Global Electric Vehicle Batteries Market Forecast To 2023 By The Business Research Company
The global electric vehicles batteries market is expected decline from $23 billion in 2019 to $22 billion in 2020 at a rate of about -6%. 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 billion in 2023 at a rate of 16.7%. 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 market. However, 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 electric vehicles batteries market consists of sales of electric vehicles batteries. Electric vehicles batteries are used to power the electronic vehicles and are rechargeable in nature. These batteries support the clean energy initiative as they do not emit any harmful gases which cause damage to the environment.
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The global electric vehicle batteries market is further segmented based on type and geography.
By Battery Type: Lithium-Ion; Lead-Acid; Nickel-Metal Hydride; Sodium-Ion; Others
By Vehicle Type: Passenger Vehicles; Commercial Vehicles
By Geography: The global electric vehicle batteries market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia-Pacific electric vehicle batteries market accounts for the largest share in the global electric vehicle batteries market.
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Trends In The Electric Vehicle Batteries Market
The charging of electric vehicle batteries using vehicle-to-grid technology is expected to gain traction in the 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 peak times, or increase their charging rate to discharge and charge the battery accordingly.
Electric Vehicle Batteries Global Market Report 2020 is one of a series of new reports from The Business Research Company that provides electric vehicle batteries market overviews, analyzes and forecasts electric vehicle batteries market size and growth for the global electric vehicle batteries market, electric vehicle batteries market share, electric vehicle batteries market players, electric vehicle batteries market size, electric vehicle batteries market segments and geographies, electric vehicle batteries market trends, electric vehicle batteries market drivers and electric vehicle batteries market restraints, electric vehicle batteries market’s leading competitors’ revenues, profiles and market shares. The electric vehicle batteries market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.