Demand of Electric Vehicle Battery in Market — Business Revenue Forecast
The policy makers of various countries are focusing on public transit infrastructure with no or low pollution to tackle the air pollutant emissions, mainly in the densely populated cities and megacities. The air pollution caused due to fossil-fuel driven vehicle has become a major global concern. This in turn, has enforced the policy makers to look for an alternative, such as low emission vehicles. The natural gas based public transit is still the most dominant alternative of fossil-fuel based public transit; however, the electric vehicle are gaining popularity, due their zero carbon di-oxide emission, this in turn fuelling the growth of hybrid and electric vehicle battery market, especially in developed countries.
Under its Twelfth Five Year Plan (2011–2015), China invested heavily to increase the new energy vehicles (vehicles powered by renewable energy sources, such as fuel-cell technology and battery). At the end of 2015, China is expected to accommodate around 500,000 hybrid electric and pure-electric vehicles. The Chinese electric vehicle market is expected to grow significantly during the forecast period, owing to the surging urbanization and development of many newly built advanced public transit systems in the smart cities of China. This is expected to lay significant market opportunity for hybrid and electric vehicle battery market in the region However, the premium price of electric vehicle is the major hindrance for their large scale adoption in public transit infrastructure, especially within the developing countries.
Global Hybrid and Electric Vehicle Battery Market
- By Application — Hybrid Electric Vehicle (HEV), Plugin Hybrid Electric Vehicle (P-HEV), and Electric Vehicle (EV)
- By Type — Nickel–Metal Hydride (NiMH), and Lithium-ion Battery (LIB)
- By Geography — North America, Europe, Asia-Pacific, and Rest of the World
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The major players operating in the global hybrid and electric vehicle battery market include Panasonic Corporation, Automotive Energy Supply Corporation, BYD Company Limited, Lithium Energy and Power GmbH & Co. KG, LG Chem., Tianneng Power International Co. Ltd, Hitachi Vehicle Energy Ltd., Shenzhen Bak Battery Co. Ltd., and Zhejiang Tianneng Energy Technology Co. Ltd.
