The latest market report published by Credence Research “Global Electric Vehicle Battery Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market raised revenue of near about USD 26.62 billion in 2020 and predicted to exhibit a CAGR of over 24.16% in the upcoming years from 2021 to 2027 to reach around USD 78.11 billion in 2027.
Global Electric Vehicle Battery Market, 2020 – 2027 (USD Billion)
Browse the full report at https://www.credenceresearch.com/report/electric-vehicle-battery-market
With the enhanced battery technology and increasing customer interest to decrease vehicle carbon footprint, passenger car segment has registered larger market in the electric vehicles (EVs). The main determinant for surging the driving range per recharge and decreasing the price of EVs is the advancement of electric vehicles batteries. In order to create lighter and smaller, and store more energy, new cell chemistries are generated for these batteries. Thus, enabling EV to compete with the conventional vehicles.
Key Trends in Global Electric Vehicle Battery Market
Surged Demand for Zero-Emission Vehicles
Concerns about the detrimental effects of climate change, as well as alarming levels of emissions in major cities, have fueled a significant market for electric vehicles. The increased demand for fuel-efficient vehicles has been fueled by rising gasoline and diesel prices. The increase in fuel prices is due to the depletion of fossil fuel reserves, as well as a growing trend among businesses to maximize profits from these reserves. Both of these factors have combined to increase the market for advanced fuel-efficient technology, resulting in a boom in demand for travel vehicles powered by electricity.
Battery-as-a-service model (BaaS) is introduced
Battery-as-a-service (BaaS) and battery swapping are two business models that permit users to alter EV batteries after they have been discharged. Thus, saving drivers time recharging the batteries, and boosting customer loyalty and solving one of the key reasons people don’t buy electric vehicles.
Several Chinese electric vehicle battery manufacturers, including NIO, use the BaaS model, which separates the battery from the vehicle. Instead of purchasing a battery with the EV, the BaaS model allows EV vendors to have rental services for battery on a monthly basis. Consumers benefit from the model in two ways: they can save money on battery costs and they don’t have to think about battery devaluation.
Global Market by Battery Type Insights
Lithium-Ion Battery, Nickel-Metal Hydride Battery, Lead Acid Battery, are some of the Battery Type of market. The most popular battery type which is used in contemporary electric vehicles is lithium-ion. As compared to nickel-metal hydride or lead-acid batteries, these batteries have a higher energy capacity. They are preferred in the automotive industry due to their small scale. For instance, Nissan company’s lithium-ion battery technology permits higher density of lithium ions deposition, allowing for longer travel time. Because of their capacity, expense, weight, and scale, advanced batteries and super capacitors cannot substitute lithium-ion batteries.
Lithium-Ion Battery Segment to dominate the global market
Global Electric Vehicle Battery Market by Battery Type, 2020
Global Electric Vehicle Battery Market by Vehicle Type Insights
Global Electric Vehicle Battery market is segmented based on Vehicle Type as BEV, PHEV and HEV. BEV accounted for the largest share of global market in 2020. The rising fuel economy regulations and quota systems introduced by government agencies in emerging economies are the main cause of this development.
Global Electric Vehicle Battery Market Share by Vehicle Type, 2020
Global Electric Vehicle Battery Market by Regional Insights
In terms of sales, Asia Pacific brought in the major share in 2020. Because of the significant contributions of South Korea, Japan, and China, the region is expected to dominate the market in the coming years. These countries are regarded as important hubs for the production of electric vehicle batteries. Original equipment manufacturers (OEMs) in North America are primarily focused on eliminating concerns about battery sourcing from a single area. This aspect would aid the region’s growth in the foreseeable future.
Global Electric Vehicle Battery Market Competitive Landscape
Most prominent players in the global market include A123 Systems LLC, Bosch Mobility Solutions, Automotive Energy Supply Corporation (AESC), BYD Co., Ltd., Hitachi Automotive Systems Ltd., Bosch Mobility Solutions, Contemporary Amperex Technology Co., Limited, E-One Moli Energy Corporation and Johnson Controls, Inc. The report covers very detailed profiles of these key players.
Global Electric Vehicle Battery Market, Company Distribution Network, 2020
Global Electric Vehicle Battery Market by Battery Type, 2015 – 2027
· Lead Acid Battery
· Nickel-Metal Hydride Battery
· Lithium-Ion Battery
Global Electric Vehicle Battery Market by Vehicle Type, 2015 – 2027
Global Electric Vehicle Battery Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Electric Vehicle Battery Market: Key Players
· A123 Systems LLC
· Automotive Energy Supply Corporation (AESC)
· Bosch Mobility Solutions
· BYD Co., Ltd.
· Contemporary Amperex Technology Co., Limited
· E-One Moli Energy Corporation
· Hitachi Automotive Systems Ltd.
· Johnson Controls, Inc.