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Electric Vehicle Battery Market Comprehensive Study Explore Huge Growth in Future by 2026
Electric Vehicle Battery Market
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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.
According to a recent report published by Allied Market Research, titled, "Electric Vehicle Battery Market by Propulsion Type, Battery Type, and Vehicle Type: Global Opportunity Analysis and Industry Forecast, 2017-2025," the global was valued at $23 million in 2017 and is projected to reach at $84 billion by 2025, growing at a CAGR of 17.2% from 2018 to 2025.
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. 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.
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In the propulsion type segment, the hybrid electric vehicles dominated the market in 2017, owing to the voluminous production of hybrid electric vehicles.
KEY FINDINGS OF THE STUDY
1 In 2017, the hybrid-electric vehicles sub-segment generated the highest revenue in the global electric vehicle battery market.
2 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.
3 In 2017, based on battery type, the Lithium-ion battery dominated the electric vehicle battery market worldwide.
Key questions answered in Electric vehicle battery market research study:
o What is the market growth rate of Electric vehicle battery market from 2017-2025?
o What will be the global market size of the market from 2017 to 2025?
o Who are the leading global manufacturing companies in the Electric vehicle battery market?
o What are the major current trends and predicted trends?
o What are the challenges faced in the Electric vehicle battery market?
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About Us
Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.
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