Electric Vehicle Battery Market Growth Is Driven By Regulations And Expected To Reach US$ 82.5 billion by 2030
insightSLICE
5 min read
PUNE, India, Nov. 17, 2020 (GLOBE NEWSWIRE) -- The Electric Vehicle Battery - Global Market Share, Trends, Analysis and Forecasts, 2020-2030 provides insights on key developments, business strategies, research & development activities, supply chain analysis, competitive landscape, and market composition analysis.
The global electric vehicle battery market size was estimated to be US$ 14.5 billion in 2019 and is expected to reach US$ 82.5 billion by 2030 at a CAGR of 17.1% through 2030. The Electric Vehicle Battery market is witnessing high demand due to rising pollution levels across the globe. Increasing the adoption of electric vehicles for reducing the carbon footprint is driving the electric vehicle battery market. Countries with high population such as India and China are shifting towards sustainable growth. These countries with large population are generating a massive volume of pollutants through vehicles. Even a few of the cities in these counties are unbreathable and have microparticles less than 2.5 micron which is very unhealthy and causes serious breathing problems. The government in these regions should promote the adoption of emission-free vehicles for an eco-friendly environment. The changing government policies related to environment conservation using sustainable automotive is creating opportunities for the market players.
Electric Vehicle Battery has gained demand in the last few years due to the changing environmental dynamics. Moreover, increasing investment in R&D activities for the development of electric vehicles is driving the demand for an EV battery. Initially, lead batteries were used in EV vehicles but due to problems related to long operational hours, the battery was replaced with nickel and lithium-ion batteries. These batteries are more productive and efficient as compared to the lead batteries. The manufacturers have invested a huge amount in the advancement of battery technologies. These technologies allow the battery to get charged while the vehicle is on the move. Furthermore, the production of the battery using inexpensive raw materials has made battery economical propelling the electric vehicle battery market. These factors are fueling the market demand and will dominate the vehicle fuel segment in the forecast timeline.
Rising demand for fast charging and efficient EV batteries worldwide
The emergence of fast charging and long-lasting batteries has increased the sales of electric vehicles. Limited infrastructure and rising demand for EVs has influenced market players to develop efficient and productive batteries for long journeys. In the initial days of EV, production batteries lack the turbocharging technology and took a longer period of time to get fully charged. Moreover, the fast charging technology will charge the vehicle in a short time and will offer high power for longer tours. Advancement in charging technology will drive the adoption of electric vehicles propelling the market growth in the forecast timeline.
Growing adoption of electric two-wheeler and passenger cars throughout the globe
Urbanization has pressurized the transport sector generating a high amount of pollutants altering nature’s equilibrium. A large number of entrepreneurs are emerging with the latest EV based technologies contributing to the zero-emission projects. Moreover, the growing fleet of rental and car-sharing services is creating a huge demand for passenger vehicles. These companies are collaborating with electric car manufacturers to offer a zero-emission ride. Furthermore, increasing corporate travel is creating possibilities for market players. The enterprises promote the sharing of vehicles rather than using personal vehicles for transportation applications. These enterprises partner with the rental and car-sharing providers to minimize the overall expenditure. These factors are fueling the adoption of electric cars further supporting the electric vehicle battery market.
Increasing concerns pertaining to the depletion of the conventional fuels
Exhaustion of fossil fuels will create distress across various sectors among which the automobile sector is one of the major industries that are fully dependent on crude oil. But the depletion of conventional fuel is an opportunity for electric vehicle battery manufacturers. EV batteries are the future fuel that will be equipped in all types of vehicles. Moreover, government authorities are proposing strict regulations to minimize the usage of perishing fuels. Also, these public authorities are creating awareness programs, providing incentives, and other benefits to promote the usage of such automotive.
Asia Pacific region holds high potential as compared to the western regions
Asia Pacific is one of the major producers and consumers of electric vehicle batteries. Among which China is one of the major producers and exporters of the Electric vehicles and its batteries. The Chinese government is supporting a large number of entrepreneurs to evolve the technology related to electric vehicles and batteries. Moreover, Japan, South Korea, and India are not behind in terms of technology development and battery technology. These government authorities in these countries have proposed plans to transform the transportation infrastructure driving the electric vehicle battery market in the forecast timeline.
Major players active in the global Electric Vehicle Battery Market include Panasonic Corporation, Lg Chem Ltd., Mitsubishi Electric Corporation, Samsung Electronics Co. Ltd., Byd Auto Co., Ltd., Gsr Capital, Beijing Pride Power Battery Technology Co Ltd, Wanxiang Group Corporation, Tianneng Power International Limited And Enersys amongst others.
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