Automotive Industry has always seen some great and constant evolutions. There are many advancements happening around be it in safety, comfort or ease of driving. And driving the car has just become such an easy task now with automatic and self-driving cars. But to address the best innovation in this industry the electric cars, yes the car indeed is the best innovation in itself and now to add cherry on top cars are becoming electric. We can’t deny the fact that usual cars consume fuel which is limited in nature and can be extinguished.
On the other hand using fuel based cars will cause a lot of air pollution as well while electric cars solve both these issues and can be a best replacement for fuel based cars. To run or operate this electric car all you need is a battery and that’s it. The battery can be charged and reused is more sustainable and doesn’t harm the environment and hence with the rising demand of electric cars the global Electric Vehicle Battery Market is poised to grow with CAGR of 13.5% by the end of 2022 as per Fact.MR’s recent report.
What are the Market’s Major Growth Drivers for Electric Vehicle Batteries?
- The sales of batteries for electric vehicles have been influenced by a significant increase in demand for zero-emission vehicles as a result of rising fuel costs, depletion of fossil fuel supplies, and tightening emission regulations.
- Several government initiatives are encouraging the adoption of electric vehicles to reduce emission and ease pollution.
- Electric vehicles are gaining popularity among customers for a variety of reasons, including a smoother ride, lower operating costs, unique exterior styling, and more interior space, all of which will have an effect on the sales of electric vehicle batteries.
- Major manufacturers are focusing their research and development efforts on high-density lithium ion batteries.
While we talk about electric cars we have to talk about the number 1 producer of electric cars i.e TESLA. Tesla has changed the game for electric cars people who used to think electric cars are less powerful and unattractive compared to fuel based cars are now starting to appreciate Tesla cars because it has changed the dynamics. Tesla cars are powerful, appealing and can compete with fuel based cars on every aspect.
Tesla recently started its Tesla Battery Factory in Giga Berlin. It is supported by German government in fact on the website of the Ministry of Economic Affairs it says-
“The heart of every battery is the battery cell, which also accounts for most of the added value. In the case of electric cars, this is up to 40 percent. For the future of electro mobility in this country, the establishment of battery cell production in Germany and Europe is an important economic and industrial policy theme.”
To conclude it can be said that Electric cars are the future of cars and will also create an exponential opportunities for Electric Cars Battery Market.
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Key Takeaways from Study-
- The study finds that governments in various regions across the globe are pushing the adoption of EVs that will contribute to an effective reduction in emissions of greenhouse gases.
- Around 20 major cities worldwide have announced the plans to ban gasoline and diesel cars by 2030 or sooner, providing potential growth prospects of the electric vehicle battery market
- Although EVs continue to gain popularity for their lower running cost, increased interior space, and unique exterior styling, many customers still express concerns over their cost premium and lack of charging infrastructure.
- Advances in battery management systems have contributed towards extending battery life, vehicle range as well as safety.
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Market Competition –
Bayerische Motoren Werke AG, Daimler AG, Ford Motor Company, General Motors, Honda Motor Company Limited, Mitsubishi Heavy Industries Ltd, Nissan Motor Corporation, Limited, Renault SA, Tesla Motors Inc, Toyota Motor Corporation, Volkswagen AG are some of the key players in Electric Vehicle Battery Market.
More Valuable Insights –
The study finds that parallel hybrid powertrains will contribute a relatively large sales of electric vehicle batteries, exceeding a valuation of US$ 64,800 million in 2018. Parallel hybrid powertrains or drivetrains are gaining increasing application in EVs or HEVs for their ability to deliver mechanical power from both electric motor and internal combustion engine simultaneously. In addition, HEVs with parallel hybrid powertrains make them more efficient for highway driving at higher and constant speed.
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Research Insight– https://www.factmr.com/report/3587/electric-vehicle-battery-market