Judging by the escalating integration of flotsam features in electric vehicles, the batteries that power these cute features are becoming even more critical in terms of reliability and longevity.
A Future Market Insights research report titled 'Electric Vehicle Battery Market: Global Industry Analysis (2012-2016) And Opportunity Assessment (2017-2027)' gives a holistic approach to the global electric vehicle battery market, highlighting systematic segmentation that covers every part of the market.
Market Dynamics
The growth of global electric vehicle battery market is impacted by various factors prevailing in the market. These drivers include factors like increase in demand for high energy density market, increasing preference of people towards cleaner air and technology with lesser emissions, increasing government's private equity investments in electric vehicle industry, and surge in demand for lithium ion batteries.
All these factors have supported the global electric vehicle battery to experience an exceptional market boost. However there are also a few factors that have a negative impact on the market and have resulted in restraining the growth of market. These restraints include stringent lead pollution norms that are affecting the manufacturers, high import taxes, volatile prices of raw material, political disturbance and low FDI in South Africa. All these factors are acting as a roadblock for the future growth of global electric vehicle battery market.
Other Directions
Other than this, there are also a few trends including a reduction in the size of the battery, advancements in battery technology, and innovations like zebra entering the market. Opportunities include development of alternative technologies as source of fuel and improvement in battery charging infrastructure. Businesses that are currently in the market or that are trying to get into the market in near future can make the best of these opportunities to stay ahead of the competition.
Forecast
The report exhibits the complete forecast of the market based on the factors affecting the market and their impact in the future. According to the forecast projections, the global electric vehicle battery market is expected to grow at a robust CAGR of 8.5% during the forecast period of 2017-2025. The expected revenue value of the market is expected to be around $15,900 mn in 2017 and reach a value little under $36,200 million by the end of 2027.
The market is also segmented by various battery specs and technology types. For example, battery type (Lithium Ion, lead acid battery, nickel hydride battery), by capacity (Less than 20 kWh, 21 - 40 kWh, More than 41 kWh), by vehicle technology (HEV, PHEV, BEV ), by vehicle type (Passenger Cars, LCV, HCV), by region (APEJ, North America, Latin America, Eastern Europe, Western Europe, Japan, MEA).
Highlights Summary
- By battery type, Lithium Ion battery market is expected to have a great impact on the market with the rise in its demand and grow at a CAGR of more than 9% during the forecast period.
- By region, APEJ is the most lucrative and the electric vehicle battery market in APEJ is anticipated to grow at a CAGR of MORE THAN 10% during 2017-2027 to reach a significant market value by 2027 end.
- By capacity, more than 41 kWh is projected to grow at the highest pace to reach an estimation of about US$ 14 Bn by the end of the forecast period.
- By vehicle technology, the HEV segment is the largest segment in terms of market valuation and is estimated to reflect a value more than US$ 22 Bn by 2027 end. The BEV segment in the vehicle technology category is anticipated to grow at the fastest pace in the coming years.
- By vehicle type, the passenger cars segment is highly lucrative and is likely to lead the global market in the future. By the end of 2027, this segment is estimated to grow at a high CAGR of 9.1% to portray higher market revenue.
If this tickles your imagination, you can view the report and/or request a sample of it. For more details, contact Future Market Insights, Valley Cottage, NY. 347-918-3531 or in the UK +1-845-579-5705 Email: [email protected]