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.
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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 information and data in the publication “Global Hybrid and Electric Vehicle Battery Market Size, Share, Development, Growth and Demand Forecast to 2022” represent the research and analysis of data from various primary and secondary sources. Bottom-up approach has been used to calculate the global hybrid and electric vehicle battery market by type, application and geography. The global hybrid and electric vehicle battery market by country is obtained through top down approach. P&S Intelligence analysts and consultants interact with leading companies of the concerned domain to substantiate every value of data presented in the report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
Battery is a major factor in determining the cost and range of the battery driven hybrid and electric vehicle. Due to the high cost of the batteries, the overall cost of the vehicle is also high, and it acts as a hindrance for hybrid and electric vehicle battery market, but only the initial purchase cost is high, as the vehicle runs on electricity and the price of electricity to run an electric vehicle is a small fraction of the cost of liquid fuel needed to produce an equivalent amount of energy; therefore, the operating cost is cheaper. The range up to which an electric vehicle can run on a single charge is also determined by the battery’s capability.
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.
Global Hybrid and Electric Vehicle Battery Market Segmentation