An electric vehicle battery is a secondary power source adopted in automobiles. It utilizes the stored chemical energy in rechargeable packs for power and therefore does not need any combustion engine for propulsion. An electric vehicle battery is getting immense popularity as it can power the propulsion of electric vehicle batteries effectively, thereby driving global electric-vehicle batteries (EV Batteries) market growth.
The advent of lithium-ion technology has significantly encouraged the growth of batteries. However, the initial hybrid vehicle adopted nickel-metal hybrid batteries, and the Lithium-ion batteries were used as the primary solution for automakers to power the battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs). Lithium-ion-based batteries offer several advantages like low maintenance, charge retention capacity, and high energy density. The automobile manufacturers are improving their technology by offering lithium-ion power solutions as a primary power source in vehicles.
However, the growing inclination of consumers towards electric plug-in vehicles is further complementing the growth as it runs without gasoline, diesel, petrol, and any other fuel. Another major factor encouraging the growth of the global electric-vehicle batteries (EV Batteries) market is the growing global concerns associated with climate change due to the growing pollution levels in several cities. In addition, the automobile companies are emphasizing on producing advanced batteries at lower rates which are also very compact, and thereby it is expected to create several lucrative growth opportunities in the global market.
The global electric-vehicle batteries (EV Batteries) market can be segmented into the battery, propulsion, vehicle, and region.
By battery, the market can be segmented into lithium-ion battery, nickel-metal hydride battery, and lead-acid battery.
By propulsion, the market can be segmented into plug-in hybrid electric vehicles, hybrid electric vehicles, and battery electric vehicles.
By vehicle, the market can be segmented into two-wheeler, commercial vehicles, and passenger cars.
North America accounts for the largest share in the global electric-vehicle batteries (EV Batteries) market due to the presence of a prominent customer base along with leading market players in the region. Also, the growing inclination of consumers in the region towards the electric vehicle batteries owing to the growing consumer awareness regarding climate along with its cost-effectiveness and low maintenance feature will further boost the regional market growth.
Some of the significant players in the global electric-vehicle batteries (EV Batteries) market are Tianjin Lishen Battery, Automotive Energy Supply Corporation, Mitsubishi/GS Yuasa, LG Chem, Air Lithium (Luoyang), Beijing Pride Power, Primearth EV Energy, Amperex Technology, and Hitachi Vehicle Energy. To cite, Delhi-based battery maker Inverted Energy in November 2020 announced the opening of its lithium battery manufacturing facility in New Delhi, India.
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