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Electric Vehicle Battery Market Segmentation By Vehicle Propulsion (Battery Electric Vehicle (BEV) and Plug-In Hybrid Vehicle (PHEV)); By Battery (Lead-acid, Nickel metal Hydride and Lithium-ion); By Vehicle (Passenger Vehicle and Commercial Vehicle) - Global Demand Analysis & Opportunity Outlook 2027

Introduction to Electric Vehicle Battery

The electric vehicle battery is used to power the propulsion of the electric vehicles. It is a rechargeable battery and is used in the electric motorcycles and trucks. The electric batteries are especially designed to reduce the weight of the vehicle and enhance the efficiency of the vehicle. The limited cost of electric vehicle battery coupled with long lifespan increases the demand for the electric vehicle battery. It can be quickly recharged and increases the load capacity of the vehicle.

The electric battery uses the chemical energy stored in the rechargeable battery packs. The electric vehicles are slowly gaining traction as it has relatively high preference in comparison to other transportation system.

Market Size and Forecast

Currently the global electric vehicle battery market is observing vibrant growth on account of increasing number of electric cars, thereby driving the demand of electric vehicle battery market. The rise in the adoption of the electric vehicles on the account of the growing environmental concerns coupled with the increasing initiative of the government regarding the adoption of electric vehicles is driving the market growth of the electric vehicle battery. Additionally, less cost associated with the electric vehicle battery is anticipated to boost the growth of the global electric vehicle battery market during the forecast period.

table global production statistics graph

Electric vehicle battery market is anticipated to record a CAGR of 18.0% over the forecast period. The electric vehicle battery market is expected to showcase a vibrant growth by the end of the forecast period. It expected to attain the market size of USD 120 billion by 2027. The market can be segmented on the basis of vehicle propulsion, battery and vehicle. On the basis of vehicle propulsion, it is sub-segmented into battery electric vehicle (BEV) and plug-in hybrid vehicle (PHEV). Battery electric vehicle is anticipated to be the leading sub-segment during the forecast period. The high adoption of the electric vehicle in the various developing region is anticipated to be the major reason for the growth of the sub-segment. On the basis of battery, it is sub-segmented into lead-acid, nickel metal hydride and lithium-ion.  Lead acid battery sub-segment is anticipated to be the largest sub-segment during the forecast period. The high energy retention capacity of the lithium ion battery coupled with the low maintenance cost associated with the battery is anticipated to boost the growth of the sub-segment during the forecast period. On the basis of vehicle, it is sub-segmented into passenger vehicle and commercial vehicle. The passeneger cars is expected to be the largest sub-segment during the forecast period. The high production of the passengers cars is anticipated to boost the growth of the sub-segment during the forecast period.

electric vehicle battery market images

Growth Drivers

Rising Demand of Electric Vehicle

The growing environmental concern regarding the emission of the harmful elements is expected to increase the demand for the electric vehicles. This is expected to boost the growth of the electric vehicle battery market. Additionally, the favorable government norms related to the electric vehicles is also supporting the growth of the electric vehicle battery market.

Low Cost associated with the electric battery systems

The low cost associated with the electric vehicle battery is driving the overall electric vehicle market during the forecast period. The various manufacturers are focusing on introducing the cost effective solutions which can be used in the automobiles. Thus, it is anticipated to be a growth driver for the market during the forecast period.

Restraints

Pollution Norms

The stringent pollution norms associated with the emissions is anticipated to restrain the growth of the overall market during the forecast period.

Market Segmentation

Our-in depth analysis of the global electric vehicle battery market includes the following segments:

By Vehicle Propulsion:

  • Battery Electric Vehicle (BEV)
  • Plug-In Hybrid Vehicle (PHEV)

By Battery:

  • Lead-acid
  • Nickel metal Hydride
  • Lithium-ion

By Vehicle:

  • Passenger Vehicle
  • Commercial Vehicle

By Region

On the basis of regional analysis, global electric vehicle battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia-Pacific region is expected to be the leading region for the global electric vehicle battery market. The increasing number of the electric vehicle coupled with the supportive government policies in order to increase the use of eco-friendly vehicles is anticipated to drive the growth of the overall electric vehicle battery market during the forecast period. For instance, the India government has started Fame India Scheme in which 99, 000 electric and hybrid vehicles have been given direct support since April 2015. Europe is anticipated to witness substantial growth during the forecast period. The increase adoption of the electric vehicles by some of the European countries is anticipated to boost the growth of the overall market in the region. For instance, France accounted the highest adoption of the electric vehicles which accounted 92 thousand of the total cars. Additionally, the stringent norms pertaining to environment is anticipated to boost the growth of the market in the region.

Global Electric Vehicle Battery Market is further classified on the basis of region as follows:

  • North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis

Key Players

  • Robert Bosch GmbH
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Panasonic
  • LG Chem
  • Johnson Controls International PLC
  • BYD
  • Samsung SDI Co
  • Automotive Energy Supply Corporation
  • GS Yuasa
  • Hitachi Group
  • Lithium Energy Japan
  • Blue Energy Co. Ltd
Factors Covered for Market Penetration
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