Battery pack market revenue to expand between 2017 and 2026
The first five-year cumulative global revenue (2017-2021) in the global electric vehicle battery pack market is expected to be $417,629.7 million, as compared to a substantially higher cumulative global revenue total of $870,172.6 million for the latter part of the forecast period (2022-2026), according to forecast estimations and projections in a report by MarketResearch.biz. The research report, "Global Electric Vehicle Battery Pack Market By Type (Lithium Ion Battery, NI-MH Battery, and Others), Application And Region - Global Forecast To 2026," offers a holistic view of the global electric vehicle battery pack market through systematic segmentation that covers every aspect of the target market.
Major factors driving growth of the market are growing concerns toward 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 are developed. Moreover, most battery packs can be recycled, which ensures that disposal of old battery packs should not be a major concern in the future. However, low battery life and low power efficiency of electric vehicle battery packs could hamper growth of the global electric vehicle battery pack market to a certain extent.
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 are expected to further create opportunities for various players in the market.
A trend driving market growth is increasing demand for lithium-ion battery packs by end users due 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.
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 the highest revenue share among the battery type segments and registers a CAGR of over 16% due to the rapid shift toward use of lithium-ion battery packs among end users and also the fact that these batteries are lighter and smaller than other rechargeable batteries types.
The PHEV segment is projected to account for the largest revenue share, and to register a CAGR of over 17% during the forecast period.
Among the regions, Asia Pacific currently accounts for the 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, particularly in India and China. The market in Europe is expected to hold the second-largest revenue share, which is projected to expand at a CAGR of over 15% during the forecast period.
The research report includes a 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.
For more information or to order the report, go to https://marketresearch.biz/report/electric-vehicle-battery-pack-market/#inquiry.