Global Electric Vehicle Battery Market 2017-2021
About Electric Vehicle Battery
An electric vehicle battery is different from other batteries used in automobiles for starting, ignition, and lighting. They use a different chemistry to have a high density and high potential for the propulsion of the vehicle. Electric vehicle batteries are mostly lithium-ion batteries as other batteries, such as lead-acid batteries, consume more space and have less efficiency. The capacity of the batteries would differ based on the type of vehicle. An electric vehicle can be categorized into HEV, PHEVs, and BEVs.
Technavio’s analysts forecast the global electric vehicle battery market to grow at a CAGR of 41.95% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global electric vehicle battery market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Electric Vehicle Battery Market 2017-2021
Technavio recognizes the following companies as the key players in the global electric vehicle battery market: SAMSUNG SDI, BYD Company, LG Chem, A123 Systems, and Panasonic Automotive and Industrial systems.
Other Prominent Vendors in the market are: Bosch, Hitachi Automotive Systems, Johnson Controls, E-one Moli Energy, Tianneng Power International, Tesla Motors, Contemporary Amperex Technology, Automotive Energy Supply Corporation, Mitsubishi/GS Yuasa, and Wanxiang.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is faster charging of electric vehicles. EVs are rapidly changing with technological innovations. Manufacturers have introduced hybrids (HEVs) and plug-in hybrids (PHEVs). They are developing high energy density batteries, which can store more energy in the same space.”
According to the report, one driver in the market is decline in price of electric vehicle batteries. The major cost-consuming factor of EVs is the battery. If the cost of EV batteries could be brought down, then the total cost of the vehicle would see a significant decline. This would lead to a shift of the global EV market toward mainstream automotive business. It is estimated that an EV battery can be produced at $150/kWh or even lesser, which would be cost-competitive to gasoline-powered vehicles. Tesla Model S 90D can cover 270 miles on its 85kWh battery. The cost of EV batteries has dropped significantly since 2010.
Further, the report states that one challenge in the market is increasing global power crisis. As the global hybrid and EV markets are growing, it is creating a proportional demand for high power. Most of the developing and underdeveloped countries cannot afford to have high sales of EVs because of the scarcity of power. This is a challenge for the global EV batteries market. The EVs in Europe represent almost 25% of the vehicles on the road, which minimizes the consumption of approximately 13 million barrels per day of crude oil. However, it consumes electricity that equals 11% of the global power demand.
SAMSUNG SDI, BYD Company, LG Chem, A123 Systems, and Panasonic Automotive and Industrial systems, Bosch, Hitachi Automotive Systems, Johnson Controls, E-one Moli Energy, Tianneng Power International, Tesla Motors, Contemporary Amperex Technology, Automotive Energy Supply Corporation, Mitsubishi/GS Yuasa, and Wanxiang.
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook