The report studies the Global Electric Vehicle Batteries Market with many aspects of the industry like the market size, market status, market trends, and forecast, the report also provides brief information of the competitors and the specific growth opportunities with key market drivers. The report offers valuable insight into the Electric Vehicle Batteries Market progress and approaches related to the market with an analysis of each region. The report goes on to talk about the qualitative and quantitative assessments by industry analysts. The report also takes into account the impact of the COVID-19 and also forecasts its recovery post-COVID-19. The report also presents forecasts for Electric Vehicle Batteries investments from 2021 till 2030.
The global electric vehicles batteries market is expected decline from $23.17 billion in 2019 to $22.24 billion in 2020 at a compound annual growth rate (CAGR) of -6.17%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $35.36 billion in 2023 at CAGR of 16.71%.
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Top Key Players in the Global Electric Vehicle Batteries Market: Panasonic Corporation, Mitsubishi Motors Corporation, Beijing Pride New Energy Battery Technology Co., Ltd, Automotive Energy Supply Corporation, BYD Company Ltd, Daimler AG, Robert Bosch GmbH, SAMSUNG SDI CO, Tianneng Power International Co., Ltd, and Johnson Controls.
Asia Pacific was the largest market in the electric vehicles batteries market in 2019.
The charging of Electric vehicle batteries using Vehicle to grid technology is expected to gain traction in EV batteries Market. Vehicle to grid technology is a Bi-directional charging system technology in which plug-in electric vehicles like battery electric vehicles (BEV), plug-in hybrids (PHEV) or hydrogen fuel cell electric vehicles (FCEV) batteries can communicate with the power grid for either returning electricity to the grid, to homes during the peak times or increase their charging rate to discharge and charge the battery accordingly. The new vehicle released by the Nissan along with ENEL X the Nissan leaf in October 2017 in Japan for the model year 2018 uses Vehicle to grid Technology which can be used to power the home during times of need or push back energy to the grid that is to sell the electricity to the gird. Thus, Vehicle to grid technology is anticipated to be a major trend in the electric battery market.
The EV batteries market covered in this report is segmented by battery type into lithium-ion, lead-acid, nickel-metal hydride, sodium-ion, others and by vehicle type into passenger vehicles, commercial vehicles.
The extraction of raw materials like lithium cobalt used in the electric vehicle battery has a harmful effect on the environment and governments impose restriction on mining the raw materials, hindering the growth of the market. The extraction process of one ton of lithium requires 50,000 gallons of water. Lithium mining has resulted in consumption of 65% water of the Salar de Atacama region, Chile, which has led to water shortages in Chile, South America along with severe toxic spills. As the demand upsurges, the mining activity also rises with increasing damage to the environment and will force the governments to enforce stringent regulation to curb the negative effects which would increase the production cost. Therefore, the harmful effect of electric vehicle batteries on the environment is expected to be a hindrance to the electric vehicle battery market over the coming years.
In May 2019, Tesla, the American based clean energy and electric vehicle company have acquired San-Diego based batteries and ultra-capacitor maker Maxwell technologies for $235.0 million. This Deal gives Tesla access to the patented technology of Maxwell – the dry cathode technology, which would allow Tesla to develop its own set of battery cells with high density and durability. Maxwell technologies are considered to be the pioneers in the area of supercapacitors, their dry battery electrode technology is projected to improve the battery energy capacity by 50.0%, which in effect will double the battery life.
Advances in electric vehicles (EV) batteries and their associated technologies are attracting the interests of individuals to purchase EVs, contributing to the growth of the EV batteries. Recent advancements such as lithium-ion batteries, fast charging, and better mileage have helped the electric cars become more passenger-friendly. According to the United States Department of Energy, the range of average electric car have increased to 171% in 7 years which was 73 miles in 2011 to 125 miles in 2018. Moreover, the technological developments are contributing to reduced prices of the electronic batteries. According to the Bloomberg report, battery prices that were above USD 1,100 in 2010 have fallen by 87% to $156 per kilowatt-hour in 2019 and is likely to decline to $100 per kilowatt-hour by the end of 2023. Therefore, the advances in electronic battery and its associated technologies increase the vehicles mileage and draws more customers driving the electronic battery market.
Investigator Observers Strong Growth in Specific Regions:
North America (United States, Canada, and Mexico)
Europe (Germany, France, UK, Russia, and Italy)
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia)
South America (Brazil, Argentina, etc.)
Middle East & Africa (Saudi Arabia, Egypt, Nigeria, and South Africa)
The report is prepared through intense primary and secondary research techniques including discussions with industry experts and data triangulation methods. Our proprietary databases are updated through thousands of authentic sources including government sources, organizations, statistical organizations, annual reports, company presentations, and others.
Browse Complete Report details with Table of Content:
This Electric Vehicle Batteries Market report addresses:
– The Market size from 2015-2020
– Expected market growth until 2030
– Forecast of how market drivers, restraints, and future opportunities will affect
– Segment and regions that will drive or lead the market growth and why
– Comprehensive mapping of the competitive landscape
– In-depth analysis of key sustainability strategies adopted by market place
Finally, the Electric Vehicle Batteries Market report is the believable source for gaining Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and Market development rate and figure and so on. This report additionally Present a new task SWOT examination, speculation attainability investigation, and venture return investigation.
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Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain have been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.
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