Electric Vehicle (EV) Batteries Global Market Report 2022
Major players in the electric vehicles batteries market are Panasonic Corporation, Mitsubishi Motors Corporation, Beijing Pride New Energy Battery Technology Co. Ltd, Automotive Energy Supply Corporation, BYD Company Ltd, Daimler AG, Robert Bosch GmbH, SAMSUNG SDI CO, Tianneng Power International Co.
New York, March 24, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Electric Vehicle (EV) Batteries Global Market Report 2022" - https://www.reportlinker.com/p06247509/?utm_source=GNW
Ltd, and Johnson Controls.
The global EV batteries market is expected grow from $23.74 billion in 2021 to $25.43 billion in 2022 at a compound annual growth rate (CAGR) of 7.1%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $33.26 billion in 2026 at a CAGR of 6.9%.
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 don’t emit any harmful gases which causes damage to the environment.
The main types of battery used in electric vehicles are lithium-ion, lead-acid, nickel-metal hydride, sodium-ion and others.The lithium-ion are used in electric vehicles for safer and more stable movement than liquid li-ion batteries.
The electric vehicles batteries are used two types of vehicles such as passenger and commercial vehicles and available in two types of propulsion such as battery electric vehicle and plug-in hybrid electric vehicle.
Asia Pacific was the largest region in the electric vehicles batteries market in 2021.Western Europe was the second-largest region in the electric vehicles batteries market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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.Recent advancements such as lithium-ion batteries, fast charging, and better mileage have helped the electric cars become more passenger-friendly.
According to the United States Department of Energy, the range of average electric car have increased from 73 miles in 2011 to 400 miles in 2021.Moreover, the technological developments are contributing to reduced prices of the electronic batteries.
According to the Bloomberg report, battery prices that were above USD 1,100 in 2010 have fallen by 87% to $156 per kilowatt-hour in 2019 and is likely to decline to $100 per kilowatt-hour by the end of 2023. Therefore, the advances in electronic battery and its associated technologies increase the vehicles mileage and draws more customers driving the electronic battery market.
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 extraction process of one ton of lithium requires 50,000 gallons of water.
Lithium mining has resulted in consumption of 65% water of the Salar de Atacama region, Chile, which has led to water shortages in Chile, South America along with severe toxic spills.As the demand upsurges, the mining activity also rises with increasing damage to the environment and will force the governments to enforce stringent regulation to curb the negative effects which would increase the production cost.
Therefore, the harmful effect of electric vehicle batteries on the environment is expected to be a hindrance to the electric vehicle battery market over the coming years.
The charging of Electric vehicle batteries using Vehicle to grid technology is expected to gain traction in EV batteries 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 the peak times or increase their charging rate to discharge and charge the battery accordingly.
For instance, in January 2021, FCA along with Engie EPS and Terna has launched the first phase of a vehicle-to-grid (V2G) pilot project in Turin, Italy, to test potential connections of the company’s vehicles to the grid. Thus, Vehicle to grid technology is anticipated to be a major trend in the electric battery market.
In May 2019, Tesla, the American based clean energy and electric vehicle company have acquired San-Diego based batteries and ultra-capacitor maker Maxwell technologies for $235.0 million. This Deal gives Tesla access to the patented technology of Maxwell - the dry cathode technology, which would allow Tesla to develop its own set of battery cells with high density and durability. Maxwell technologies are considered to be the pioneers in the area of super capacitors, their dry battery electrode technology is projected to improve the battery energy capacity by 50.0%, which in effect will double the battery life.
The countries covered in the electric vehicles batteries market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06247509/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
CONTACT: Clare: clare@reportlinker.com US: (339)-368-6001 Intl: +1 339-368-6001
