Global Electric Vehicle Battery Market key Insights Based on Product Type, End-use and Regional Demand Till 2027

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automobiles

Summary

The market can be segmented on the basis of vehicle propulsion, battery and vehicle. On the basis of vehicle propulsion, it is sub-segmented into battery electric vehicle (BEV) and plug-in hybrid vehicle (PHEV).

Press Release

The market can be segmented on the basis of vehicle propulsion, battery and vehicle. On the basis of vehicle propulsion, it is sub-segmented into battery electric vehicle (BEV) and plug-in hybrid vehicle (PHEV). Battery electric vehicle is expected to lead the vehicle propulsion segment during the forecast period. The high adoption of the electric vehicles in the various developing countries across the globe is anticipated to be the major factor driving the growth of the sub-segment during the forecast period. On the basis of battery, it is sub-segmented into lead-acid, nickel metal hydride and lithium-ion.  Lead acid battery is anticipated to be the largest sub-segment during the forecast period. The various properties associated with the lithium ion battery such as high energy retention capacity and low maintenance is anticipated t0 boost the growth of the sub-segment during the forecast period. On the basis of vehicle, it is sub-segmented into passenger vehicle and commercial vehicle. The passeneger cars sub-segment is expected to hold the largest market share during the forecast period. According to OICA the production statistics of the passenger car is nearly 73 million units. Thus, it is expected to boost the growth of the sub-segement.

Electric Vehicle Battery Market is anticipated to record a CAGR of 18% over the forecast period. The electric vehicle battery market is expected to showcase a vibrant growth by the end of the forecast period. It expected to attain a total market size of USD 120 billion by 2027.

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On the basis of regional analysis, global electric vehicle battery market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia-Pacific region is expected to hold the largest market share for the overall electric vehicle battery market. The supportive government policy which is promoting the use of the eco-friendly vehicles is anticipated to drive the growth of the overall market during the forecast period. For instance, the India government has started Fame India Scheme in which 99, 000 electric and hybrid vehicles have been given direct support since April 2015. Europe is anticipated showcase substantial growth during the forecast period. The surge in the adoption of the electric vehicles in the Europe is anticipated to drive the growth of the overall market in the region. For instance, France accounted the highest adoption of the electric vehicles which accounted 92 thousand of the total cars. Additionally, the stringent norms pertaining to environment is anticipated to boost the growth of the market in the region.