The lithium-ion battery in an electric vehicle is a rechargeable battery that serves as the primary power source or mode of fuel in an electric vehicle. The lithium-ion battery is considered as standard for the latest generation battery operated electric vehicles. The lithium-ion battery utilized is an electric vehicle is compact, lightweight, has higher energy density, and offers large running capacity as compared to other electric vehicle battery technologies, such as nickel-metal hydride battery and lead-acid battery. The electric vehicle lithium-ion battery are quite quick which charges and discharges at high currents and can handle around hundreds of charge & discharge cycles.
Rise in production and sales of environment-friendly vehicles, which include electric and hybrid vehicles, is a key factor boosting the demand for electric vehicle lithium-ion battery, as it is considered to be the heart of an electric vehicle. Lead-acid batteries in electric vehicles are being replaced by lithium-ion batteries in order to improve charge & discharge performance, boost life of the battery, save space and weight, and curb the emission of lead in the environment. This is projected to drive the electric vehicle lithium-ion battery market during the forecast period. Furthermore, rapid surge in fuel price and increase in vehicular emission, supplemented with governments’ support through incentives and tax credits on purchase of electric vehicles are key drivers that are likely to boost the electric vehicle lithium-ion battery market during the forecast period. Apart from being much lighter than other same-sized electric vehicle rechargeable batteries, the electric vehicle lithium-ion battery is also highly durable and reliable. This is anticipated to propel the electric vehicle lithium-ion battery market during the forecast period. However, it is enormously sensitive to high temperatures and heat, which in turn is projected to degrade the battery packs at a rapid pace. This factor coupled with the higher price of the battery is estimated to restrain the electric vehicle lithium-ion battery market during the forecast period. Additionally, environmental emission concerns are driving the production of electric vehicles, which in turn is expected to offer numerous opportunities to automotive battery manufacturers, especially lithium-ion battery, in the near future.
The electric vehicle lithium-ion battery market can be segmented based on battery capacity, electric vehicle type, vehicle type, sales channel, and region. Based on battery capacity, the electric vehicle lithium-ion battery market can be split into 12V, 14V, 24V, and 48V & above. 48V & above is a highly attractive and expanding segment of the market. This is due to its ability to help save fuel via the introduction of mild hybrid 48V systems, which helps comply with the stringent carbon emission regulations.
Based on electric vehicle type, the electric vehicle lithium-ion battery market can be split into battery electric vehicle, plug-in hybrid electric vehicle, and hybrid electric vehicle. The battery electric vehicle segment leads the electric vehicle lithium-ion battery market. This is majorly due to the higher rate of adoption of lithium-ion battery in battery electric vehicles. Moreover, battery electric vehicles use only the battery as a power source. Most modern battery electric vehicles are equipped with lithium-ion batteries. Therefore, the segment is projected to expand significantly during the forecast period.
In terms of vehicle type, the electric vehicle lithium-ion battery market can be segregated into passenger electric vehicle and commercial electric vehicle. The passenger electric vehicle segment dominates the electric vehicle lithium-ion battery market. This is primarily due to the higher sales of passenger electric vehicles across the globe coupled with stringent emission regulations. Based on sales channel, the electric vehicle lithium-ion battery market can be bifurcated into OEMs and aftermarket. The aftermarket segment accounts for a leading share of the market primarily due to the low lifespan and replacement rate of the lithium-ion battery pack. The aftermarket segment is likely to expand at a healthy growth rate during the forecast period.
In terms of region, the global electric vehicle lithium-ion battery market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. Asia Pacific holds a prominent share of the global market. This is majorly due to higher number of manufacturing plants of the lithium-ion battery in the region, especially in Japan, China, and South Korea. Furthermore, higher production of electric and hybrid electric vehicles in the region is further boosting the adoption of electric vehicle lithium-ion battery in Asia Pacific. Consequently, the market in the region is likely to expand at a considerable growth rate in the near future.
Key players operating in the global electric vehicle lithium-ion battery market include Haldex Incorporated, Johnson Controls International Plc, LG Chem., SAMSUNG SDI CO.,LTD., ZF Friedrichshafen AG, EnerSys, Furukawa Electric Co. Ltd., Hitachi, Ltd., Leoch International Tech, GS Yuasa Corporation, Panasonic Corporation, Exide Industries Limited., and Crown Battery Manufacturing Company.
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