Electric Vehicle Battery Market By Vehicle Type (Passenger Car, Commercial Vehicle, Two-Wheeler), By Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle), By Battery Type (Lead Acid Battery, Nickel Metal Hydride Battery, Lithium ion Battery): Global Opportunity Analysis and Industry Forecast, 2021-2031
The report incorporates the study of the global electric vehicle battery market that focuses on the energy storage devices that provide electricity to power vehicle accessories and battery-based electric engines for propulsion. Some commonly available EV batteries include lithium-ion, nickel-metal hydride, and lead-acid batteries. They are widely used in battery electric vehicles (BEV), plug-in hybrid (PHEV), and hybrid electric vehicles (HEV), such as bikes, e-rickshaws, e-cars, buses, and loaders. They assist in minimizing carbon emissions, eliminating fuel dependency, reducing maintenance costs, and generating high energy per unit mass. In comparison to fuel-based engines, they offer a high power-to-weight ratio, a noise-free travel experience, and cost-effectiveness. As a result, EV batteries are gaining immense traction with the surging sales globally.
As a part of their respective climate conditions, governments are unveiling several policies & schemes that give EV sector, an edge over ICE vehicle sector. For instance, in October 2022, the U.S. government invested over $2.8 billion to expand the nation’s domestic battery manufacturing capabilities with regards to the EV sector. Also, the government of India is targeting the conversion of two and three-wheelers into 100% electric ones and the total automotive sales to 30% into e-mobility by 2030. Currently, India is dependent on other countries for sourcing EV batteries, which has resulted in the hiked price of EVs. Meanwhile, the penetration of EVs in the Indian automotive sector is expected to bolster the indigenous manufacturing of Li-ion batteries to make them economically viable. For instance, in November 2020, Delhi-based battery maker Inverted Energy announced the opening of its lithium battery manufacturing facility. The commissioning of the plant, which currently has a production capacity of 100 MWh (megawatt hour) annually, is aimed at reducing dependence on China.
For the purpose of analysis, the global electric vehicle battery market is segmented on the basis of propulsion type, battery type, vehicle type, and region. Based on propulsion type, the market is divided into battery electric vehicle (BEV), hybrid electric vehicle (HEV), and plug-in hybrid electric vehicle (PHEV). Based on battery type, the market is categorized into lead-acid, nickel metal hydride, and lithium-ion. Based on vehicle type, it is bifurcated into passenger car, commercial vehicle, and two-wheeler. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The leading players operating in the electric vehicle battery market are BYD Company Ltd, Contemporary Amperex Technology Co., Limited., ENERSYS, GS Yuasa International Ltd., LG Chem Ltd, Panasonic Corporation, Pride Power, Samsung Electronics Co. Ltd., Tianneng rechargeable battery manufacturers, and Wanxiang Group Corporation.
KEY BENEFITS FOR STAKEHOLDERS
This study presents analytical depiction of the global electric vehicle battery market analysis along with current trends and future estimations to depict imminent investment pockets.
The overall electric vehicle battery market opportunity is determined by understanding profitable trends to gain a stronger foothold.
The report presents information related to the key drivers, restraints, and opportunities of the global electric vehicle battery market with a detailed impact analysis.
The current electric vehicle battery market is quantitatively analyzed from 2021 to 2031 to benchmark the financial competency.
Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Battery Type
Lead Acid Battery
Nickel Metal Hydride Battery
Lithium ion Battery
By Vehicle Type
Passenger Car
Commercial Vehicle
Two-Wheeler
By Propulsion Type
Battery Electric Vehicle
Hybrid Electric Vehicle
Plug-in Hybrid Electric Vehicle
By Region
North America
U.S.
Canada
Mexico
Europe
UK
Germany
France
Italy
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market Players
ENERSYS
BYD Company Ltd
Panasonic Corporation
LG Chem Ltd
Pride Power
Wanxiang Group Corporation
GS Yuasa International Ltd.
Tianneng rechargeable battery manufacturers
Contemporary Amperex Technology Co., Limited.
Samsung Electronics Co. Ltd.
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