With rising petrol and diesel costs associated with environmental concerns, there has been a growing demand for fuel-efficient vehicles (i.e. electric vehicles) around the world. Electric vehicle battery provides various benefits, such as high-energy density, high charge retention capacity, and low maintenance cost, which is also accelerating the market growth. With the start of the Covid-19 pandemic, the demand for electric vehicles battery has decreased since the 2nd quarter of 2020. With relaxing lockdown restrictions and resuming economic activities in China and India, the demand for various electric vehicles have gained momentum thus, driving the demand for electric vehicle batteries. In the Covid-19 crisis, most of the users are currently avoiding the use of public transport to curb the spread of Coronavirus, thereby growing preference towards electric vehicles is increasing.
The global electric vehicles batteries market is categorized on the basis of types, such as lithium-ion batteries, nickel-metal hydride batteries, lead-acid batteries and ultracapacitors. Among these types, lithium-ion batteries have the maximum share in the market, because these batteries are widely used in the electric vehicles due to its high power-to-weight ratio, and effective high-temperature performance. In addition, based on vehicle type the market is segmented, such as passenger cars, utility vehicles, golf carts and e-bikes, etc. The passenger cars have the maximum share in the market, because consumers are more inclined towards the electric vehicle, such as electric 4-wheelers and manufacturers are also investing in advanced technology to develop the electric vehicles. China remains among the fastest growing country in the Asia-Pacific cluster for regional markets. Apart from China, the market is led by countries such as Japan, Australia, and South Korea.
The automotive manufacturers have estimated that the demand for electric vehicles in two-wheelers segment in India, is expected to grow significantly in the following years. Key players in the electric vehicle batteries market include Leclanché SA, LG Chem, Ltd., Samsung Electronics Co., Ltd., Panasonic Corporation, SK Innovation CO., Ltd., Hitachi, Ltd., Electrovaya Inc., MOLICEL (E-One Moli Energy Corp.), BYD Company Ltd. and Robert Bosch GmbH.
Trends and Future Outlook:
- Rising use of recycled material for developing lithium-ion batteries, which are widely used in electric vehicles
- Several governments across the world have been working towards adopting regulations to drive the adoption of electric vehicles
- Automotive manufacturers are investing a huge amount to develop advanced electric vehicle battery with more compact size and shape and low maintenance cost