Electric Vehicle Batteries Market – Rising Demand For Zero-Emission Vehicles And Decrease In Cost Of The Electric Vehicle Battery System Are Leading The Growth | Exclusive Report By Proficient Market

Research report published by Proficient Market Research “Electric Vehicles Batteries Market (By Type – Lithium-Ion Batteries, Nickel-Metal Hydride Batteries, Lead-Acid Batteries and Ultracapacitors; By Vehicle Type: Passenger Cars, Utility Vehicles, Golf Carts and E-bikes, etc.) Market – Growth, Future Prospects, Government & Defense) Post COVID-19 Scenario 2020 – 2028”. Electric Vehicle Batteries Market is expected to grow at a CAGR of 6.1% during the forecast period from 2020 to 2028.

With rising petrol and diesel costs associated with environmental concerns, there has been a growing demand for fuel-efficient vehicles (i.e. electric vehicles) around the world. Electric vehicle battery provides various benefits, such as high-energy density, high charge retention capacity, and low maintenance cost, which is also accelerating the market growth. With the start of the Covid-19 pandemic, the demand for electric vehicles battery has decreased since the 2nd quarter of 2020. With relaxing lockdown restrictions and resuming economic activities in China and India, the demand for various electric vehicles have gained momentum thus, driving the demand for electric vehicle batteries.

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The global electric vehicles batteries market is categorized on the basis of types, such as lithium-ion batteries, nickel-metal hydride batteries, lead-acid batteries and ultracapacitors. Among these types, lithium-ion batteries have the maximum share in the market, because these batteries are widely used in the electric vehicles due to its high power-to-weight ratio, and effective high-temperature performance. In addition, based on vehicle type the market is segmented, such as passenger cars, utility vehicles, golf carts and e-bikes, etc.

Top Key Players:

The automotive manufacturers have estimated that the demand for electric vehicles in two-wheelers segment in India, is expected to grow significantly in the following years. Key players in the electric vehicle batteries market include Leclanché SA, LG Chem, Ltd., Samsung Electronics Co., Ltd., Panasonic Corporation, SK Innovation CO., Ltd., Hitachi, Ltd., Electrovaya Inc., MOLICEL (E-One Moli Energy Corp.), BYD Company Ltd. and Robert Bosch GmbH.

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Trends and Future Outlook:
Rising use of recycled material for developing lithium-ion batteries, which are widely used in electric vehicles
Several governments across the world have been working towards adopting regulations to drive the adoption of electric vehicles
Automotive manufacturers are investing a huge amount to develop advanced electric vehicle battery with more compact size and shape and low maintenance cost

Based on type, the electric vehicles batteries market is segmented into the following:
Lithium-Ion Batteries
Nickel-Metal Hydride Batteries
Lead-Acid Batteries
Ultracapacitors

In 2019, the lithium-ion batteries segment led the overall electric vehicle batteries market in terms of market value accounting for over 35% of the global market. The lithium-ion batteries are widely used in the most of the electric vehicles, because of its high power-to-weight ratio, low self-discharge, and effective high-temperature performance.

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Based on vehicle type, the electric vehicles batteries market is segmented into the following:
Passenger Cars
Utility Vehicles
Golf Carts
E-bikes, etc.

In 2019, the electric passenger cars led the overall electrical vehicles batteries market in terms of market value. There is high demand for electric passenger cars in the Asia Pacific region, mainly from China and India, which indirectly increase the demand for electric vehicle batteries market.

Find graph provides a comparative analysis of the value contribution for each of the segment for the years 2019 and 2028: https://proficientmarket.com/report/1434/electric-vehicles-batteries-market

In 2019, Asia-Pacific held the largest share in the electric vehicles batteries market since China has the largest consumption of lithium-ion batteries, electric vehicles and electric bicycles, which results in the rise of the sales figure. China is considered as largest manufacturer and buyer of the electric vehicles across the World. As per the report, more than half of the electric cars are manufactured in China region and 99% of the world’s electric buses are also made in China.

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