Battery Market for Electric Car - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
- Electric Vehicle
The automotive industry is constantly working to reduce the impact of carbon emission on the environment by focusing on the development of electric cars. Batteries are the heart of electric cars, which generate power in order to perform all functions of the cars. Different types of electric batteries are installed in electric cars. Using a battery in a vehicle provides advantages such as less pollution, as compare to an IC engine and diesel engine, reuse, and lower cost of charging. Stringent emission norms enacted by regulatory bodies in developed countries and rising demand for electric cars is likely to drive the battery market for electric car during the forecast period. However, cost is a key factor that is likely to hamper the battery market for electric car during the forecast period.
The battery market for electric car can be segmented based on battery type, car type, and region. Based on battery type, the battery market for electric car can be classified into lithium-ion battery and other two battery types. Lithium-ion battery has several advantages such as high energy density, no priming required, and low maintenance, which are expected to boost the lithium-ion battery type segment of the market during the forecast period.
Based on car type, the battery market for electric car can be segregated into battery electric car, hybrid electric car, and plug in hybrid car. Demand for battery electric cars has been increasing across the globe. Countries in North America and Europe are witnessing stable economic conditions, high percentage of urbanization, and increase in per capita income. These factors are anticipated to drive the battery market for electric car across the globe. Considering all these factors, the battery electric segment (BEV) is anticipated to dominate the battery market for electric car during the forecast period.
Based on sales channel, the battery market for electric car can be segmented into OEMs and aftermarket. The aftermarket segment is likely to dominate the battery market for electric car owing to the high number of major suppliers providing their services. Cost, quick service, and availability are also likely drive the aftermarket segment during the forecast period.
Based on region, the battery market for electric car can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific holds a major share of the global battery market for electric car in terms of supply and demand. In terms of revenue, Asia Pacific is anticipated to hold a major share of the global battery market for electric car during the forecast period, owing to the high production of electric cars in the region. Rapid expansion of the auto industry in countries such as China, Japan, and South Korea is likely to drive the battery market for electric car market in this region during the forecast period. The market in Europe and North America is expected expand at a rapid pace during the forecast period.
Key players operating in the global battery market for electric car include A123 Systems, Automotive Energy Supply Corporation, Altairnano, Valence Technology, Inc., Electrovaya, Tesla, Johnson Controls, Li-Tec Battery GmbH, Axion Power International Inc., Gotion, Inc., and XALT Energy.
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