Global Electric Vehicle Battery Market to Reach 40.6 Million Units, to Surge at a 21.1% CAGR; BYD Auto Launches World’s First Lengthiest Electric Bus

(The Express Wire via Comtex)

Electric Vehicle Battery Market to Witness Huge Growth by 2026 | Leading Key Players BYD Company Ltd., GS Yuasa International Ltd., SAMSUNG SDI CO., LTD., LG Chem, Tesla Inc., Toshiba Corporation, Johnson Controls International Plc., Hitachi Chemical Co., Ltd.

The global electric vehicle battery market volume is projected to reach 40.6 million units by 2026, exhibiting a CAGR of 21.1% during the forecast period. Increasing production of electric vehicles will be one of the primary growth drivers of this market. The demand for electric vehicle batteries is driven by the growing to reduce dependence on non-renewable energy sources.

Electric vehicles are expected to play a central role in the global commitment towards attaining sustainable development goals set by the United Nations. This skyrocketing demand and production is further underpinned by the rising concerns regarding rampant pollution and unchecked carbon emissions that are exacerbating the effects of global warming and climate change. With increasing demand for electric vehicles, the demand for their batteries is expected to rise in tandem, expanding the electric vehicle battery market size in the process.

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Conducive Government Policies to Encourage Adoption

With a view to contain greenhouse gas emissions, governments and regulatory authorities in various countries are designing policies to encourage uptake of electric vehicles which include tax exemptions, subsidies, prioritized availability of credit, and other financial incentives. For example, the UK announced a registration tax under which electric vehicles priced under £40,000 are fully tax-exempt, while reduced tax rates are applied for plug-in hybrid vehicles. Furthermore, policies are also aimed at attracting investment into developing charging infrastructure for these vehicles. For instance, in Ireland, the government provides an incentive of €2,000for installing an electric car charging station. These incentives will play a key role in shaping the electric vehicle battery market trends in the forthcoming years.

Prominent Players:

  • BYD Company Ltd.
  • GS Yuasa International Ltd.
  • LG Chem
  • Tesla Inc.
  • Toshiba Corporation
  • Johnson Controls International Plc.
  • Hitachi Chemical Co., Ltd.

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Asia-Pacific to Hold a Commanding Position in the Market; Europe to Follow

Asia-Pacific is anticipated to dominate the electric vehicle battery market share owing to the increasingly stringent regulations put in place by governments in the region to reduce carbon and GHG emissions. The volume of the market in Europe was at 3.1 million in 2018 and is expected to increase mainly on account of a well-established EV infrastructure. The other factor favoring growth in this region is the supply of nickel-metal batteries and lithium-ion batteries at competitive prices by companies. Gradual shift towards electric vehicles as a result of volatile oil prices will be the main factor driving the market in North America. Additionally, rising investments in e-mobility ventures coupled with active government support will further fuel this market in the region.

Some major points from Table of Content:

1. Introduction

1.1. Research Scope

1.2. Market Segmentation

1.3. Research Methodology

1.4. Definitions and Assumptions

2. Executive Summary

3. Market Dynamics

3.1. Market Drivers

3.2. Market Restraints

3.3. Market Opportunities

4. Key Insights

4.1 Mergers, Acquisitions and Partnerships

4.2 Distributor Analysis For Major Players

4.3 Growth and Penetration Analysis

4.4 Porter’s Five Forces Analysis

4.5 PEST Analysis

4.6 Vendor landscape

5. Global Electric Vehicle Battery Market Analysis, Insights and Forecast, 2015-2026

5.1. Key Findings / Summary

5.2. Market Analysis, Insights and Forecast By Type

5.2.1 Lead Acid Battery

5.2.2 Nickel-Metal Hydride Battery

5.2.3 Lithium-Ion Battery

5.2.4 Others

5.3. Market Analysis, Insights and Forecast By Vehicle Type

5.3.1 PHEV

5.3.2 BEV

5.3.3 HEV

5.4. Market Analysis, Insights and Forecast By Region

5.4.1 North America

5.4.2 Europe

5.4.3 Asia pacific

5.4.4 Rest of the World

6. North America Electric Vehicle Battery Market Analysis, Insights and Forecast, 2015-2026

6.1. Key Findings / Summary

6.2. Market Analysis By Type

6.2.1 Lead Acid Battery

6.2.2 Nickel-Metal Hydride Battery

6.2.3 Lithium-Ion Battery

6.2.4 Others

6.3. Market Analysis By Vehicle Type

6.3.1 PHEV

6.3.2 BEV

6.3.3 HEV

6.4. Market Analysis By Country

6.4.1 U.S.

6.4.2 Canada

6.4.3 Mexico

7. Europe Electric Vehicle Battery Market Analysis, Insights and Forecast, 2015-2026

7.1. Key Findings / Summary

7.2. Market Analysis By Type

7.2.1 Lead Acid Battery

7.2.2 Nickel-Metal Hydride Battery

7.2.3 Lithium-Ion Battery

7.2.4 Others

7.3. Market Analysis By Vehicle Type

7.3.1 PHEV

7.3.2 BEV

7.3.3 HEV

7.4. Market Analysis By Country

7.4.1 U.K.

7.4.2 Germany

7.4.3 France

7.4.4 Rest of Europe

8. Asia pacific Electric Vehicle Battery Market Analysis, Insights and Forecast, 2015-2026

8.1. Key Findings / Summary

8.2. Market Analysis By Type

8.2.1 Lead Acid Battery

8.2.2 Nickel-Metal Hydride Battery

8.2.3 Lithium-Ion Battery

8.2.4 Others

8.3. Market Analysis By Vehicle Type

8.3.1 PHEV

8.3.2 BEV

8.3.3 HEV

8.4. Market Analysis By Country

8.4.1 Japan

8.4.2 China

8.4.3 India

8.4.4 South Korea

8.4.5 Rest of Asia Pacific


Highlights of the Report

  • In-depth analysis of various insights, namely, Electric Vehicle Battery Market trends, growth drivers, opportunities, and other related challenges.
  • Comprehensive details of key market players, their core competencies, and market shares.
  • The potency of suppliers and buyers to make better business decisions.
  • Lists out the market size in terms of volume.

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