Batteries for Electric Vehicle Charging Stations Market: Introduction
- Over the last few years, the adoption of electric vehicles (EVs) has significantly risen. This rise in the demand for EVs can be ascribed to increase in awareness about global warming.
- In 2018, the number of charging points worldwide was around 5.2 million, which 44% higher than that in 2017. Furthermore, the number of private charging points increased to around 1.6 million in 2018.
- Companies are currently aiming at the advancement of charging stations, which would provide rapid charging. Hence, the major focus is on the development of batteries that have features such as long lifespan and quick charging.
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Key Drivers and Restraints of Global Batteries for Electric Vehicle Charging Stations Market
- Increase in the demand for electric vehicles is a major driver of the global Batteries for Electric Vehicle Charging Stations Market. In 2017, around 3 million electric vehicles were sold across the globe, while around 5 million were sold in 2018. This rise in the demand of electric vehicles propels the demand for charging stations and related infrastructure. Thus, increased demand for electric vehicles is anticipated to drive the global Batteries for Electric Vehicle Charging Stations Market during the forecast period.
- A grid connection does not provide continuous and steady power supply, which may lead to equipment failure sometimes. Battery-operated charging stations are capable of providing continuous and steady power supply from batteries. This is expected to be another factor driving the global Batteries for Electric Vehicle Charging Stations Market in the near future.
- High initial cost and short life of batteries are key restraining factors for the global market. The cost of batteries is currently on a higher side. Also, batteries have short life cycle. These factors are likely to act as restraints of the global Batteries for Electric Vehicle Charging Stations Market during the forecast period.
Global Batteries for Electric Vehicle Charging Stations Market: Segmentation
- The global Batteries for Electric Vehicle Charging Stations Market can be segmented based on battery type, application, and vehicle type
- In terms of battery type, the global Batteries for Electric Vehicle Charging Stations Market can be segmented into lithium-ion battery, lead–acid battery, nickel–cadmium battery, and others. The lithium-ion battery segment is expected to dominate the global market during forecast period, as Li-ion batteries are light in weight and eco-friendly Also, they require low maintenance.
- Based on application, the global Batteries for Electric Vehicle Charging Stations Market can be divided into public and private. In 2018, the public segment dominated the global market and the trend is expected to continue during the forecast period. Companies and governments across the globe are investing more in public charging stations. Due to this factor, the public segment is anticipated to expand at a high CAGR during the forecast period.
- In terms of vehicle type, the global Batteries for Electric Vehicle Charging Stations Market can be classified into battery electric vehicles and hybrid vehicles. The battery electric vehicles segment is expected to dominate the global market during the forecast period, owing to high demand for battery-operated vehicles among consumers.
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Global Batteries for Electric Vehicle Charging Stations Market: Regional Segmentation
- Based on region, the global Batteries for Electric Vehicle Charging Stations Market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- North America dominated the global market Batteries for Electric Vehicle Charging Stations Market in 2018 and it is expected to continue its dominance during the forecast period. This is largely attributable to rising investments in the development of charging station infrastructure in the region.
- The Batteries for Electric Vehicle Charging Stations Market in Asia Pacific is expected to expand at a high CAGR during the forecast period, due to rise in the demand for electric vehicles in China, India, and Japan. China is the leading market, with the maximum number of electric vehicles sold in the region in 2018, which was around 1.77 million units.
Key Players Operating in Global Market:
- A123 Systems LLC
- ENVISION AESC SDI CO., LTD.
- LG Chem
- Panasonic Energy
- SAMSUNG SDI CO., LTD.
- TOSHIBA CORPORATION
Global Batteries for Electric Vehicle Charging Stations Market: Research Scope
Global Batteries for Electric Vehicle Charging Stations Market, by Battery Type
- Lithium-ion Battery
- Lead–Acid Battery
- Nickel–Cadmium Battery
Global Batteries for Electric Vehicle Charging Stations Market, by Application
Global Batteries for Electric Vehicle Charging Stations Market, by Vehicle Type
- Battery Electric Vehicles
- Hybrid Vehicles
Global Batteries for Electric Vehicle Charging Stations Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.