Electric Vehicle Batteries Market Trends
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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