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Electric Vehicles Battery Market 2018
Global Electric Vehicles Battery Market Information Report, By Battery Type (Lithium Ion
Battery, Lead Acid Battery, Nickel Hydride Battery and others), By Vehicle Technology (Battery
Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles and Others), by End
Market (OEMs and Aftermarket) and By Region - Forecast To 2023
Market Synopsis
Over the last couple of years, the automotive industry has undergone various technological
advancements in electric vehicles, and the global market has acknowledged these
advancements while adopting electric vehicles. As a result, the demand for electric vehicles
battery has increased enormously in various regions such as North America, Asia Pacific and
Europe. Also the continuous rise in the sales of electric vehicles, has increased the need for its
battery.
The global electric vehicle battery market has experienced a remarkable growth over the past
few years and it has been analyzed that the market will grow similarly during the forecast
period. Electric vehicles battery market looks promising during the forecast period due to the
major driving factors such surge in demand of electric vehicle worldwide, increasing fuel prices,
expansion of global auto-manufacturers into new emerging markets, and government
initiatives. On the other hand, emerging economies have more opportunities for electric
vehicles, and will create ample scope for market growth. However, high prices of the electric
vehicle and its battery, and underdeveloped aftermarket services, could hinder the market
growth. The global market for electric vehicles battery is expected to be broaden in the recent
years. MRFR analysts have predicted that global electric vehicles battery market is expected to
grow at the CAGR of 8.81% during the forecast period.
The Prominent Players In The Electric Vehicles Battery Market Include:
Automotive Energy Supply Corporation (Japan), Panasonic Corporation (Japan), BYD Company
Limited (China), LG Chem Ltd (South Korea), Quallion (US), Boston-Power (US), Johnson
Controls International (US), Narada Power Source (China), GS Yuasa Corporation (Japan),
Tianneng Power International (China), Crown Battery Corporation (US), and Hitachi Chemical
Company (Japan).
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On the basis of battery type, the market has been segmented as lithium ion battery, lead acid
battery, nickel hydride battery and others. Among these components, lithium ion battery is
expected to dominate the market followed by nickel hydride battery and lead acid battery.