A battery is used as a secondary power source in automobiles. An electric vehicle battery is a secondary (rechargeable) battery. It uses chemical energy stored in rechargeable battery packs for power and therefore does not require any combustion engine for propulsion. An electric vehicle battery or traction battery powers the propulsion of battery electric vehicles.
The global electric vehicle battery market size was valued at $22 billion in 2017 and is projected to reach at $80+ million by 2025, growing at a CAGR of 16+% from 2018 to 2025. The emergence of Lithium-ion technology has fueled the growth rate for batteries over the last two decades. While initial hybrid vehicles used Nickel Metal Hydride (NiMH) batteries, Li-ion batteries have been the primary solutions for automakers to power plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). High-energy density, charge retention capacity, and low maintenance are some of the benefits that have accelerated the growth of Li-ion as a battery technology. Automobile manufacturers introducing BEVs and PHEVs in the EV battery market are further enhancing the technology and are anticipated to offer Li-ion powered solutions as a primary power source in their vehicles.
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The key players profiled in the report include
• LG Chem,
• Beijing Pride Power,
• Tianneng, and SB LiMotive.
lectric Vehicle Battery Market Key Segments:
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
By Vehicle Type
Rest of Europe
Rest of Asia-Pacific
Key Benefits for Electric Vehicle Battery Market:
This study comprises an analytical depiction of the global electric vehicle battery market with current trends and future estimations to depict the imminent investment pockets.
The overall market potential is determined to understand the lucrative trends to gain a stronger foothold in the electric vehicle battery industry.
The report includes information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current market is quantitatively analyzed from 2017 to 2025 to highlight the financial competency of the global electric vehicle battery market.
Porter’s Five Forces analysis illustrates the potency of the buyers and suppliers in this global market.