Electric Vehicle Battery on Demand Market: Industry Outlook, Growth Prospects and Key Opportunities 2021-2031

 

Electric Vehicle Battery on Demand: Introduction

• An electric vehicle battery powers the electric motors of a battery electric vehicle or hybrid electric vehicle. These batteries are usually rechargeable batteries, and are typically lithium-ion batteries. Batteries for electric vehicles are characterized by their relatively high power-to-weight ratio, specific energy, and energy density; smaller, lighter batteries are desirable because they reduce the weight of the vehicle and therefore, improve its performance.
• Hybrid vehicles utilize nickel metal hydride batteries, while Li-ion batteries have been the primary solution for automakers to power hybrid vehicles and battery electric vehicles. High energy density charge retention capacity, and low maintenance are some benefits that fueled the demand for Li-ion as a battery technology.

Key Drivers of Global Electric Vehicle Battery on Demand Market:

• Consumers have been preferring battery electric or plug-in vehicles for the last few years, because these vehicles runs without fuel, such as petrol, diesel, and gasoline and have lower maintenance cost, which eventually reduces consumers expenses. Thus, environment friendly nature of electric vehicles drives the growth of global electric vehicle battery on demand market across the globe.                    
• Rise in demand for electric vehicles and mass adoption of electric vehicles from consumers are estimated to propel the electric vehicle battery on demand market across the globe
• Increasing global concerns regarding the negative effect of climate change along with alarming pollution levels recorded in major cities has fueled the demand for electric vehicles significantly. A major factor is the support provided by the various government agencies to boost the sale of these vehicles. These factors have augmented the electric vehicle battery on demand market across the globe.                                     
• Rise in the demand for zero-emission vehicles, decrease in the cost of the electric vehicle battery systems, and increase in the global awareness regarding climate change are also prominent factors that fuel the electric vehicle battery on demand market across the globe
• Key players operating in electric vehicle battery on demand market are startups funded by public or private investments. Investment from numerous sectors and players in the automotive industry are highly focused on product portfolios expansion. Key players are likely to focus on mergers and acquisitions of startups in order to expand and consolidate their position in the electric vehicle battery on demand market.

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Production of Lower Cost Batteries to Offer Attractive Opportunities:

• Automobile companies focus on the production of advanced electric vehicle battery systems that are expected to have lower emission at relatively lower costs as compared to heavier and larger engines. Compactness and cost effectiveness are other useful features of this battery. Thus, technological advancements in the electric vehicle battery system are projected to offer significant opportunities for leading players in the near future.                               
• Electric vehicles majorly employ lithium-ion battery; furthermore, evolution of lithium-ion technology in electric vehicle battery and expansion of public charging infrastructure are estimated to offer lucrative opportunities for the electric vehicle battery on demand market across the globe

Global Electric Vehicle Battery on Demand Market to Hamper Market:

• Manufacturing of electric vehicle battery requires high initial investment and subsequent research and development activities are expensive, which restrains the entry of new players in the market. This is likely to hamper the global electric vehicle battery on demand market.
• Governments have enacted stringent norms on the usage of electric vehicle battery, which in turn is likely to hinder the global market. Additionally, high import taxes on electric vehicle batteries and instability of raw material prices are expected to further restrain the electric vehicle battery on demand market across the globe.

Europe to Hold Significant Share of Global Electric Vehicle Battery on Demand Market

• Europe is leading region, in terms of implementation of advanced technology systems for the automotive industry. Continuous research and development in Germany related to electric vehicle systems led to the invention of electric vehicle battery on demand.
• Several OEMs in Germany, including VDL Groep and Volvo AB, are primarily focused on the development of new systems that reduce the weight of vehicle and therefore improve its performance. These factors are likely to boost the share held by Europe in the global electric vehicle battery on demand market.

Key Players Operating in Global Market:

The global electric vehicle battery on demand market is highly fragmented with the top manufacturers across the globe. A few of the key players operating in the global electric vehicle battery on demand market are:

• Panasonic Corporation
• ENVISION AESC GROUP LTD.
• VDL Groep
• Volvo
• BYD Company Ltd.
• LG Chem
• Samsung SDI
• Wanxiang Group Corporation
• CATL
• Beijing Pride Power
• Tianneng Power International Ltd.
• SB LiMotive
• Boston-Power, Inc.