Product Code: RP-ID-10064533 |
Published Date: 21 Oct 2022 |
Region: NA |
Category: Energy & Power |
Report ID: 10064533
Market Overview:
Global Battery Systems for Electric Vehicle Market
Description
Electrification is the most viable way to increase the efficiency of transportation through cleaner means that is critical to the sustainable development of the entire world.The battery management system is an essential component of electric and hybrid electric vehicles. Battery Electric Vehicles do not require the use of an ICE and are powered by the electricity stored in the on-board battery. The on-board battery can be categorized in the following three types: lead-acid, nickel metal hydride and lithium-ion. The rechargeable battery packs store the chemical energy in battery electric vehicles to propel the electric motors and motor controllers. The functions of a battery system include state monitoring, safety and reliability of battery, charge control, cell balancing and evaluation. Today, since Electric Vehicles can reduce consumption of gasoline up to 75%, batteries have regained attention in the Vehicle Market.
Market Dynamics
The Global Battery Systems for Electric Vehicles market is expected to grow at an astonishing CAGR of 41.95% to reach US $14 Billion at the end of forecast period. Most of the countries worldwide have been informed to control the emission levels amidst growing climatic concerns. This will have a tremendous positive impact for the demand of electric vehicles. Factors such as Government subsidies and incentives are further motivating manufacturers to enter this segment as well buyers for purchasing Electric Vehicles. The increased demand for optimal and efficient work cycle of rechargeable batteries has led to high number of applications of high-power density Li-ion batteries. However, there are certain factors creating restraints for the market growth. The range and performance of battery is one of the major causes of concerns. Less power makes them more suitable for short distance travels. Longer charge durations and lack of availability of supercharge stations adds to the pains of using the battery vehicles. High cost also poses a threat to the growth of market.
Market Segmentation
Based on the battery type, the global battery systems for electric vehicles market is segmented into three categories: lead-acid, nickel metal hydride and lithium-ion batteries. Based on the vehicle type, the market is classified into Commercial vehicles and Passenger vehicles. The passenger vehicle market accounts for the largest share of the battery systems market. Factors such as rising demand for convenience, safety and comfort by consumers in the passenger segment is a major cause for this high demand in the segment.
Geographic Analysis
On the basis of geography, the global battery systems for electric vehicles market is divided into APAC, Europe and America. APAC dominates the market and accounts for the largest share due to heavy sales of Electric Vehicles in the region. Much of the credit goes to countries like Japan and China due to strong presence of automakers and suppliers. Growing norms and stringent regulations further propel the growth in these markets for demand of electric vehicles.
Key Players
Some of the key players in the Industry are LG Chem, Bosch, Valeo, and Gentherm, AVID, CalsonicKansei, CapTherm Systems, Dana, DuPont, Hanon Systems, Tesla Motors, and VOSS Automotive.
Report ContentsRegional AnalysisReport Highlights
Market segments
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market - Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
North America
US and Canada
Latin America
Mexico, Brazil, Argentina and Rest of Latin America
Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Market Segmentation
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
Related Reports
Proof of Quality & Reliability
