Falling Battery Prices to Augment the Global Electric Vehicles Battery Market

Pune, India, July, 2018 /press release/- Market Research Future Published a Half Cooked Research Report on Global Electric Vehicles Battery Market Research Report.

The global electric vehicles battery market is projected to capture a significant CAGR of 8.81% over the forecast period of 2017-2023, reveals a research report by Market Research Future (MRFR). This growth can be primarily attributed to a rise in sales of electric vehicles which raises the need for its battery. Initiatives of the automotive industry to come up with sustainable options and curb the harmful effects on the environment has resulted in the emergence of electric cars which, in turn, necessitates the need for electric vehicles battery. The decline in the price of batteries coupled with the development of charging infrastructure has supported the growth of electric vehicles battery market. The electric vehicles battery market is expanding due to the combined efforts of the governments across the globe and the key players who are investing intensively in the research and development of technology to produce high-performance batteries. Moreover, numerous countries are advocating the use of electric vehicles owing to rising concerns for air pollution which further boosts the market for electric vehicles market. The disruptive technology of battery storage has also aided the growth of the market since it has been able to eliminate the cause of reluctance surrounding electric vehicles, i.e., charging concerns. However, the electric vehicles battery market has a long way to go, and the market growth might be restrained due to some factors. Availability of raw materials such as cobalt and lithium are crucial to the production of batteries and decrease in such materials might restrict the growth of the electric vehicles battery market. Depleting lithium resources pose a threat to the electric vehicles battery market since lithium is one of the main elements of the battery. Complexities arising out of the manufacturing process of batteries is also a possible hindrance to the market growth. The high price of batteries is a major restraining factor. Reduction in the price of batteries and recharge might provide the market the incentive that it needs to surpass the conventional car's market.

Segmentation

The global electric vehicles battery market has been segmented based on battery type, vehicle technology, and end-market. By battery type, the market has been segmented into Lithium Ion Battery, Lead Acid Battery, Nickel Hydride Battery and others. The lithium-ion battery segment leads the market followed by nickel hydride battery and lead-acid battery. By vehicle technology, the market has been segmented into Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Others. The battery electric vehicles lead the market followed by hybrid electric vehicles. By end-market, the market has been segmented into OEMs and Aftermarket.

Access Report @ https://www.marketresearchfuture.com/reports/electric-vehicles-battery-market-4810

Regional Analysis

The key markets of the global electric vehicles battery market include North America, Europe, Asia-Pacific and the Rest of the World. Asia-Pacific leads the market for electric vehicles battery owing to increased demand for electric cars and growing awareness regarding the availability of electric cars. Europe and North America follow Asia-Pacific closely. There has been a surge in demand for electric vehicles battery in Europe and Germany, UK and France are the principal contributors in the region.

Competitive Landscape

The global electric vehicles battery market is highly competitive. The key players functioning in the global electric vehicles battery market include Automotive Energy Supply Corporation (Japan), BYD Company Limited (China), Quallion (US), Boston-Power (US), Narada Power Source (China), Tianneng Power International (China), Hitachi Chemical Company (Japan), Panasonic Corporation (Japan), LG Chem Ltd (South Korea), Johnson Controls International (US), GS Yuasa Corporation (Japan), and Crown Battery Corporation (US).

Industry Updates

• In July 2018, Honda Motor and Panasonic announced a partnership to develop detachable, portable lithium-ion The companies will be supplying batteries in emerging countries where the charging infrastructure is underdeveloped.


• In June 2018, German carmaker Volkswagen announced an investment of around USD 100 Mn in US-based QuantumScape to produce solid-state batteries. This new joint venture will enhance lithium-ion


• In June 2018, China's Contemporary Amperex Technology Ltd (CATL), announced the set-up of a plant for the manufacture of lithium-ion The plant would be set up in Thuringia and will supply to European manufacturers including BMW.