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Growing demand for emission control systems and the establishment of green power generation for Electric Vehicle Batteries
VANCOUVER, BRITISH COLUMBIA, CANADA, September 14, 2022 /EINPresswire.com/ — The Global Electric Vehicle Battery Market is expected to reach USD 46.80 billion by 2027, according to a new report by Emergen Research. A major factor driving growth is the rising demand for alternative energy sources.
The power generation of electricity reduces carbon dioxide emissions or other dangerous pollutants effectively. Hence, electric vehicle battery technology has a major role to play in resolving environmental issues and promoting the use of renewable energy carriers. Continued product advances and technologies are expected to bring new possibilities for emerging players.
Electric Vehicle Batteries will reduce reliance on non-renewable energy resources, such as coal, natural gas, and petrochemicals. Electric vehicle batteries use an electrochemical process of generation of energy, which results in less combustion of fuel. Hybrid systems of standard motors and Electric Vehicle Batteries are used by most hybrid vehicles.
Some factors expected to drive demand are increasing public-private partnerships and increasing environmental impacts. By different means of assistance, governments around the world are required to supplement innovations, such as supporting research programs and adequate funding programs. Developing a comprehensive regulatory and policy framework is especially important because government firms must have an investment-friendly climate.
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Growth Factors:
The world’s top automakers, including General Motors, BMW, Volkswagen, and Ford Motor, are putting more of an emphasis on releasing different sorts of electric vehicles on the market. The major reasons propelling the growth of the global EV battery market are the increasing consumer awareness of the advantages of electric vehicles, the soaring popularity of advanced electric vehicles, and the expanding production volumes by the leading automakers. Sales of EVs are being positively influenced by the expanding government measures to encourage the use of EVs by rewarding producers and providing subsidies to consumers. The government’s initiatives to encourage the construction of charging stations through public-private partnerships are anticipated to accelerate the market’s growth in the next years.
The expansion of the EV battery market is anticipated to be supported in the near future by rising investments in urbanisation and rising government investments in the construction of infrastructure. The global adoption of EVs is anticipated to be fueled by increased technological developments and falling battery prices. Additionally, the government has been obliged to enact severe rules regarding the reduction of carbon footprint and preservation of the environment due to the rising pollution levels and deteriorating environmental conditions. Therefore, the increased efforts to reduce car emissions are anticipated to increase demand for electric vehicles, which will therefore increase demand for EV batteries.
Key Highlights From The Report:
In the forecast period, the lithium-ion battery segment is expected to dominate the market. Technological progress, which has led to a dramatic rise in the lithium-ion battery market’s energy density even while reducing the overall cost of lithium-ion batteries, has allowed EV adoption to increase.
The major potential for market expansion identified in the near future is expected to be provided by the capable government policies and expenditure for expanding the public charging system, coupled with the increased efficacy of the electric vehicle.
The majority share in the passenger vehicle segment is primarily due to the high Electric Vehicle penetration in the sector.
Due to the growing demand for battery-powered buses and lightweight trucks, the commercial segment is expected to grow continuously over the predicted span.
The report covers key points of the market, including the standards, regulations, and policy changes applied by the government on the industry for the coming years. The report encompasses thorough research carried out by the application of advanced analytical tools such as SWOT analysis and Porter’s Five Forces analysis to pinpoint the growth trends and patterns. Factors likely to influence the growth of the market, current trends, opportunities, restraining factors, and business landscape are discussed in-depth in the market study.
The report further divides the Electric Vehicle Battery market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Electric Vehicle Battery market.
Emergen Research has segmented the global Electric Vehicle Battery Market on the basis of vehicle type, battery type, propulsion, and region:
Battery Type Outlook (Revenue, USD Billion; 2017-2027)
Lithium-Ion
Lead-Acid
Nickel-Metal Hydride
Sodium-Ion
Others
Vehicle Type Outlook (Revenue, USD Billion; 2017-2027)
Passenger Vehicles
Commercial Vehicles
Propulsion Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Battery Electric Vehicle
Plug-In Hybrid Electric Vehicle
Regional Outlook (Revenue, USD Billion; 2017-2027)
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Furthermore, the report provides a comprehensive analysis of the factors that are likely to bolster or impede the growth of the market in the coming years. The report considers the COVID-19 pandemic that is currently unfolding as a key market influencer. The report provides a thorough estimation of the overall impact of the pandemic on the Electric Vehicle Battery market and its vital segments. The report also discusses the impact of the pandemic across different regions of the market. It also offers a current and future assessment of the impact of the pandemic on the Electric Vehicle Battery market.
The report also studies the key companies of the Electric Vehicle Battery market along with analysis of their business strategies, M&A activities, investment plans, product portfolio, financial standing, gross profit margin, and production and manufacturing capacities.
Some players analyzed in the report are:
A123 Systems, East Penn Manufacturing Company, LLC, BYD Co. Ltd., EnerSys, GS Yuasa Corporation, Hitachi, Ltd., Exide Technologies, Johnson Controls, LG Chem Ltd., and Duracell, among others.
Browse the complete Global Electric Vehicle Battery Market Research Report – Industry Analysis, Size, Share, Growth, Trends@ https://www.emergenresearch.com/industry-report/electric-vehicle-battery-market
Key Questions Answered by the Report:
Which region is expected to dominate the market in the coming years?
What are the recent technological and product advancements occurring in the market?
What are the key strategies adopted by the prominent players in the Electric Vehicle Battery market?
What are the key product types and applications of the Electric Vehicle Battery industry?
What is the outcome of SWOT analysis and Porter’s Five Forces analysis?
How is the competitive landscape of the Electric Vehicle Battery market?
Who are the key players in the industry?
What is the growth rate of the industry over the coming years?
What will be the valuation of the Electric Vehicle Battery Market by 2027?
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