Global EV Battery Market to Reach $93.94 Bn by 2026

The automotive industry is one of the largest and fastest-growing industries within the manufacturing sector. Driven largely by innovation and consumer preference, the industry has advanced swiftly over the years owing to the rapid technological changes taking place within the ecosystem. Perhaps one of the most prominent changes in the last decade has been the introduction of Electric Vehicles (EVs) and the subsequent growth in its market. The development of electric vehicles has been a collective effort from governments, authorities, and manufacturers to tackle the deteriorating condition of the environment. Factors, such as rapid urbanization and growing population have led to major global concerns that are hampering the atmosphere and the climatic conditions.

Global warming and burgeoning pollution levels are some of the alarming environmental concerns that have encouraged manufacturers to introduce alternate sources of energy to run automobiles. A major part of the success or failure of electric vehicles depends on the technology and performance delivered by the main component of an electric vehicle viz. the electric vehicle battery. Batteries have been used as secondary power sources ever since the introduction of the first automobile. Furthermore, the introduction of hybrid vehicles in the market increased its importance as the battery was responsible for energy saving functions along with the conventional electrical operations within the automobile. As the demand for conventional vehicles increased rapidly, the conventional lead acid battery used in gasoline-powered vehicles dominated the market for batteries. However, in the current scenario, the conventional vehicles powered by petrol and diesel are being described as the major sources of pollution, as the gases released from the exhaust of these cars contain fumes that are harmful for the atmosphere.

The report provides an in-depth analysis of the current battery technologies that are being used to power electric vehicles. Lithium-ion battery technologies are expected to be the most prominent solution to power EVs in the near future. With the demand for EVs expected to increase significantly during the forecast period, the report discusses the possible short-term and long-term impact of extensive demand on EV batteries and on the various raw materials that are used in its manufacturing. The report also sheds light upon the current scenario of the market, discussing the various patents, regulations, and technological advancements that are encouraging the growth of the entire EV ecosystem. A detailed analysis of the various start-ups within the EV ecosystem is also provided along with their impact on the overall automotive industry.

According to the latest research report by BIS Research, titled ?Global Electric Vehicles Battery Market: Analysis & Forecast – 2017-2026’, global electric vehicles battery market has been fundamentally benefiting from the changing paradigms in governmental regulations and increasing environmental awareness among the consumers. The global electric vehicles battery market by propulsion type has been categorized into: Battery Electric Vehicle (BEV), and Plug-in Hybrid Electric Vehicle (PHEV). The battery market for Battery Electric Vehicles (BEVs) held the highest share and accounted for 71.3% share in 2016 and is also expected to grow at a faster rate as compared to Plug-in Hybrid Electric Vehicles (PHEVs).

Few Companies Mentioned in the Report:
Tesla Inc. (U.S.) • BYD Company Limited (China) • Volkswagen AG (Germany) • General Motors (U.S.).
Samsung SDI (South Korea) • Automotive Energy Supply Corporation (Japan) • LG Chem. (South Korea) • Panasonic Corporation (Japan) • GS Yuasa International (Japan).

Key Questions Addressed in the Report:

  • What is the global electric vehicles battery market size in terms of value in the period 2017-2026?
  • What is the rate of penetration of electric vehicles across the different regions and who are the leading players in the market for electric vehicles and electric vehicle batteries?
  • What are the current preferences of the market for electric vehicle batteries with respect to the manufacturer and consumer?
  • What are the various factors that are driving the global market for EV batteries during the forecast period?
  • What are the different factors challenging the growth of the EV battery market?
  • What are the various prominent battery technologies in the current market that are used to power EVs? Which technologies possess the highest potential and why?
  • How is the cost of the EV battery going to vary during the forecast period? What are the possible short-term and long-term implications of the changes in the price of the EV battery?
  • What is the role of the start-ups in the EV ecosystem? How do the start-ups contribute to the overall market for EV batteries?
  • Which will be the dominant vehicle by propulsion type in terms of value during the forecast period?
  • Which vehicle type will lead by volume in the global electric vehicles battery market by the end of the forecast period?
  • Which type of new strategies are being adopted by the existing market players to make a mark in the industry?
  • Which region will lead the global electric vehicles battery market by the end of the forecast period?

Read more on ASDReports!

Source: ASDReports - Market Research
Date: Mar 22, 2018