Hybrid and Electric Vehicle Battery Market Insight, Analysis, Size, Growth and Forecast to 2022

The global hybrid and electric vehicle battery market is expected to grow at a CAGR of 20.0% in terms of value during 2016-2022. Among the various applications, the electric vehicle segment accounted for largest share (46.5%) in the hybrid and electric vehicle battery market in terms of value in 2015.

hybrid-and-electric-vehicle-battery-market

Electric vehicle require battery for their operation, while hybrid electric vehicle use conventional fuel along with an electric propulsion system. Hybrid electric vehicle accumulate energy, when the vehicle decelerates. The power stored in batteries of hybrid electric vehicle is used for forceful tasks, such as accelerating from standstill. Once the vehicle is in motion, the combustion engine later runs the vehicle’s movement.

Majority of European countries import hybrid and electric vehicle battery from China, Japan, and South Korea. Despite slower economic growth in Europe, countries such as Norway, France and Sweden are expected to witness growth in the hybrid and electric vehicle market during the forecast period. The increasing penetration of hybrid and electric vehicle is expected to drive the growth of the hybrid and electric vehicle battery market during the forecast period.

China accounted for the largest market share of electric vehicle in 2015. With newly built smart cities and modern infrastructure, China is giving significant attention to the emission free public transit system. The government of China offers subsidies on the purchase of emission free vehicles that has assisted the growth of the electric vehicle market in the country. China is expected to lead the global hybrid and electric vehicle battery market during the forecast period. The average cost of lithium-ion battery is expected to decline significantly by the end of 2022.

 

The major players operating in the global hybrid and electric vehicle battery market include, Panasonic Corporation, Automotive Energy Supply Corporation, BYD Company Limited, Lithium Energy and Power GmbH & Co. KG, LG Chem., Tianneng Power International Co. Ltd, Hitachi Vehicle Energy Ltd., Shenzhen Bak Battery Co. Ltd., and Zhejiang Tianneng Energy Technology Co. Ltd.

News Courtesy: P&S Market Research

Advertisements

Post your View

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s