Electric Vehicle Battery Market: Comprehensive Analysis and Future Estimations 2023
An electric fueled vehicle or battery electric vehicle utilizes concoction energy put away in rechargeable battery packs for control. As all the power is gotten from batteries thus, it doesn't require any combustion engine for impetus. Battery Electric vehicles incorporate cars, buses, forklifts, bicycle, rail cars, and scooters. The favorable circumstances in battery stockpiling technology have additionally positively influenced the electric vehicle battery market.
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Diminishing unrefined petroleum reserved and concerns with respect to debasement of the environment are the central factors driving the electric vehicle battery market. With diminishing reserved of crude the demand for feasible transportation innovations has pulled in interest in this market. The legislatures of leading nations have supported the use of hybrid vehicles that use the electric battery.
Numerous national organizations have upheld controls and give alluring concessions on buying hybrid autos. Stringent environmental policies in the European Union countries have empowered wide reception of the battery controlled vehicles. The fluctuating unrefined petroleum costs are another main consideration reinforcing consumers to embrace such batteries. Costly nature of electric vehicle battery is one of the significant restrictions to the market.
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Growing concerns related to decreasing oil and gas resources and degrading environmental conditions are having positive impact on the demand for electric powered vehicles. Moreover, subsidies and incentives on usage of such vehicles is another factor driving the market for electric powered vehicles. These vehicles depend on electric batteries to provide the primary or the secondary power. Thus any impact on the demand for electric powered vehicles will affect the electric vehicle battery market.
The segmentation of the electric vehicle battery market can be done on the basis of technology, application and geography. Technology segment deals with the different types of batteries used for manufacturing of electric vehicle battery. Major battery types include lead acid batteries, nickel metal hydride batteries, zebra batteries and lithium ion batteries. Lead acid batteries are the most common and cheapest type of batteries. Nickel metal hydride batteries have higher energy densities than the common lead acid batteries and if used properly can have exceptionally long lives.
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Regional segmentation of the electric vehicle battery market includes countries such as the United States and Canada in North America; Germany, France, Sweden and the United Kingdom in Europe. The government incentives on usage of battery powered vehicles are one of the main reasons behind the growth of North American and European electric vehicle battery market. Other prominent market includes Asia Pacific and Middle East. Asia Pacific market includes the countries such as Japan, China and South Korea. Increasing concerns related to energy security and incentives on use of battery powered vehicles are the major factor driving the Asia Pacific market.
Decreasing crude oil reserves and concerns regarding degradation of the environment are the major factors driving the electric vehicle battery market. With decreasing crude reserves the demand for economical transportation technologies has attracted investment in this market. The governments of many major countries have encouraged adoption hybrid vehicles that utilize the electric battery. Expensive nature of electric vehicle battery is one of the major restraints to the market.
Some of the major players in the electric vehicle battery market include companies such as SAMSUNG SDI CO. LTD., Quallion, Boston-Power, Inc. and LG Chem Power Inc.
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