Market Research Report
Global Electric Vehicle (EV) Battery Market 2019-2023
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||574595|
|Published||Content info||123 Pages
Delivery time: 1-2 business days
|Global Electric Vehicle (EV) Battery Market 2019-2023|
|Published: February 20, 2019||Content info: 123 Pages||
The increased GHG emissions and rising environmental concerns globally have driven countries to rethink the use of fossil fuels in transportation. The only feasible replacement for fossil fuel-powered vehicles is EVs, which include BEVs, HEVs, and PHEVs. Many countries are setting up mandates to moderate the transition of the automotive industry from diesel and petrol vehicles to EVs. Globally, governments have introduced several incentives for vehicle owners to increase the adoption of EVs. The key market vendors are increasing their efforts to produce more prismatic lithium-ion batteries, catering to the growing demand from the automotive industry. The increased sales of EVs, would drive the sales of prismatic lithium-ion batteries, thereby contributing to the growth of the market. Technavio's analysts have predicted that the electric vehicle (EV) battery market will register a CAGR of close to 23% by 2023.
The automotive industry is witnessing significant R&D activities in various domains, including next-generation batteries for EVs and public charging infrastructure, to drive EV adoption. Next-generation batteries include solid-state batteries, which are considered safer than lithium-ion batteries, with low battery leakage risks and high charging rates. These batteries have a high capacity, which increases the mileage per charge in EVs.
The shift in the use of lithium batteries from portable electronic devices to automotive vehicles is driven by the growing need to incorporate high-capacity batteries and stationary storage in EVs and industrial equipment. Lithium-ion batteries have become the most preferred battery systems in these vehicles because of improvements in cost, energy and power density, battery lifecycle, and performance.
For the detailed list of factors that will drive and challenge the growth of the electric vehicle (EV) battery market during the 2019-2023, view our report.
The market appears to be highly fragmented and with the presence of several vendors. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market's competitive landscape and offering information on the products offered by companies.