Primary Drivers and Top Barriers
Over the past few years, consumers have become more inclined towards battery electric vehicles, since these require no fuel like diesel, gasoline and petrol, and also require low maintenance cost, reducing the overall expenses. The German Federal Motor Transport Authority recently revealed that there had been a surge of about 61% in the sale of plug-in electric vehicles (EV) in 2018, compared to that the previous year. Therefore, the environmental-friendly aspect of the electric vehicles can significantly boost the growth of the electric vehicle battery market in the coming years.
Rising global concerns with respect to the ill effects of climate change combined with the alarming surge in the pollution levels in major cities has led to higher demand for electric vehicles. Another factor responsible for the strong demand for electric vehicles can be the strong back up offered by a number of governmental agencies, striving to drive the sale of electric vehicles. This factor is also poised to stimulate the growth of the electric vehicle battery market in the following years.
Furthermore, the market growth is also the result of the soaring demand for zero-emission vehicles, affordability of the electric vehicle battery system along with the mounting awareness about the climate change all over the world.
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Market Segmentation
To better examine the global market for electric vehicles battery, MRFR experts have segmented it into battery type, vehicle technology and end market.
The various battery types mentioned in the report are lead acid battery, lithium ion battery, nickel hydride battery and others. Between these, lithium ion battery is projected to be the leading segment in the market, with nickel hydride battery and lead acid battery coming in second and third, respectively.
Vehicle technology-based market segments are plug-in hybrid electric vehicles, hybrid electric vehicles, battery electric vehicles, and others. The battery electric vehicles are expected to control the market, trailed by hybrid electric vehicles.
The end markets are original equipment manufacturers (OEMs) as well as aftermarket.
Regional Insight
The global market for electric vehicles battery is regionally dissected into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
In 2016, APAC was the most lucrative market for electric vehicle battery, trailed by North America and Europe. Countries like India, South Korea, China and Japan are leading the regional market for electric vehicles battery. The region’s dominance is predicted to continue over the review period on account of the rising demand among consumers as well as high penetration of EV battery in various countries in the region. Some other important factors that induce market growth in the region include numerous government initiatives along with stringent policies like road–tax exemption, as well as economic subsidies in the region.
Europe and North America together form a formidable market for electric vehicle battery, thanks to the rising demand for electric cars paired with the soaring awareness about ecofriendly vehicles. Europe has noted a surge in the sales of modern electric vehicles, which has led to the substantial demand for electric vehicles battery. Germany, France and the United Kingdom (UK) are the most profitable markets for electric vehicle battery in the region.
Top Vendors
Top vendors in the worldwide market for electric vehicles battery are Crown Battery Corporation (US), BYD Company Limited (China), LG Chem Ltd (South Korea), Automotive Energy Supply Corporation (Japan), Panasonic Corporation (Japan), Johnson Controls International (US), Narada Power Source (China), Quallion (US), Tianneng Power International (China), Boston-Power (US), GS Yuasa Corporation (Japan), Hitachi Chemical Company (Japan), to mention a few.
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Key Questions Addressed by the Report
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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