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Global new energy vehicle battery market is expected to grow significantly in the forecast period owing to high demand for passenger cars and increasing awareness for electric vehicles. New energy vehicle battery powers the propulsion of the electric vehicles. It is largely used in electric cars, vans, trucks, electric golf carts, forklifts, and other automobiles. The rechargeable battery is designed with a superior ampere-hour capacity that is classified by its specific energy, power-to-weight ratio, and energy density. It reduces the vehicle weight and improves overall performance. In comparison to the liquid fuel, battery technology possesses lower specific energy, which impacts the all-electric range of the automobiles.
The major drivers of new energy vehicle battery market are growing demand for high energy density batteries, high demand for lithium-ion batteries, increasing preference for cleaner air and low-emission technologies in automobiles, and rise in government investment in electric vehicle battery domain. However, strict regulations for the release of lead pollution affecting the market players, volatile raw material prices, political disturbance in developing economies, high import taxes is hampering the growth of the market. Additionally, low FDI in South Africa region is also restraining the market growth.
Some of the key trends observed in new energy vehicle battery market include reduction in the size of battery, innovations like zebra technology, and improvements in the battery technology. Furthermore, advancements in alternative technologies as fuel source and growing developments in battery charging infrastructure is expected to offer opportunities to the market. Nonetheless, limitations in specific power, specific energy, energy density, and power density in battery technology as compared to fossil fuels is challenging the market.
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New energy vehicle battery market is categorized based on product type, application, and geography. Based on product type, market is divided into lithium battery, lead-acid battery, and others. Lithium battery segment is predicted to hold significant share of the market due to increase in demand.
By vehicle type, market is divided into premium vehicle, compact vehicle, mid-sized vehicle, heavy commercial vehicle, luxury vehicle, and commercial vehicle. Luxury vehicle segment is expected to lead the market due to increase in demand by consumers. This segment is also expected to offer lucrative opportunities to the market in the forecast period.
In terms of application, new energy vehicle battery industry is bifurcated into BEV (Battery Electric Vehicles), HEV (Hybrid Electric Vehicles), ICE (Internal Combustion Engines), and PHEV (Plug-in Hybrid Electric Vehicles). HEV (Hybrid Electric Vehicles) segment is expected to hold larger share of the market owing to high adoption in the developing economies. Furthermore, BEV (Battery Electric Vehicles) also predicted to lead the market due to increasing awareness of fully electric drivetrain vehicles with rechargeable batteries.
Geographically, market is segmented as North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to dominate the market due to the presence of large number of market players and high adoption rate of advanced technologies in automobiles. Asia Pacific is also expected to lead the market due to increase in demand for passenger cars.
The key players profiled in new energy vehicle battery market include GS Yuasa, Panasonic, Samsung SDI, Hitachi Group, LG Chem, BYD, Johnson Controls, Beijing Pride Power, Automotive Energy Supply, Lithium Energy Japan, Blue Energy, Bosch and Wanxiang.
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