Electric Vehicles Battery Market Global Growth, Size, Share, And Industry Forecast By 2023

Electric Vehicles Battery Market Information Report, By Battery Type (Lithium Ion Battery, Lead Acid Battery, Nickel Hydride Battery and others), By Vehicle Technology (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles and Others), by End Market (OEMs and Aftermarket) and By Region - Forecast To 2023.

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Electric Vehicles Battery Market Highlights:

The global electric vehicle battery market has experienced a remarkable growth over the past few years and it has been analyzed that the market will grow similarly during the forecast period. Electric vehicles battery market looks promising during the forecast period due to the major driving factors such surge in demand of electric vehicle worldwide, increasing fuel prices, expansion of global auto-manufacturers into new emerging markets, and government initiatives. On the other hand, emerging economies have more opportunities for electric vehicles, and will create ample scope for market growth. However, high prices of the electric vehicle and its battery, and underdeveloped aftermarket services, could hinder the market growth. The global market for electric vehicles battery is expected to be broaden in the recent years. MRFR analysts have predicted that global electric vehicles battery market is expected to grow at the CAGR of 8.81% during the forecast period.

Region wise, the global electric vehicles battery market has been segmented as North America, Europe, Asia Pacific and Rest of the World. Asia Pacific has accounted for the largest market share, in 2016, followed by North America and Europe. In Asia Pacific, countries such as China, South Korea, Japan and India are the major markets of electric vehicles battery. Europe and North America are the second and third leading regions. Increasing demand for electric cars and growing awareness of ecofriendly vehicles have been the major growth drivers. Europe has been witnessing a rise in the sales of new electric vehicles, which has augmented the demand for electric vehicles battery, here. Also, Germany, UK and France being the leading countries in Europe, have fueled the growth of the market. Asia Pacific has registered the fastest growing economy in the global market.

The prominent players in the electric vehicles battery market include Automotive Energy Supply Corporation (Japan), Panasonic Corporation (Japan), BYD Company Limited (China), LG Chem Ltd (South Korea), Quallion (US), Boston-Power (US), Johnson Controls International (US), Narada Power Source (China), GS Yuasa Corporation (Japan), Tianneng Power International (China), Crown Battery Corporation (US), and Hitachi Chemical Company (Japan) .

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