A new market research report by Transparency Market Research, titled “Electric Vehicle Battery Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth and Forecast 2016 – 2023,” offers a comprehensive overview of the global electric vehicle battery market. The report describes the entire market structure and points out the factors affecting the growth of the market during the period between 2016 and 2023. The report further projects the size and valuation of the market in the near future, along with the current market trends. The global electric vehicle battery market has been studied on the basis of technology, type of battery, application, and region. Some of the key players in the market have been profiled in the report.
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Growing concerns about the depleting oil and gas resources have boosted the demand for electric-powered vehicles. These vehicles run on power derived from rechargeable battery packs. As the power is provided by batteries, there is no requirement for any combustion engine for propulsion in electric vehicles. The global electric vehicle battery market is expected to expand with the growing demand for electric vehicles. Stringent environmental regulations in the European Union and fluctuating crude oil prices will further encourage the demand for electric vehicle batteries.
The key types of batteries used in electric vehicles are nickel metal hydride batteries, lead acid batteries, lithium ion batteries, and zebra batteries. Lead acid batteries are the cheapest and most common batteries found in the market. Molten chloro-aluminate sodium is used as an electrolyte in zebra batteries. In lithium ion batteries, the anode is typically a lithium-containing compound such as lithium cobalt oxide, while the cathode is made from carbon. Nickel metal hydride batteries have higher energy density than common lead acid batteries.
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The global electric vehicle battery market has been segmented into five key regions: Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. In North America and Europe, there has been significant growth of the market due to the establishment of government incentives on the usage of battery-powered vehicles. In North America, the U.S. and Canada are the major markets for electric vehicle batteries, whereas Sweden, Germany, France, and the U.K. drive the growth of the market in Europe. The growing concerns regarding energy security have fuelled the demand for electric vehicles in Asia Pacific. Government support has also played an important role in the growth of the Asia Pacific electric vehicle battery market, especially across China, South Korea, and Japan. The Rest of the World regional market still lags behind in the overall market.
Some of the prominent players in the global electric vehicle battery market are Quallion, LG Chem Power Inc., Boston-Power Inc., and Samsung SDI Co. Ltd.