EDINA, Minnesota, March 21, 2018 /PRNewswire/ --
According to a market research report by BIS Research, titled "Global Electric Vehicles Battery Market - Analysis and Forecast (2017-2026)", the global electric vehicles battery market is estimated to reach $93.94 billion by 2026. The demand for electric cars is increasing rapidly, with the global stock numbers crossing 2 million in 2016 after crossing 1 million in 2015. The expected growth in the market for EV batteries is attributed to the increasing collaborations between the key component manufacturers and rising number of OEMs. Moreover, falling battery prices and improved charging infrastructure are expected to be the key factors in the growth of the market. The government bodies are actively promoting the usage of electric vehicles to reduce high emission levels.
Browse 37 market data Tables and 72 Figures spread through 195 Pages and in-depth TOC on "Global Electric Vehicles Battery Market"
Batteries have been used as secondary power sources ever since the introduction of the first automobile. The introduction of hybrid vehicles in the market further increased the importance of battery in the market as the battery was responsible for energy saving functions as well as 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. The evolution of Lithium-ion technology has fuelled the growth rate for batteries over the last two decades. While initial hybrids used Nickel Metal Hydride (NiMH) batteries, Li-ion batteries have been the primary solutions for automakers to power Plug-In Hybrid Electric Vehicles (PHEVs) and Battery Electric Vehicles (BEVs). The high energy density and charge retention capacity along with low maintenance are some of the benefits that have accelerated the growth of Li-ion as a battery technology. Automobile manufacturers introducing BEVs and PHEVs in the market are further enhancing the technology and are anticipated to offer Li-ion powered solutions as a primary power source in their vehicles within the forecast period.
According to Surabhi Rajpal, Senior analyst at BIS Research, "The current scenario has seen the dominance of Lithium-ion batteries as the primary power source for pure electric vehicles as well as PHEVs. While other alternate battery technologies such as Nickel Metal Hydride and Hydrogen fuel cells are also present in the market, Lithium-ion technologies are expected to be the most prominent in terms of usage. Factors such as high energy density, long cycle life, and relatively higher performance parameters make lithium-ion technologies the most lucrative battery system available in the market."
The market has been divided on the basis of propulsion type, component type, vehicle type, and by different geographical regions. 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 BEV 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 PHEV. Factors, such as the growing demand for zero emission vehicles, government initiatives, and improved charging infrastructure are responsible for the growth of BEV and thus, leading to the growth of battery market for BEV. During the forecast period, the electric vehicle battery market for passenger cars is expected to grow at a faster rate as compared to commercial vehicles owing to factors, such as increasing demand for electric cars, stringent governmental regulations, and high energy density of batteries.
The Asia-Pacific (APAC) region dominated the global electric vehicles battery market by value and accounted for a share of 79.5% in 2016. The APAC automotive electric vehicles battery market is majorly dominated by the South Asian countries comprising of some of the biggest automotive producers in the world. The development of electric vehicles is gaining attention due to collective efforts from the government and manufacturers to initiate reforms and further enhance technologies which will promote the sale of these vehicles and make them economically efficient for use.
This market intelligence report provides a detailed analysis of the key growth drivers and restraining forces of the global electric vehicles battery market, with an extensive insight into various forms of developments, trends, and key participants in the market. 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 high 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.
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The market report includes a thorough analysis of the market trends and size, along with the market estimation based on the key geographical regions. Providing detailed financial analysis of the key players in the market, the report provides individual SWOT analysis of each company. Some of the key players in the electric vehicles market are automakers, such as Tesla Inc. (U.S.), BYD Company Limited (China), Volkswagen AG (Germany), and General Motors (U.S.). Some of the EV battery manufacturers include Samsung SDI (South Korea), Automotive Energy Supply Corporation (Japan), LG Chem. (South Korea), Panasonic Corporation (Japan), and GS Yuasa International (Japan). The key strategies being adopted by the market players to attain their respective market shares in this emerging domain are joint ventures, collaborations, partnerships, contracts, and product launches.
This report is a meticulous compilation of research on more than 100 players in the electric vehicles ecosystem and draws upon insights from the in-depth interviews of the key opinion leaders, market participants, and vendors.
The report addresses the following questions about the global electric vehicles battery market:
• 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 start-ups in the EV ecosystem? How do the start-ups contribute to the overall market for EV batteries?
• Which is the dominant vehicle by propulsion type in terms of value during the forecast period?
• Which vehicle type will lead by value 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?
About BIS Research:
BIS Research is a global B2B market intelligence and advisory firm which focuses on those emerging trends in technology which are likely to disrupt the dynamics of the market.
With over 150 market research reports published annually, BIS Research focuses on Healthcare, Automotive, Aerospace and Agriculture and other key industries that are seeing rapid technological disruption.
Our in-depth market intelligence reports focus on the market estimations, technology analysis, emerging high-growth applications, deeply segmented granular country-level market data and other important market parameters useful in the strategic decision making for senior management.
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