According to SPER Market Research, The advancement of lithium-ion technology has accelerated the growth rate of batteries during the past 20 years. NiMH batteries, which were first utilized in hybrid vehicles to power plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles, have mostly been supplanted by Li-ion batteries (BEVs). Li-ion battery technology has the benefits of high energy density, charge holding capacity, and simplicity of maintenance. It is anticipated that when manufacturers add BEVs and PHEVs to the EV battery market, Li-ion powered solutions would serve as the primary power source in their vehicles.
Electric Vehicle Battery Market Overview:
- Forecast CAGR (2022–2032): 20.15%
- Forecast Market Size (2032): 353.60 billion
Since various sectors have stopped operating as a result of the COVID-19 outbreak, the global economy has been negatively affected. Global demand for electric vehicles has decreased as a result of the COVID-19 outbreak, mostly as a result of lockdowns and job losses. In addition, a number of government agencies buy electric cars for use in transportation. Because of the pandemic, government organisations have been forced to spend more on healthcare and related infrastructure and less on public transit. Most hybrid EV battery supply chain companies have ceased operations to preserve worker safety. However, several companies only operate at the absolute minimal levels to support the transportation sector.
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Electric Vehicle Battery Market Key Market Players:
The study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as: Beijing Pride Power Battery Technology Co Ltd, BYD Company Limited (BYD Auto Co. Ltd.), Enersys, GSR Capital, LG Chem Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Tianneng Power International Limited, Wanxiang Group Corporation.
Global EV Battery Market Segmentation:
By Propulsion Type: Based on the Propulsion Type, Global EV Battery Market is segmented as; Battery Electric Vehicle, Hybrid Electric Vehicle, Plug in Hybrid Electric Vehicle.
By Battery: Based on the Battery Type, Global EV Battery Market is segmented as; Lead Acid Battery, Nickel Metal Hydride Battery, Lithium-ion Battery.
By Vehicle: Based on the Vehicle, Global EV Battery Market is segmented as; Passenger Car, Commercial Vehicle, Two-Wheeler.
By Region: Due to urbanization and increased buying power in various nations, including China, India, Malaysia, and Japan, Asia Pacific is the largest region for EV batteries and is anticipated to have quicker growth throughout the projected period. Demand is further anticipated to increase throughout the projection period due to the government’s emphasis on converting two- and three-wheelers into electric cars. Additionally, consumer awareness of clean energy and the fact that China is the world’s largest producer of electric cars and that India is the top importer of lithium-ion batteries are all expected to boost revenue growth.
This report also provides the data for key regional segments of North America, Europe, Asia-Pacific and Rest of the World.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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