Global Electric Vehicle (EV) Battery Market is expected to grow with a CAGR over 20% during the forecast period 2019-2027
The battery is used as a secondary power source for the car. Electric vehicle batteries are secondary (rechargeable) batteries. It uses the chemical energy stored in the rechargeable battery pack to supply power, so no combustion engine is required for propulsion. An electric vehicle battery or traction battery enhances the propulsion of a battery electric vehicle.
Consumers are more inclined to battery electric / plug-in vehicles because they run without fuel such as gasoline, diesel, gasoline and have low maintenance costs, which in turn reduces the cost of consumers. According to statistics provided by the Federal Federal Transport Transport Authority, sales of plug-in electric vehicles (electric vehicles) increased 61% compared to 2017, compared to 2018. Therefore, due to the environmentally friendly nature of electric vehicles, the Electric Vehicle (EV) Battery Market.
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Increasing global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in the major cities have created a significant demand for electric vehicles. A major factor behind the growth of electric vehicles is the support provided by the various governmental agencies to encourage the sale of these vehicles. This factor has driven the growth of the Electric Vehicle (EV) Battery Market globally.
The primary market participants in the global Electric Vehicle (EV) Battery Market include Panasonic Corporation, LG CHEM LTD., Mitsubishi Electric Corporation, Samsung Electronics Co. Ltd., BYD Company Limited, Hitachi Chemical Company, Ltd., Enersys, Narada Power Source Co. Ltd, Johnson Controls International Plc, Crown Battery Corporation, Toshiba Corporation, Automotive Energy Supply Corporation, Narada Power Source Co. Ltd, Beijing Pride Power Battery Technology Co Ltd, etc.
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Electric Vehicle (EV) Battery Market By Battery Type
Electric Vehicle (EV) Battery Market By Vehicle Technology
By Vehicle Type
- Lithium-ion Battery
- Lead Acid Battery
- Nickel Metal Hydride Battery
Electric Vehicle (EV) Battery Market By Geography
- Passenger Car
- Commercial Car
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- North America
- Rest of North America
- Asia Pacific
- New Zealand
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia Pacific
- The UK
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- Middle East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- Latin America
- Rest of Latin America
However, strict lead pollution standards for electric vehicle batteries can hinder Electric Vehicle (EV) Battery Market growth. In addition, high import taxes and raw material price instability on EV batteries are expected to limit the growth of the EV battery market. In addition, advances in Li-Ion technology and the growth of public charging infrastructure in EV batteries offer market opportunities.
Using SWOT analysis to gather and study all the information, you can see the competitive environment vividly in Electric Vehicle (EV) Battery Market. Openings for future market developments were revealed and likewise had a competitive advantage. Taking into account the drift and propensity of this market, it shows that the strategic direction is good. Understand your market base and understand your market data using standards, methodologies, and other driving market trends determined for reference.
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