1 July 2019 – The
Global New Energy Vehicle Battery Market is
expected to grow significantly in the forecast period owing to high demand for
passenger cars and increasing awareness for electric vehicles. New energy
vehicle battery powers the propulsion of the electric vehicles. It is largely
used in electric cars, vans, trucks, electric golf carts, forklifts, and other
automobiles. The rechargeable battery is designed with a superior ampere-hour
capacity that is classified by its specific energy, power-to-weight ratio, and
energy density. It reduces the vehicle weight and improves overall performance.
In comparison to the liquid fuel, battery technology possesses lower specific
energy, which impacts the all-electric range of the automobiles.
The major drivers of new energy vehicle battery market are
growing demand for high energy density batteries, high demand for lithium-ion
batteries, increasing preference for cleaner air and low-emission technologies
in automobiles, and rise in government investment in electric vehicle battery
domain. However, strict regulations for the release of lead pollution affecting
the market players, volatile raw material prices, political disturbance in
developing economies, high import taxes is hampering the growth of the market.
Additionally, low FDI in South Africa region is also restraining the market
growth.
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Some of the key trends observed in new energy vehicle
battery market include reduction in the size of battery, innovations like zebra
technology, and improvements in the battery technology. Furthermore,
advancements in alternative technologies as fuel source and growing
developments in battery charging infrastructure is expected to offer
opportunities to the market. Nonetheless, limitations in specific power,
specific energy, energy density, and power density in battery technology as
compared to fossil fuels is challenging the market.
New energy vehicle battery market is categorized based on
product type, application, and geography. Based on product type, market is
divided into lithium battery, lead-acid battery, and others. Lithium battery
segment is predicted to hold significant share of the market due to increase in
demand.
The key players profiled in new energy vehicle battery
market include GS Yuasa, Panasonic, Samsung SDI, Hitachi Group, LG Chem, BYD,
Johnson Controls, Beijing Pride Power, Automotive Energy Supply, Lithium Energy
Japan, Blue Energy, Bosch and Wanxiang.
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