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Electric Vehicle Battery Market Expected To Enhance USD 38.6 Billion By 2025 | Grand View Research,Inc.

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Electric Vehicle Battery Market Expected To Enhance USD 38.6 Billion By 2025 | Grand View Research,Inc.

October 09
02:44 2019
Electric Vehicle Battery Market  Expected To Enhance USD 38.6  Billion By 2025 | Grand View Research,Inc.
According to report published by Grand View Research,the growing preference for e-mobility and the subsequent rise in the popularity of electric vehicles (EVs) is expected to drive the market growth. Several countries have taken a lead in deploying various EVs, including two wheelers, buses, and other commercial vehicles.

According to a report, “ Electric Vehicle Battery Market Size, Share & Trends Analysis Report By Battery Type (Lithium-Ion, Lead-Acid, Nickel-Metal Hydride, Sodium-Ion), By Vehicle Type, By Propulsion, By Region, And Segments Forecasts, 2019 – 2025 ”, published by Grand View Research, Inc., The global electric vehicle battery market size is expected to reach USD 38.6 billion by 2025, registering a CAGR of 16.7% from 2019 to 2025, according to the new report from Grand View Research, Inc. The growing preference for e-mobility and the subsequent rise in the popularity of electric vehicles (EVs) is expected to drive the market growth. Several countries have taken a lead in deploying various EVs, including two wheelers, buses, and other commercial vehicles.

Increasing efforts to reduce the production cost of electric vehicle batteries is prompting manufacturers to invest in developing countries, including China, India, and Mexico. Having realized the potential for economic development in emerging economies, some large plants for manufacturing batteries have already been planned in Asia Pacific. At the same time, the rising fuel prices coupled with increasing environmental concerns are prompting several governments to encourage the adoption of EVs.

EVs require more battery power because apart from functions, such as GPS navigation system, power windows, air-conditioning systems, and dashboard displays, which are powered by a battery, their entire drivetrain is dependent on battery power. Advances in battery technology have led to the advent of batteries that can cater not only to the conventional battery-driven functions but also to the drivetrain. Such favorable advances in battery technology are expected to drive the market growth.

In several metropolitan cities across the world, city administrations are drafting policies to support the deployment of electric vehicle supply equipment (EVSE) and rollout of adequate charging stations. For instance, in the Netherlands, the metropolitan area of Amsterdam has adopted a demand-based approach for deploying its EVSE network and making it accessible to owners of EVs. Similarly, a multi-government policy forum named Electric Vehicle Initiative (EVI) was established in 2009 under the Clean Energy Ministerial (CEM) to monitor and encourage the adoption of EVs across the globe. The International Energy Association (IEA) is serving as the EVI coordinator.

Ask Our Industry Expert for More Details on Report – https://www.grandviewresearch.com/inquiry/6634/ibb

At present, EVs account for a relatively smaller share in the overall automobile sales. However, favorable regulatory initiatives are expected to trigger the adoption of EVs and subsequently open growth opportunities for the market for over the forecast period. For instance, the Paris Agreement endorsed by the European Union, the U.S., and Japan to support zero-emission vehicles is conducive to an increase in the sales of EVs.

Global electric vehicle battery market

Further key findings from the report suggest:

  • Continued efforts by automotive manufacturers to produce more vehicles with electric drivetrains is necessitating the use of lithium-ion batteries for onboard energy storage

  • The battery electric vehicle (BEV) segment dominated the market in 2018 and is expected to continue being the largest segment over the forecast period. The plug-in hybrid electric vehicle (PHEV) segment is anticipated to register the highest CAGR over the forecast period

  • Companies based in Europe and North America have entered the Chinese market either by setting up manufacturing units in China or by striking strategic partnerships with Chinese companies

  • The evolving automotive industry in Indonesia, Mexico, India, Vietnam, and Thailand bodes well for the market growth over the forecast period

  • Advances in battery technology coupled with the growing preference for hybrid vehicles and zero-emission EVs are expected to drive the electric vehicle battery demand over the forecast period

  • The electric vehicle battery market growth largely depends on the policies drafted by governments and government agencies to encourage the adoption of EVs and deployment of charging infrastructure.

Propulsion Insights

Based on propulsion, the market has been further segmented into battery electric vehicle (BEV), and plug-in hybrid electric vehicle (PHEV). The BEV segment dominated the market in 2018 and is estimated to remain the largest segment dominant over the forecast period. On the other hand, the PHEV segment is anticipated to exhibit the highest CAGR from 2019 to 2025. The BEV segment is particularly expected to gain high traction in emerging economies owing to the fuel economy regulations.

Global electric vehicle battery market

While a BEV relies entirely on rechargeable battery packs, the battery of a PHEV can be recharged from an external source of electricity as well as using the on-board engine and generator. China has been the largest market in terms of sales and production of battery electric vehicles (BEVs). The growing popularity of mini battery electric vehicles with battery packs are also expected to drive the growth of the market for electric vehicle battery. Given the rising demand, vendors are scaling up battery production while also trying to strengthen their margins and ensuring price competitiveness.

Browse Related Report: 

  • Automotive Airbag And Seat Belt MarketGrowing awareness regarding the importance of implementing passive safety systems, such as airbags and seatbelts, among consumers is also likely to augment market expansion. Governments, especially in emerging nations including India, and China, are increasingly making amendments and introducing new regulations to ensure enhanced road safety.
  • Dashboard Camera Market  –  The global demand for dash cams is expected to witness a substantial rise owing to growing preference among motorists for such devices in order to seek additional legal protection in case of accidents and road mishaps. There has been an increase in awareness regarding the benefits of car digital video recorders (DVRs) among the global population, which is attributed to frequent news occurrences displaying footage of road accidents and crashes captured by such devices.

Grand View Research has segmented the electric vehicle battery market on the basis of battery type, vehicle type, propulsion, and region:

Electric Vehicle Battery Type Outlook (Revenue, USD Million, 2014 – 2025)

  • Lithium-Ion

  • Lead-Acid

  • Nickel-Metal Hydride

  • Sodium-Ion

  • Others

Electric Vehicle Battery Vehicle Type Outlook (Revenue, USD Million, 2014 – 2025)

  • Passenger Vehicles

  • Commercial Vehicles

Electric Vehicle Battery Propulsion Outlook (Revenue, USD Million, 2014 – 2025)

  • Battery Electric Vehicle (BEV)

  • Plug-In Hybrid Electric Vehicle (PHEV)

Electric Vehicle Battery Region Outlook (Revenue, USD Million, 2014 – 2025)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • France

    • U.K.

  • Asia Pacific

    • China

    • India

    • Japan

    • South Korea

  • South America

    • Brazil

  • MEA

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About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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