It bears the title “Battery Market for Electric Car – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.” Increasing emphasis on the development of electric car to reduce the negative impact of carbon emission and pollution on the environment is a trend that is gaining impetus in the automotive industry, and this could be one of the crucial growth driving factors of the market.
The use of battery in cars comes with a whole lot of benefits such as low cost of charging, reusability, and less pollution. Diesel engine and internal combustion engine (ICE) do not fare well in comparison with car battery when it comes to carbon emission. The wide variety of car battery is expected to increase interest in electric cars. On the other hand, tight government regulations about carbon emission in developed economies could increase the demand in the global battery market for electric car. However, the cost factor is anticipated to challenge the growth of the market.
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Nonetheless, the report offers a study on different trends and opportunities that could support market growth in the coming years. On the basis of sales channel, the global battery market for electric car is projected to see a classification into aftermarket and OEM. Amongst the two, aftermarket could take control of the market while securing a lion’s share by the end of 2025. High number of vendors offering aftermarket services could push the growth of this market in the near future. Other factors that could help with the growth of aftermarket services are availability, fast service, and cost.
By car type, the global battery market for electric car could be classified into plug-in hybrid, hybrid electric, and battery electric cars. Amongst the three, battery electric car is projected to see high demand in the future years. This demand could further increase in Europe and North America due to certain factors such as strong per capita income, high urbanization rate, and stable economic conditions. By battery type, the market could be segregated into lithium-ion and other batteries. Lithium-ion battery offers various advantages such as low maintenance, no priming requirement, and high energy density.
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Geographically, Asia Pacific could be a higher-ranking region of the global battery market for electric car with respect to supply and demand. Aggressive expansion of the automotive industry in South Korea, Japan, and China is envisaged to support the rise of Asia Pacific in the market. The global market marks the presence of top players such as Altairnano, Automotive Energy Supply Corporation, and A123 Systems.
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