Press release
Battery Market Projected To Garner Significant Revenues By 2031 - TMR Study
All electric cars (EVs) have an electric motor instead of an internal combustion engine, which propels the vehicle. This motor is driven by a large traction battery pack. Moreover, in an electric drive vehicle, the auxiliary batteries are provided to power the vehicle accessories such as AC, computer controls, and audio systems.
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Key Drivers of Battery Market for Electric Car
The new generation of consumers of vehicles is highly aware of the ill-effects of emissions from conventional I.C engine vehicles and also the soaring prices of fossil fuels. These factors have transformed the customer demands and preference for transportation, leading to the emergence of cleaner and economical electric vehicles. Moreover, stringent emission norms have forced numerous automakers to electrify their vehicle models at certain levels so that the fuel consumption and tail pipe emissions reduce significantly. This has led automakers to launch newer BEV and PHEV models. Thus, rising awareness about transport emissions has boosted the global battery market for electric car.
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Governments of various countries are increasingly promoting the adoption of electric vehicles by providing monetary or non-monetary benefits to customers, making vehicle emission norms more stringent, and devising promotional policies. Countries such as the U.S., Germany, U.K, France, India, China, and many others have announced subsidies for electric cars. These monetary benefits, in terms of subsidies and tax relaxations, are driving the sale of electric vehicles and consequently, propelling the battery market for electric cars across globe.
Challenges in Battery Market for Electric Car
Underdeveloped charging infrastructure for electric cars is restraining the adoption of electric vehicles. Additionally, the electric vehicle battery technology has not attained maturity and hence, there are problems such as overheating, limited power storage, and weight issues. These factors are hampering the battery market for electric cars.
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Impact of COVID-19 pandemic on Battery Market for Electric Car
The COVID-19 pandemic disrupted automotive supply chains, thus creating a shortage of raw materials and components. Several nations across the globe are presently facing the second wave of this pandemic, which is further hampering the automotive industry and the overall global economy. This disruption has negatively impacted the global battery market for electric car.
Asia Pacific to Hold Significant Share of Battery Market for Electric Car
Governments in Asia Pacific have strengthened their regulations related to emissions and are promoting electric cars. Governments are also investing in the development of guidelines and infrastructure for testing of electric vehicles. China is a rapidly emerging market for electric vehicles, overtaking the U.S. and major countries in Europe. The Government of China is developing a long-term plan to abandon vehicles powered by fossil fuels. These factors are driving the share held by Asia Pacific in the global battery market for electric car.
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Key Players Operating in Battery Market for Electric Car
The global battery market for electric car is highly concentrated due to the presence of top manufacturers. A few of the key players operating in the battery market for electric car are:
A123 Systems LLC
BYD Co., Ltd.
Chaowel Power Holdings Limited
Crown Battery
East Penn Manufacturing Company
EnerSys
Exide Industries Limited
Fengfan Co., Ltd.
Furukawa Electric Co. Ltd.
GS Yuasa Corporation
Haldex Incorporated
Hitachi, Ltd.
International Plc
Leoch International Tech
LG Chem. Manufacturing Company
MITSUBISHI HEAVY INDUSTRIES, LTD.
Panasonic Corporation
Saft
SAMSUNG SDI CO., LTD.
ZF Friedrichshafen AG
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