Hybrid EV Battery Market Size Scope:
The hybrid electric vehicle (EV) battery market size 2023 can record a CAGR of 23.50% between 2023
and 2032 (appraisal period), says Market Research Future (MRFR). MRFR also
expects the market to achieve a striking valuation of USD 68.84 bn by the end
of the evaluation period. We will provide covid-19 impact analysis with the
report. The report offers a detailed evaluation of the market following the
coronavirus disease outbreak.
COVID-19 Analysis
COVID-19 outbreak has left a deep impact on the global economy in
line with the closing down of several operations across industries. Electric
vehicles are observing a drop in their demand worldwide on account of the pandemic,
because of the lockdown and job losses. Electric vehicles are generally
deployed by government agencies for transport, but SARS-CoV-2 has compelled
them to bring down the spending on public transport. In turn, they are now focusing
on investing in healthcare and associated infrastructure.
Speaking of COVID-19 impact, a majority of the vendors in the
supply chain of hybrid EV battery have ceased their operations for the safety
of their employees. But there are still a few vendors that are functioning at low
capacity to back the transportation industry. Following the conception of the novel
coronavirus, the automotive sector has had to deal with significant drop in
demand because of the social distancing practice imposed by governments.
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In a nutshell, the supply chain has become fragile owing to
decline in revenue generation along with scarcity of human resources. With that
said, with countries struggling to find a COVID-19 breakthrough, a few
companies worldwide are set to resume operations to boost revenue generation.
This is expected to be favorable for the demand as well as sale of hybrid EV
batteries in the coming few months and even years.
Prominent Competitors
Prominent competitors in the hybrid EV battery industry include
A123 Systems LLC (US), Samsung Sdi Co. Ltd (South Korea), GS Yuasa
International Ltd. (Japan), Panasonic
Corporation (Japan), Exide Industries Ltd. (India), BYD Co. Ltd. (China),
Hitachi Ltd. (Japan), Toshiba Corporation (Japan), LG Chem (South Korea), Contemporary
Amperex Technology Co. Ltd. (China), Nissan Motor Corporation (Japan), Saft
(France), to list a few.
Latest News
May 2020
Tesla’s research team has developed a hybrid lithium metal/ lithium-ion
battery that, when required, can act as an electric range extender. This means 20%
higher energy density compared to the traditional batteries made of lithium-ion.
Primary Drivers and Key Barriers
The hybrid electric vehicle battery market is largely dependent on
factors like the depletion of crude oil reserves combined with the mounting
concerns with regard to the environment worldwide. Governments of developed countries
increasingly make use of hybrid vehicles for public transport, which leads to
higher uptake of electric batteries. A number of national organizations are
imposing regulations and offering discounts on purchase of hybrid cars, which
work in favor of the market to large extent.
Rigid environmental
policies and regulations in the EU nations have led to wider acceptance of
battery powered vehicles. The fluctuating crude oil prices can be another
instrumental factor bolstering the demand for these batteries among customers.
Some of the leading automotive manufacturers worldwide are boosting
their efforts to develop higher number of vehicles that use electric drive
trains. Several factors attribute to this trend, including the high focus on fuel
economy, growing confidence in electrically-powered vehicles, and innovations
in the battery technology. The underlying reasons for the introduction of
eco-friendly technologies in the automotive value chain can be the declining fossil
fuels, concerns related to global warming and energy security.
Hybrid EV Battery Market Size
Segmentation
·
The hybrid
EV battery industry can be considered for type and application.
·
The key
types of hybrid EV batteries are nickel-based, lithium-ion, lead-acid, and
others.
·
Application
areas of hybrid EV batteries include hybrid EV as well as plug-in hybrid EV.
Regional Insight
The geographical distribution of the Hybrid EV Battery Market Size
includes North America, Europe, MEA or the Middle East & Africa, South
America as well as APAC or Asia Pacific.
The APAC market for hybrid EV battery has the potential to procure
the leading position in the approaching years, given the fact that renowned
vendors in the region are investing significantly in the development of
superior quality hybrid EV batteries, which is leading to higher adoption of these
vehicles. A host of initiatives being undertaken the government in India, Japan,
Singapore and China in favor of hybrid EV batteries, rechargeable battery packs
and charging duration can also be a notable booster in the regional market. Various
hybrid EV OEMs are coming together with leading battery technology providers to
come up with innovative products that can draw in higher number of consumers,
thus adding to the market strength. Japan is touted to be the most profitable
market in the region, on account of the attention given to electric vehicles
and their sales by the transport ministry. The mounting number of EV battery
manufacturers in the country also benefits the market.
The rising prevalence of the Lithium-ion technology in hybrid EV
battery paired with the surge in public charging infrastructure present
attractive opportunities to the North American market. Soaring concerns
associated with the adverse impact of climate change, troubling increase in pollution
and the strong support given by the government also promote the regional market
growth.
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