Global warming and rapidly increasing pollution level are some of the alarming environment concerns that have led the manufacturers in the automotive industry to opt for the alternative sources of energy. Batteries have been used as a secondary source of energy ever since the introduction of the first automobile. According to the market intelligence report by BIS Research titled, ‘Global Electric Vehicles Battery Market- Analysis and Forecast (2017-2026), the market is expected to register a CAGR of approximately 20% during the forecast period. This tremendous market growth is attributed to the increasing demand for electric vehicles, stringent governmental regulations, and high energy density of batteries. Further, the electric vehicle market is driven by the changing paradigms in governmental regulations and increasing environmental awareness among the consumers.
Based on the propulsion type, the electric vehicles market can be divided into Battery Electric Vehicles (BEV), and Plug-In Hybrid Electric Vehicles (PHEVs). The battery electric vehicles dominated the market and accounted for 71.3% share in the year 2016. This segment is expected to continue its dominance in the future owing to the growing demands for zero-emission vehicles, government initiatives in this direction, as well as improved charging infrastructures. Further, the electric vehicle market for passenger cars is expected to grow at a faster rate as compared to commercial vehicles. In addition to this, the introduction of hybrid vehicles in the market has increased its importance as the battery is responsible for energy saving functions along with the conventional electrical operations within the automobile.
The market for electric vehicles depends mainly on the development of its primary component i.e., the EV batteries. Over the past few years, the market for EV battery has developed significantly, owing to the high demand for electric vehicles. To sustain in the market, the market players developed lithium-ion batteries, which meet all the requirements to run a vehicle. Lithium-ion batteries are expected to be the most prominent solution to power EVs in the forthcoming period. Some of the prominent market players in this industry are Tesla Inc.(U.S.), BYD Company Limited (China), Volkswagen AG(Germany), and General Motors (U.S.), among others.
Based on region, the electric vehicles battery market is segmented into North America, Europe, and Asia- Pacific. APAC is dominating the market due to the presence of biggest automotive producers in the South- Asian countries. Furthermore, the market in this region is growing rapidly due to the collective efforts taken by the government and manufacturers to initiate reforms and development of the technology to garner the attraction of the consumers. At present, China is the largest market for EV battery due to a significant demand for EVs, coupled with the largest consumer base in the world.
BIS Automotive has conducted an extensive research on the global electric vehicles battery market and compiled the observation and insight in this report. The market intelligence report aims at providing an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints, and opportunities prevailing in the industry.
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