Electric Vehicle Battery Market Surge Healthy Growth, Demand & Forecast by 2025

An electric vehicle battery is a secondary (rechargeable) battery, which is used to power the propulsion of electric vehicles. Also known as a traction battery, it uses chemical energy stored in rechargeable battery packs for power and therefore does not require any combustion engine for propulsion.

At present, the Asia-Pacific region dominates the global EV battery market. An increase in vehicle population and a rise in vehicle standards fuel the growth of the Asia-Pacific EV market. Moreover, various technological advancements in electric vehicles have been in progress, owing to government initiatives, which further propels the growth.

The global electric vehicle market was valued at $23 billion in 2017 and is projected to reach at $84 million by 2025, growing at a CAGR of 17.2% from 2018 to 2025.

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According to Economics Times, The Ministry of Industry and Information Technology (MIIT) China has set up a trial EV battery recycle program in the greater Beijing Hebei Tianjin region, the Yangtze River, Pearl Delta River, and Central China areas to curb pollution, as on 5 March, 2018.

In the propulsion type segment, the hybrid electric vehicles dominated the market in 2017, owing to the voluminous production of hybrid electric vehicles.

The key players profiled in the report include Panasonic, AESC, BYD, Mitsubishi, LG Chem, Samsung, Wanxiang, Beijing Pride Power, Tianneng, and SB LiMotive.

Key Findings :

•In 2017, the hybrid-electric vehicles sub-segment generated the highest revenue in the global electric vehicle battery market.

•In 2017, the passenger cars segment generated the highest revenue among the other vehicle types in the global electric vehicle battery market owing to increase in the number of passenger EV registrations.

•In 2017, based on battery type, the Lithium-ion battery dominated the electric vehicle battery market worldwide.

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Top Impacting Factors

The soaring demand for zero-emission vehicles, advancing evolution of Lithium-ion technology, and rising government regulations on emission control systems are the significant factors that affect the growth of the global electric vehicle battery market. These factors are anticipated to either drive or hamper the market growth.

Enhanced Demand for Zero-Emission Vehicles

Widespread global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in major cities have created a significant demand for electric vehicles. The rise in petrol and diesel prices has added to the demand for fuel-efficient vehicles. This rise in fuel prices is due to depletion of fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. All these factors have cumulatively shot up the need for advanced fuel-efficient technologies, leading to a surge in demand for electrically powered vehicles for travel.

Production of Lower Cost Batteries

Automobile companies focus on the production of advanced electric vehicle battery systems that are expected to have lower emission at relatively lower costs as compared to heavier and larger engines. Compactness and cost-effectiveness are other useful features of this battery Thus, development of technological advancement in the electric vehicle battery system presents various opportunities for leading players in the future.

Key Benefits:

•This study comprises an analytical depiction of the global electric vehicle battery market with current trends and future estimations to depict the imminent investment pockets.

•The overall market potential is determined to understand the lucrative trends to gain a stronger foothold in the electric vehicle battery industry.

•The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis.

•The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global electric vehicle battery market.

•Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in this global market.

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