Dublin, Dec. 24, 2020 (GLOBE NEWSWIRE) -- The "Electric Vehicle Batteries Global Market Report 2020-30: COVID-19 Growth and Change" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicles batteries market is expected to decline from $23.17 billion in 2019 to $22.24 billion in 2020 at a compound annual growth rate (CAGR) of -6.17%. The decline is mainly due to economic slowdown across countries owing to the COVID-19 outbreak and the measures to contain it. The market is then expected to recover and reach $35.36 billion in 2023 at CAGR of 16.71%.
Asia Pacific was the largest market in the electric vehicles batteries market in 2019.
The charging of Electric vehicle batteries using Vehicle to grid technology is expected to gain traction in EV batteries Market. Vehicle to grid technology is a Bi-directional charging system technology in which plug-in electric vehicles like battery electric vehicles (BEV), plug-in hybrids (PHEV) or hydrogen fuel cell electric vehicles (FCEV) batteries' can communicate with the power grid for either returning electricity to the grid, to homes during the peak times or increase their charging rate to discharge and charge the battery accordingly. The new vehicle released by the Nissan along with ENEL X the Nissan leaf in October 2017 in Japan for the model year 2018 uses Vehicle to grid Technology which can be used to power the home during times of need or push back energy to the grid that is to sell the electricity to the gird. Thus, Vehicle to grid technology is anticipated to be a major trend in the electric battery market.
The EV batteries market covered in this report is segmented by battery type into lithium-ion, lead-acid, nickel-metal hydride, sodium-ion, others and by vehicle type into passenger vehicles, commercial vehicles.
The extraction of raw materials like lithium cobalt used in the electric vehicle battery has a harmful effect on the environment and governments impose restriction on mining the raw materials, hindering the growth of the market. The extraction process of one ton of lithium requires 50,000 gallons of water. Lithium mining has resulted in consumption of 65% water of the Salar de Atacama region, Chile, which has led to water shortages in Chile, South America along with severe toxic spills. As the demand upsurges, the mining activity also rises with increasing damage to the environment and will force the governments to enforce stringent regulation to curb the negative effects which would increase the production cost. Therefore, the harmful effect of electric vehicle batteries on the environment is expected to be a hindrance to the electric vehicle battery market over the coming years.
Advances in electric vehicles (EV) batteries and their associated technologies are attracting the interests of individuals to purchase EVs, contributing to the growth of the EV batteries. Recent advancements such as lithium-ion batteries, fast charging, and better mileage have helped the electric cars become more passenger-friendly. According to the United States Department of Energy, the range of average electric car have increased to 171% in 7 years which was 73 miles in 2011 to 125 miles in 2018. Moreover, the technological developments are contributing to reduced prices of the electronic batteries. According to the Bloomberg report, battery prices that were above USD 1,100 in 2010 have fallen by 87% to $156 per kilowatt-hour in 2019 and is likely to decline to $100 per kilowatt-hour by the end of 2023. Therefore, the advances in electronic battery and its associated technologies increase the vehicles mileage and draws more customers driving the electronic battery market.
Scope of the report:
1) By Battery Type: Lithium-Ion; Lead-Acid; Nickel-Metal Hydride; Sodium-Ion; Others
2) By Vehicle Type: Passenger Vehicles; Commercial Vehicles
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
Regions: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
Time series: Five years historic and forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, per capita expenditure.
Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Mitsubishi Motors Corporation
Beijing Pride New Energy Battery Technology Co., Ltd
Automotive Energy Supply Corporation
BYD Company Ltd
Robert Bosch GmbH
SAMSUNG SDI CO
Tianneng Power International Co., Ltd
GS Yuasa International Ltd
For more information about this report visit https://www.researchandmarkets.com/r/b3nn1d
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