Electric Vehicle Battery Pack Market Revenue (2017–2021) US$ 417,629.7 Mn, Higher For (2022–2026) US$ 870,172.6 Mn
MarketResearch.Biz announces publication of its most recently generated research report titled, "Global Electric Vehicle Battery Pack Market By Type (Lithium Ion Battery, NI-MH Battery, and Others), Application And Region - Global Forecast To 2026.", which offers a holistic view of the global electric vehicle battery pack market through systematic segmentation that covers every aspect of the target market. According to forecast estimations and projections in the report, the first five-year cumulative global revenue (2017-2021) is expected to be US$ 417,629.7 Mn, as compared to a substantially higher cumulative global revenue total of US$ 870,172.6 Mn for the latter part of the forecast period (2022-2026).
Electric vehicle battery packs are designed to power the motors and other electrical components in electric vehicles over sustained periods of time. Although they are made in a wide range, they incorporate the same mechanism required to perform basic functions. Electric vehicle battery packs are ideal alternatives for fuel-based internal combustion engines running on petrol or diesel.
Global Electric Vehicle Battery Pack Market: Market Dynamics
Major factors driving growth of this market are growing concerns towards greenhouse gas emissions, increasing government initiatives, concerns regarding inevitable depletion of fossil fuel resources, and growing interest and activities to explore and develop newer electrochemical mechanisms that could boost energy and performance of batteries. Harmful gas emission from vehicles can be reduced as batteries and battery packs are cleaner and cheaper energy sources than petroleum and other crude oil-derived fuels. Moreover, majority of battery packs can be recycled, which ensures disposal of old battery packs is not a major problem in future. However, low battery life and less power efficiency of electric vehicle battery packs could hamper growth of the global electric vehicle battery pack market to a certain extent.
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According to the report, players operating in the market could benefit significantly through development of battery packs with longer cell life. Electric vehicle battery packs with higher energy storage capacity with each recharge and other benefits such as high performance is expected to further create new and beneficial opportunities for various players in the market.
One of the trends driving market growth is increasing demand for lithium-ion battery packs by a range of end users owing to factors such as high energy density consuming less power, no necessity for priming, and lower maintenance costs. Another advantage of lithium ion cells is that the rate of self-discharge is significantly lower than that of other rechargeable cells such as Ni-Cad and NiMH forms.
Apart from these, other drivers, restraints, opportunities, and trends have been analysed and provided in the report, along with accurate and valuable insights gleaned through extensive primary and secondary research efforts.
Global Electric Vehicle Battery Pack Market: Forecast
The electric vehicle battery pack market is segmented on the basis of type, application, and region. On the basis of type, the market is segmented into lithium-ion battery, NI-MH battery, and others. On the basis of application, the market is segmented into PHEVs and BEVs. On the basis of region, the market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa.
The lithium-ion battery segment is estimated to account for highest revenue share among the battery type segments and register a CAGR of over 16%, owing to rapid shift towards use of lithium-ion battery pack among end users and also as these batteries are lighter and smaller than other rechargeable batteries types.
The PHEVs segment is projected to account for largest revenue share, and register a CAGR of over 17% during the forecast period.
Among the various regions, Asia Pacific currently accounts for major revenue share as well as CAGR, which is expected to expand at a CAGR exceeding 16%, owing to factors such as increasing government subsidies favoring adoption of electric vehicles, coupled with low production and labor costs, especially in India and China. The market in Europe is expected to hold second-largest revenue share, which is projected to expand at a CAGR of over 15% during the forecast period.
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Global Internet of Things (IoT) Security Market: Competitive Analysis
The research report on the electric vehicle battery pack market includes detailed competitive analysis on major companies such as Panasonic Corp., Contemporary Amperex Technology Co., Ltd., Optimum Nano Energy Co., Ltd., LG Chem. Ltd., Guoxuan High-Tech Co., Ltd., Tianjin Li Shen Battery Co., Ltd., Automotive Energy Supply Corporation, Samsung sdi Co., Ltd., Lithium Energy Japan, and Primearth EV Energy Co., Ltd.
The electric vehicle battery pack market: Global Industry, Size, Share, Growth, Trends, and Forecast, 2017-2022 report has been prepared based on an in-depth market analysis with inputs from industry experts. This report covers the present scenario and the growth prospects of the electric vehicle battery pack market for 2017-2026.
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