LONDON--(BUSINESS WIRE)--The global electric vehicle (EV) battery market is poised to grow by USD 15.7 billion during 2019-2023, progressing at a CAGR of close to 23% during the forecast period. Request Free Sample Pages
Read the 119-page research report with TOC on "Electric Vehicle Market Analysis Report by Battery Type (lithium-ion battery, lead-acid battery, and others), by Geography (APAC, Americas, and EMEA), and Segment Forecasts, 2019 - 2023".
The market is driven by the advances in EV battery and associated technologies. In addition, the EV charging with V2G technology is anticipated to further boost the growth of the electric vehicle battery market.
The advances in EV battery and associated technologies will be one of the major drivers in the global electric vehicle battery market. Several automotive companies are focusing on developing batteries with improved specifications by engaging in collaborative partnerships with other manufacturers. Next-generation batteries are safer compared to lithium-ion batteries, have high charging rates, and low battery leakage risks. Furthermore, several initiatives are being implemented for improving battery quality. For instance, in April 2018, the Indian Space Research Organization (ISRO) announce that it is open to sharing the technology used in its space-grade lithium-ion battery with private players in the automotive industry. As a response to this, ISRO received interest from over 100 companies, of which 14 were selected in December 2018. Such rising initiatives to improve the efficiency of electric vehicles will boost the EV battery market growth during the forecast period.
Also, EV charging with V2G technology will positively impact the global market. V2G technology support the power requirements of grids during heavy loads and facilitates the flow of power between a grid and electric vehicles, including BEVs, PHEVs, and HEVs. Such kind of benefits offered by the V2G technology to EV owners and power companies will propel the market growth.
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Major Five Electric Vehicle Battery Market Companies:
Automotive Energy Supply Corporation
Automotive Energy Supply Corporation offers high-energy cells for EV, high-energy modules for EV, high-energy battery pack for EV, high-energy cells for HEV, high-energy modules for HEV, and high-energy battery pack for HEV.
BYD Company Ltd.
BYD Company Ltd. operates its business under three segments, which include automobiles and related products, mobile handset components and assembly service, and rechargeable batteries and photovoltaic. The company offers a complete supply chain layout from mineral battery cells to battery packs for EVs.
GS Yuasa International Ltd.
GS Yuasa International Ltd. has the business operations under various segments, namely automotive batteries (Japan), automotive batteries (overseas), industrial batteries and power supplies, automotive lithium-ion batteries, and other services. Some of the products offered by the company are LEV50, LEV50-4, and EHW5 cell.
LG Chem operates its business under five segments, which include basic materials & chemicals, energy solutions, it & electronic materials and advanced materials, life sciences, and common and others. The company’s key offerings include batteries for HEV, batteries for PHEVs, and batteries for EVs.
Panasonic Corporation operates its business under segments: appliances, eco solutions, connected solutions, automotive and industrial systems, and other. The company’s key offerings in the electric vehicle battery market include lithium-ion battery and nickel-metal hydride battery.
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Electric Vehicle Battery Type Outlook (Revenue, USD Million, 2019 - 2023)
- Lithium-Ion Battery
- Lead Acid Battery
Electric Vehicle Battery Regional Outlook (Revenue, USD Million, 2019 - 2023)
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