The global electric vehicle battery market volume is projected to reach 40.6 million units by 2026, exhibiting a CAGR of 21.1% during the forecast period. Increasing production of electric vehicles will be one of the primary growth drivers of this market. The demand for electric vehicle batteries is driven by the growing to reduce dependence on non-renewable energy sources.
Electric vehicles are expected to play a central role in the global commitment towards attaining sustainable development goals set by the United Nations. This skyrocketing demand and production is further underpinned by the rising concerns regarding rampant pollution and unchecked carbon emissions that are exacerbating the effects of global warming and climate change. With increasing demand for electric vehicles, the demand for their batteries is expected to rise in tandem, expanding the electric vehicle battery market size in the process.
For more information in the analysis of this report, visit:
https://www.fortunebusinessinsights.com/industry-reports/electric-vehicle-battery-market-101700
List of top companies Covered in the ev battery market research report is:
According to the Fortune Business Insights report, titled “Global Electric Vehicle Battery Market Size, Share and Industry Analysis, By Type (Lead Acid Battery, Nickel-Metal Hydride Battery, Lithium-Ion Battery, Others), By Vehicle Type (PHEV, BEV, HEV), and Regional Forecasts, 2019-2026”, the volume of the market stood at 8.6 million units in 2018. The report incorporates actionable research that is aimed at enabling businesses to formulate strategies best suited to the requirements of the market. This is achieved by providing a comprehensive overview of the industry as well as an exhaustive analysis of the various factors, trends, future prospects, and competitive and regional dynamics that will influence the market during the forecast period.
Flooded lead-acid batteries are the cheapest and in past most common traction batteries available. There are two main types of lead-acid batteries: automobile engine starter batteries, and deep cycle batteries. Automobile alternators are designed to provide starter batteries high charge rates for fast charges, while deep cycle batteries used for electric vehicles like forklifts or golf carts, and as the auxiliary house batteries in RV’s, require different multi-stage charging. No lead acid battery should be discharged below 50% of its capacity, as it shortens the battery’s life. Flooded batteries require inspection of electrolyte level and occasional replacement of water which gases away during the normal charging cycle.
Conducive Government Policies to Encourage Adoption
With a view to contain greenhouse gas emissions, governments and regulatory authorities in various countries are designing policies to encourage uptake of electric vehicles which include tax exemptions, subsidies, prioritized availability of credit, and other financial incentives.
For example, the UK announced a registration tax under which electric vehicles priced under £40,000 are fully tax-exempt, while reduced tax rates are applied for plug-in hybrid vehicles. Furthermore, policies are also aimed at attracting investment into developing charging infrastructure for these vehicles. For instance, in Ireland, the government provides an incentive of €2,000for installing an electric car charging station. These incentives will play a key role in shaping the electric vehicle battery market trends in the forthcoming years.
Request a Sample Copy of the Global Electric Vehicle Battery Market Research Report:
Avail customized purchase options to meet your exact research needs:
Interesting Innovation Opportunities to Stimulate Competition
The electric vehicle battery market forecast by Fortune Business Insights says that this market is set to experience intense competition in the coming decade. This is because major players are looking to consolidate their position through launch of innovative products and strategic collaborations to diversify their product offerings.
Asia-Pacific to Hold a Commanding Position in the Market; Europe to Follow
Asia-Pacific is anticipated to dominate the electric vehicle battery market share owing to the increasingly stringent regulations put in place by governments in the region to reduce carbon and GHG emissions. The volume of the market in Europe was at 3.1 million in 2018 and is expected to increase mainly on account of a well-established EV infrastructure.
The other factor favoring growth in this region is the supply of nickel-metal batteries and lithium-ion batteries at competitive prices by companies. Gradual shift towards electric vehicles as a result of volatile oil prices will be the main factor driving the market in North America. Additionally, rising investments in e-mobility ventures coupled with active government support will further fuel this market in the region.
Key Industry Developments:
Major Table of Content:
Have Any Query? Ask Our Experts:
About Us:
Fortune Business Insights offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.
Our reports contain a unique mix of tangible insights and qualitative analysis to help companies achieve sustainable growth. Our team of experienced analysts and consultants use industry-leading research tools and techniques to compile comprehensive market studies, interspersed with relevant data.
At Fortune Business Insights, we aim at highlighting the most lucrative growth opportunities for our clients. We therefore offer recommendations, making it easier for them to navigate through technological and market-related changes. Our consulting services are designed to help organizations identify hidden opportunities and understand prevailing competitive challenges.
Contact Us:
Fortune Business Insights Pvt. Ltd.
308, Supreme Headquarters,
Survey No. 36, Baner,
Pune-Bangalore Highway,
Pune – 411045, Maharashtra, India.
Phone:
US :+1 424 253 0390
UK : +44 2071 939123
APAC : +91 744 740 1245
Email: sales@fortunebusinessinsights.com
Press Release Distributed by The Express Wire
To view the original version on The Express Wire visit Electric Vehicle Battery Market Size, Share and Demand by Top 10 Players in The Globe till 2026