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.
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.
Browse full research report on Electric
Vehicle Battery Market:
https://www.grandviewresearch.com/industry-analysis/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.
Browse request sample of this report by
Grand View Research: https://www.grandviewresearch.com/industry-analysis/electric-vehicle-battery-market/request/rs1
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
About Grand View Research
Grand View Research, Inc. is a U.S. based market
research and consulting company, registered in the State of California and
headquartered in San Francisco. The company provides syndicated research
reports, customized research reports, and consulting services. To help clients
make informed business decisions, we offer market intelligence studies ensuring
relevant and fact-based research across a range of industries, from technology
to chemicals, materials and healthcare.
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