The long-term outlook on the global electric vehicle battery market remains positive between 2017 and 2027.
The global electric vehicle battery market for passenger cars is estimated to be valued at $31.7 billion by the end of 2027.
Future Market Insights forecast the electric vehicle lithium-ion battery market to generate over $23 billion in revenue by 2027.
Among battery types, the lithium ion battery segment in the electric vehicle battery market is expected to expand at a CAGR of more than 9% in terms of value over the forecast period.
APEJ is estimated to account for a value share of 24% in the global electric vehicle battery market by the end of 2017, and is expected to dominate the market during the forecast period as well. In this report, FMI throws light on the drivers and restraints likely to impact the electric vehicle battery market during this period.
Growing Demand for Electric Vehicles and Advancements in Battery Technology Expected to Drive the Electric Vehicle Battery Market
In the current scenario pertaining to the automotive industry, improvements have been witnessed in the demand for vehicles run by some form of electric power, such as HEV, PHEV and BEV, with a higher working range. This demand from the end users has compelled traction battery manufacturers to focus more on increasing the energy density, which can provide a high travelling range.
In addition, the demand for electric vehicles has also encouraged battery manufacturers to expand their production capacity, which also helps them maintain economies of scale and bring down their operational cost, thus decreasing the price of electric batteries. Moreover, the new technology battery has also decreased the per kilometer running cost of vehicles, which is encouraging the general population to change their preference from IC engine-driven vehicles to battery-driven vehicles.
The electric vehicle battery market is segmented on the basis of battery type, battery capacity, vehicle type, and vehicle technology.
· Lithium ion battery is expected to continue to dominate the market in terms of volume and value over the forecast period. The lithium ion battery sub-segment of the electric vehicle battery market is estimated to grow at a significant CAGR of 9.4% over the forecast period. It is expected to represent a total incremental opportunity of US$ 13.8 Bn between 2017 and 2027 in the electric vehicle battery market. The nickel hydride battery is projected to grow at a relatively low CAGR as compared to the lithium ion battery over the forecast period
· Hybrid electric vehicles are projected to be the most prominent vehicle technology in the electric vehicle battery market. The hybrid electric vehicle segment is estimated to grow at a significant CAGR in terms of value over the forecast period in the electric vehicle battery market
· The passenger car segment is the most prominent vehicle type segment in the electric vehicle battery market. It is estimated to hold more than 80% of the electric vehicle battery market.
Electric Vehicle Battery Market: Regional Market Projections
The electric vehicle battery market in Asia Pacific Excluding Japan (APEJ) is expected to represent a significantly high incremental opportunity between 2017 and 2027. The electric vehicle battery market in APEJ is expected to represent a total incremental opportunity of $6.9 billion between 2017 and 2027.
For more information, visit https://www.futuremarketinsights.com/reports/sample/rep-gb-5388