Electric Vehicle Battery Market Revenue, Demand and Share by Manufacturers Forecast 2021-2030

The Global Electric Vehicle Battery Market size is estimated to be USD 31.43 billion in 2019 and is predicted to reach USD 175.11 billion by 2030 with a CAGR of 16.9% from 2020-2030.

Electric Vehicle Battery is used as the secondary power source and it uses its chemical energy which helps in the vehicle propulsion. These batteries are rechargeable in nature and help in the vehicle propulsion and various other purposes. There are different types of battery used in the vehicle which have different chemical composition which offers various advantages as compared to conventional batteries. There is also increase in the demand of renewable source of energy which further increases the demand of electric vehicle battery market.

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Market Dynamics and Trends:

Over the period of time there have been various technological advancement taking place coupled with development in infrastructure over the forecast period. Moreover, increase in conventional fuel prices such as oil, gas, petroleum and others with increase in electric vehicle and renewable source of energy are further expected to fuel the growth of electric vehicle battery market.

The other factors include increase in awareness among people, with stringent regulatory policies with regards to pollution coupled with increased demand of zero emission vehicle are further expected to contribute the market growth. However, high cost of battery powered vehicle are expected impede the market growth. On the other hand increase in research and evolution in electrical vehicle battery is expected to create ample opportunities in the electric vehicle battery market.

Market Segmentations and Scope of the Study:

The global electric vehicle battery market share is analyzed on the basis of propulsion type, battery type, vehicle type and geography. On the basis of propulsion type, the market is segmented into Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle. On the basis of battery type, the market is divided into Lead Acid Battery, Nickel Metal Hydride Battery, and Lithium ion Battery. Based on vehicle type, the market is fragmented into passenger car, commercial vehicle, and two-wheeler. Geographic breakdown and analysis of each of the aforesaid segments includes regions comprising North America, Europe, Asia-Pacific, and RoW.

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Geographical Analysis:

North America is expected to account for notable market share over the forecast period North America is anticipated the major market share with increased adoption of electrical vehicle battery over the forecast period. The other supporting factors include technological advancement, evolution of electrical vehicle battery with increased awareness about environment pollution are expected to further accelerate the growth of electric vehicle battery market.

Asia Pacific is expected to show rapid growth over the forecast period with constant increase in market share owing to the stringent government policies with increased demand of electric vehicle and zero emission vehicle are further expected to augment the growth of electrical vehicle market.

Competitive Landscape:

The electric vehicle battery market, which is highly competitive and fragmented, consists of various market players. Some of the major market players include Panasonic Corporation, LG Chem Ltd, Crown Battery Corporation, Johnson Controls International, Tianneng Power International, BYD Company Limited, Quallion, Hitachi Chemical Company, GS Yuasa Corporation, Automotive Energy Supply Corporation, Boston-Power and Narada Power Source among others.

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This release was published on openPR.