LONDON--(BUSINESS WIRE)--The electric vehicle battery market is expected to grow by USD 44.24 billion, progressing at a CAGR of almost 22% during the forecast period. According to the report, the market is expected to have a negative impact due to the spread of COVID-19. The rapid spread of the novel coronavirus significantly affected the automotive industry as well as the sales of EVs. This resulted in a reduction in the demand for EV batteries in the short-term. However, with conditions getting back to normal and automakers resuming their operations, the demand for EV batteries is expected to pick up the pace and drive the market growth.
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The advances in EV battery and associated technologies is one of the major factors propelling the market growth. Several automotive companies are partnering with battery manufacturers to jointly develop batteries with enhanced features such as high charging rates and low battery leakage risks. Besides, significant developments in EV charging infrastructure will also influence the growth of this market during the forecast period. However, safety concerns regarding lithium-ion batteries might hamper growth.
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Electric Vehicle Battery Market: Type Landscape
Based on the type, the market saw maximum growth in the lithium-ion battery segment in 2019. The growth of the segment can be attributed to the high adoption of lithium-ion batteries in EV applications.
Electric Vehicle Battery Market: Geographic Landscape
By geography, APAC is going to have a lucrative growth during the forecast period. About 66% of the market’s overall growth is expected to originate from APAC. The growth of the market in APAC is driven by the initiatives undertaken by governments to encourage the adoption of EVs and the increasing inclination toward R&D to enhance available technologies to promote such vehicles.
China and Japan are the key markets for electric vehicle batteries in APAC. Market growth in this region will be faster than the growth of the market in other regions.
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Companies Covered:
- A123 Systems LLC
- Ballard Power Systems Inc.
- BYD Company Ltd.
- Cummins Inc.
- EnerSys
- Exide Technologies
- GS Yuasa International Ltd.
- LG Chem Ltd.
- Panasonic Corp.
- Samsung SDI Co. Ltd.
What our reports offer:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers market data for 2019, 2020, until 2024
- Market trends (drivers, opportunities, threats, challenges, investment opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.
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Key Topics Covered:
Executive Summary
- Market Overview
Market Landscape
- Market ecosystem
- Value chain analysis
Market Sizing
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Battery type
- Market segments
- Comparison by battery type
- Lithium-ion battery - Market size and forecast 2019-2024
- Lead-acid battery - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by battery type
Customer landscape
- Overview
Geographic Landscape
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher priced units
- Market challenges
- Market trends
Vendor Landscape
- Overview
- Landscape disruption
Vendor Analysis
- Vendors covered
- Market positioning of vendors
- A123 Systems LLC
- Ballard Power Systems Inc.
- BYD Company Ltd.
- Cummins Inc.
- EnerSys
- Exide Technologies
- GS Yuasa International Ltd.
- LG Chem Ltd.
- Panasonic Corp.
- Samsung SDI Co. Ltd.
Appendix
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
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