Electric Vehicle Battery Market Report by Technology, Industry Share and Size Expansion to 2027 | Fortune Business Insights™
Electric Vehicle Battery Market is set
to gain impetus from the increasing development of new battery chemistries for
electric vehicles (EVs) worldwide. Nowadays, people are inclined towards
lithium-nickel-manganese-cobalt-aluminum oxide (NMCA) composition as they
provide higher energy density and longer life cycles.
This information is given by Fortune
Business Insights™ in a new report, titled, “Electric Vehicle Battery Market Size,
Share & COVID-19 Impact Analysis, By Battery Type (Lead Acid Battery,
Nickel-Metal Hydride Battery, Lithium-Ion Battery, Others), By Vehicle Type
(PHEV, BEV, HEV), and Regional Forecast, 2020-2027.” The report further
states that the market size was USD 71.83 billion in 2019 and
is projected to reach USD 82.20 billion by 2027, exhibiting a
CAGR of 6.6% during the forecast period.
COVID-19 to Impact Demand Severely
Backed by Surging Price of Lithium Hydroxide
The emergence of the COVID-19 pandemic
has created severe disruptions in supply chains as the prominent manufacturers
were operating from the Hubei province. Being the epicenter of the coronavirus,
the area was immediately brought under complete lockdown. The price of lithium
hydroxide is also surging. It is further resulting in greater production costs
and logistical difficulties. We are delivering elaborate reports specially
curated for our clients to help them better understand the condition of the
market amid the pandemic.
This Report Answers the Following
Questions:
- What are the market dynamics, drivers, and opportunities?
- Which key players would procure the largest revenue in the market?
- Which region is set to exhibit the highest growth in the global
market?
- What are the strategies adopted by prominent companies to surge
sales of electric vehicle batteries?
Drivers & Restraints
Rising Awareness Programs about Climate
Change to Spur Demand
EVs have multiple emission advantages
over the traditional internal combustion engine vehicles. The former is capable
of utilizing and developing renewable energy resources. They also don’t emit
harmful gases in the atmosphere. Apart from that, the rising number of
awareness programs about rapid climate change is compelling the regulatory
bodies to deploy strict norms and regulations on fuel economy. They are also
nowadays promoting the development of EVs through multiple initiatives, such as
providing incentives to manufacturers. However, the lack of charging
infrastructure may hinder the usage of EVs in developing nations, further
restraining the electric vehicle battery market growth in the coming years.
Segment
BEV Segment to Hold the Largest Share
Fueled by Government Regulations on Fuel Economy
Based on vehicle type, the battery
electric vehicle (BEV) segment is set to hold the largest electric vehicle
battery market share in 2019. This growth is attributable to the rising fuel
economy regulations and quota systems implemented by the government agencies in
the emerging economies.
Regional Analysis
Increasing Availability of EV Batteries
to Position Asia Pacific at the Forefront
In 2019, Asia Pacific earned USD 35.39
billion in terms of revenue. The region is anticipated to dominate the market
throughout the forthcoming years because of the major contributions of South
Korea, Japan, and China. These countries are considered to be significant
manufacturing hubs for electric vehicle batteries. In North America, the
original equipment manufacturers (OEMs) are mainly focusing on removing the
concerns regarding battery sourcing from a single region. This factor would
help the region to grow in the near future.
Competitive Landscape
Key Players Participate in
Collaboration & Novel Product Launches to Intensify Competition
The market for electric vehicle
batteries houses several renowned manufacturers, such as Panasonic, Samsung,
BYD, and LG Chem. Some of them are participating in a collaboration strategy to
co-develop new products, while the others are aiming to launch innovative
electric vehicle batteries for strengthening their positions.
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Electric Vehicle Battery Market Analysis, Insights and
Forecast, 2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Battery Type
- Lead Acid Battery
- Nickel-Metal Hydride Battery
- Lithium-Ion Battery
- Others
- Market Analysis, Insights and Forecast – By Vehicle Type
- Battery electric vehicle (BEV)
- Plug-in hybrid electric vehicle (PHEV)
- Hybrid electric vehicle (HEV)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
TOC Continued…!
List of the Leading Companies Profiled
in the Global EV Battery Market are:
- GS Yuasa International Ltd. (Kyoto, Japan)
- BYD Company Ltd. (Shenzhen, China)
- LG Chem (Seoul, South Korea)
- Tesla (California, US)
- Panasonic Corporation (Osaka, Japan)
- Samsung SDI CO., LTD (Seoul, South Korea)
- Hitachi Chemical Co., Ltd. (Tokyo, Japan)
- Contemporary Amperex Technology Co., Limited (CATL) (Ningde, China)
Below are two of the most recent
industry developments:
March 2020: BYD officially launched its latest blade-shaped
battery for eliminating the rising concerns about battery safety in electric
vehicles. The company unveiled the new product at an online event called the
‘Blade Battery – Unsheathed to Safeguard the World.’
February 2020: Lucid Motors joined hands with LG Chem, a
renowned electric vehicle battery supplier for its Lucid Air pure-electric
sedan. The full production of this latest sedan is set to begin in late 2020 at
the company’s modernized factory in Casa Grande.
Browse a detailed summary of the pages
research report with ToC:
https://www.fortunebusinessinsights.com/industry-reports/electric-vehicle-battery-market-101700
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