The growing adoption of electric vehicles around the globe, deducting battery prices, and growing investment by leading automotive OEMs to prevent the battery supply chain for their future electric vehicles are some of the primary aspects boosting the growth of this global market. The growing adoption of electric mobility in underdeveloped regions, increasing investments in enhancing lithium-ion battery capacity, and rising deployment of battery-as-a-service provide progressive growth choices for market players. Moreover, with augmented sales of electric vehicles, the e-mobility trend is probably to attain traction over the reviewed duration. The unremitting implementation of integrated charging stations, as well as the construction of green power generation abilities, would add to the market’s growth potential.
According to the SPER market research, ‘Electric Vehicle Battery Market Size- By Propulsion Type, By Battery Type, By Vehicle Type – Regional Outlook, Competitive Strategies and Segment Forecast to 2032’ state that the global EV battery market is anticipated to reach USD 353.60 billion by 2032 with a CAGR of 20.15%.
The growing awareness concerning the benefits of electric vehicles, the increasing popularity of improved electric vehicles, and the rising production capacities by the topmost automakers are the popular aspects that are propelling the growth of the global EV battery market. The increasing government initiatives to encourage the implementation of EVs by incentivizing the producers and by proposing subsidies to the clients are positively propelling the sales of EVs.
The policies of the government to encourage the establishment of charging stations through public-private partnerships are predicted to foster the growth of the market during the near future. The mounting investments in urbanization and the mounting government investments in infrastructural improvement are estimated to support the growth of the EV battery market during the review period. The growing innovations in the technologies and the deducting battery prices are anticipated to foster the implementation of EVs around the world.
Around urban locations, where daily driving distances are shorter on average, more fuel-efficient and smaller cars are more common. By the coming future, it is projected that a great percentage of the world’s population will reside around urban locations, growing the requirement for electric vehicles. The variety of electric vehicles enlarges as battery technology improves. For individuals who commute a long distance, EVs with prolonged range are more feasible. Great-speed charging will also become a reality owing to charger performance and battery innovations, decreasing downtime while driving. Therefore, the growing requirement for EVs will propel the EV battery market.
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Nonetheless, speedy electrification is one of the growing trends in the market. The government’s aim of establishing a robust network of EV charging stations and the EV ecosystem to drive the acceptance of emission-free mobility is predicted to propel the global EV battery market growth. Furthermore, OEM’s emphasis on embracing electrification more broadly is also propelling the global market.
North America controlled a considerable market share during recent past years. Growing requirement for BEVs around the U.S. is propelling the market growth. The U.S. government is extremely aimed at decreasing its dependency on China for the supply chain. Hence, growing government investment to boast localized component producing and strengthen the EV supply chain is probably to foster market growth around the region.
Electric Vehicle Battery Market Key Market Players:
The study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as: Beijing Pride Power Battery Technology Co Ltd, BYD Company Limited (BYD Auto Co. Ltd.), Enersys, GSR Capital, LG Chem Ltd., Mitsubishi Electric Corporation, Panasonic Corporation, Samsung Electronics Co. Ltd., Tianneng Power International Limited, Wanxiang Group Corporation.
Global EV Battery Market Segmentation:
By Propulsion Type: Based on the Propulsion Type, Global EV Battery Market is segmented as; Battery Electric Vehicle, Hybrid Electric Vehicle, Plug in Hybrid Electric Vehicle.
By Battery: Based on the Battery Type, Global EV Battery Market is segmented as; Lead Acid Battery, Nickel Metal Hydride Battery, Lithium-ion Battery.
By Vehicle: Based on the Vehicle, Global EV Battery Market is segmented as; Passenger Car, Commercial Vehicle, Two-Wheeler.
By Region: Due to urbanization and increased buying power in various nations, including China, India, Malaysia, and Japan, Asia Pacific is the largest region for EV batteries and is anticipated to have quicker growth throughout the projected period. Demand is further anticipated to increase throughout the projection period due to the government’s emphasis on converting two- and three-wheelers into electric cars. Additionally, consumer awareness of clean energy and the fact that China is the world’s largest producer of electric cars and that India is the top importer of lithium-ion batteries are all expected to boost revenue growth. This report also provides the data for key regional segments of North America, Europe, Asia-Pacific and Rest of the World.
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