The global Electric Vehicle Batteries market was worth nearly USD 14.2 billion in 2022. The reports further project the market worth to attain around USD 192.55 billion by the end of 2032 while thriving at a substantial growth rate of around 33.60%.
The global Electric Vehicle Batteries market
has grown in the last few years. The main aspects causing a surge in the
performance of the market are the rising public awareness of environmentally
friendly vehicles, an uptick in new electric vehicle sales, and increased
demand for electric automobiles. Furthermore, several governments across the
globe are imposing supportive initiatives to promote the use of electric
vehicles, which in turn is also projected to impact the market growth over the
coming years positively.
Segment
Analysis
The global
market for Electric Vehicle Batteries is fragmented into various segments based
on End market, type, Technology, and region.
Based on the End
Market, the global market for Electric Vehicle Batteries has been split into OEMs
and aftermarkets.
Based on Vehicle
Technology, the global market for Electric Vehicle Batteries has been split
into Hybrid Electric Vehicles, Battery Electric Vehicles, and Plug-In Hybrid
Vehicle Electric Vehicles.
Based on the
types, the global market for Electric Vehicle Batteries has been split into
Lead-Acid, Nickel Hybrid, and Lithium-Ion batteries.
The list of
prominent participants across the global market for Electric Vehicle Batteries
includes players such as:
Hitachi
Chemical Company (Japan), Crown Battery Corporation (U.S.), Narada Power Source
(China), Boston-Power (U.S.), Quallion (U.S.), Panasonic Corporation (Japan),
Automotive Energy Supply Corporation (Japan), Tianneng Power
International(China), BYD
Company Limited (China), G.S. Yuasa Corporation (Japan), L.G. Chem Ltd (South Korea), Johnson Controls International (U.S.), and several others.
Regional
Analysis
The global
market for Electric Vehicle Batteries is analyzed across five major
geographies: Asia-Pacific, North America, Latin America, Europe, and the Middle
East & Africa.
The MRFR
analysis reports The Asia-Pacific regional Electric Vehicle Batteries market
will likely hold the top spot across the global market for Electric Vehicle
Batteries over the coming years. The region has China as the largest
contributor in terms of revenue share. On the other hand, the Indian market is
likely to grow at the highest pace over the coming years.
The main
parameter enhancing regional market development is the increase in people using
electric vehicles. Furthermore, the government's focus on converting two- and
three-wheelers into electric vehicles is also considered to be one of the vital
aspects boosting-up the performance of the regional market.
The European
regional market for Electric Vehicle Batteries is anticipated to ensure the
second position across the global market over the assessment period. The region
has the German market as the largest contributor in revenue share. On the other
hand, the U.K. market is likely to grow at the highest pace over the coming
years. The growing adoption of electric vehicles is the main parameter
enhancing regional market development. Furthermore, the region's escalating
number of pollution control norms and strict rules to combat climate change is
also considered to be one of the vital aspects boosting-up the performance of
the regional market.
The North
American region will likely showcase the highest growth rate across the global
market for Electric
Vehicle Batteries over the coming years. The region has the U.S. market as
the largest contributor in revenue share. On the other hand, the Canadian
market is likely to grow at the highest pace over the coming years. The main
parameter enhancing regional market development is the rising U.S. demand for
BEVS. Furthermore, the growing government spending to speed up domestic
component production and reinforce the E.V. supply chain is also considered to
be one of the vital aspects boosting-up the performance of the regional market.
Competitive
Analysis
The global
market for Electric Vehicle Batteries is known to have a strong and
competitive landscape. The players across the market are focusing on
investments in research & development activities to expand their product
lines, which will help the Electric Vehicle Batteries market grow even more.
They are also considering several strategic activities to expand their
footprint, with vital market developments including new product launches,
higher investments, mergers & acquisitions, contractual agreements, and
collaboration with other organizations.
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