The global Electric Vehicle Battery Market size is expected to reach USD 38.6 billion by 2025, registering a
CAGR of 16.7% from 2019 to 2025, according to the new report from Grand View
Research, Inc. The growing preference for e-mobility and the subsequent rise in
the popularity of electric vehicles (EVs) is expected to drive the market
growth. Several countries have taken a lead in deploying various EVs, including
two wheelers, buses, and other commercial vehicles.
Increasing efforts to reduce the production cost of
electric vehicle batteries is prompting manufacturers to invest in developing
countries, including China, India, and Mexico. Having realized the potential
for economic development in emerging economies, some large plants for
manufacturing batteries have already been planned in Asia Pacific. At the same
time, the rising fuel prices coupled with increasing environmental concerns are
prompting several governments to encourage the adoption of EVs.
EVs require more battery power because apart from
functions, such as GPS navigation system, power windows, air-conditioning
systems, and dashboard displays, which are powered by a battery, their entire
drivetrain is dependent on battery power. Advances in battery technology have
led to the advent of batteries that can cater not only to the conventional
battery-driven functions but also to the drivetrain. Such favorable advances in
battery technology are expected to drive the market growth.
In several metropolitan cities across the world,
city administrations are drafting policies to support the deployment of
electric vehicle supply equipment (EVSE) and rollout of adequate charging
stations. For instance, in the Netherlands, the metropolitan area of Amsterdam
has adopted a demand-based approach for deploying its EVSE network and making
it accessible to owners of EVs. Similarly, a multi-government policy forum
named Electric Vehicle Initiative (EVI) was established in 2009 under the Clean
Energy Ministerial (CEM) to monitor and encourage the adoption of EVs across
the globe. The International Energy Association (IEA) is serving as the EVI
coordinator.
At present, EVs account for a relatively smaller
share in the overall automobile sales. However, favorable regulatory
initiatives are expected to trigger the adoption of EVs and subsequently open
growth opportunities for the market for over the forecast period. For instance,
the Paris Agreement endorsed by the European Union, the U.S., and Japan to
support zero-emission vehicles is conducive to an increase in the sales of EVs.
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Details of Report @
https://www.grandviewresearch.com/industry-analysis/electric-vehicle-battery-market
https://www.grandviewresearch.com/industry-analysis/electric-vehicle-battery-market
Further key findings from the report suggest:
- Continued efforts by automotive manufacturers to produce more
vehicles with electric drivetrains is necessitating the use of lithium-ion
batteries for onboard energy storage
- The battery electric vehicle (BEV) segment dominated the market in
2018 and is expected to continue being the largest segment over the
forecast period. The plug-in hybrid electric vehicle (PHEV) segment is
anticipated to register the highest CAGR over the forecast period
- Companies based in Europe and North America have entered the Chinese
market either by setting up manufacturing units in China or by striking
strategic partnerships with Chinese companies
- The evolving automotive industry in Indonesia, Mexico, India,
Vietnam, and Thailand bodes well for the market growth over the forecast
period
- Advances in battery technology coupled with the growing preference
for hybrid vehicles and zero-emission EVs are expected to drive the
electric vehicle battery demand over the forecast period
- The electric vehicle battery market growth largely depends on the
policies drafted by governments and government agencies to encourage the
adoption of EVs and deployment of charging infrastructure.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
Contact:
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Grand View Research, Inc
Phone: 1-415- 349-0058
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Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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