Global Electric Vehicle Battery Pack Market: Executive Summary on Trends, Latest Developments, Growth Drivers & Risks, Favourite Brands, and Regional Leaders Overview (Includes Business Impact of COVID-19)

                                          
The global electric vehicle battery pack market was valued at US$ 61,720.2 million in 2017, and is expected to register a CAGR of over 13%. The report offers in-depth insights, revenue details, and other vital information regarding the global electric vehicle battery pack market and the various trends, drivers, restraints, opportunities, and threats in the target market till 2026. The report also offers insightful and detailed information regarding the various key players operating in the global electric vehicle battery pack market, and their financials, apart from strategies, acquisitions & mergers, and market footprint. The global electric vehicle battery pack market is segmented on the basis of type, application, and region.


Electric vehicle battery pack is used in electric vehicles to generate and provide energy in the form of electric current to power the motor and run the vehicle. There are various types of battery pack used in electric vehicles such as lithium-ion battery, Ni-MH battery and lead-acid, nickel-cadmium (NiCd), zinc“air and molten-salt batteries.

Global Electric Vehicle Battery Pack Market Dynamics:


Limited natural assets source such as oil and gas and increasing level of environmental pollution across the globe are major factors driving growth of the global electric vehicle battery pack market. In addition, increasing government support for use of electric vehicle and technological developments and advancements in features of the electric vehicles are supporting growth of the global electric vehicle battery pack market.

However, issues related with battery power and efficiency are primary factors expected to hamper growth of the global electric vehicle battery pack market. In addition, lack of infrastructure such as charging stations and service stations, is another factor expected to hamper growth of the global electric vehicle battery pack market up to a certain extent.

Market penetration in emerging economies and development of battery packs with longer lifespan and high efficiency is expected to create high potential revenue opportunities for existing as well as new entrants in the target market.

Market analysis by type:

On the basis of type segmentation, lithium ion battery segment is expected to contribute major revenue share and expected to maintain its dominance over the forecast period. Also, lithium ion battery segment expected to witness highest CAGR of over 16%, owing to factors such as ability to handle hundreds of charge/discharge cycles, ability to output high energy and power per unit of battery mass, and also due to being lighter and smaller than other rechargeable batteries.

Market analysis by application:

Among the application segments, plug-in hybrid electric vehicle (PHEVs) segment contributed highest market share in terms of value and is expected to register highest CAGR of over 17% owing to its capability to function on two or more sources of power, which allows electric vehicle to run on alternative fuel engine such as petrol or diesel engine.
Recent development in PHEVs such as development of plug in hybrids with capacity of over 100 miles per gallon and better batter life, and ability of PHEVs to reduce fuel consumption by up to 45%, relative to that of a comparable combustion engine vehicle are other factors supporting growth of PHEVs segment.

Market analysis by region:

Asia Pacific market is expected to dominate the global electric vehicle battery pack market, and it accounts for largest market revenue over US$ 28,000 million in 2017 as compared to that of markets in other regions. Dominance by Asia Pacific market is expected to continue over the forecast period with comparatively moderate CAGR than that of other regions, owing to higher demand among consumers and high market penetration activity in countries in the region. Other factors include, government initiative and supportive policies such as road“tax exemption, and economic subsidies in countries in this region.

Furthermore, increasing research and development for product advancement and availability of labors, technology and required infrastructure in the leading countries such as China, Japan, and South Korea are other factors fueling growth to the Asia Pacific electric vehicle battery pack market and this trend is expected to continue in the forecast period.

In 2017, Europe accounted for the second largest revenue share contribution to the global electric vehicle battery pack market, owing to increasing awareness about the environmental pollution and limited availability of natural resources. Furthermore, increasing government support for electric vehicles penetration is expected to boost growth of the Europe electric vehicle battery pack market.

Furthermore, rising demand for electric vehicles from prominent countries in Europe is a major factor contributing towards growth of the Europe electric vehicle battery pack market. According to a study published by the European Federation for Transport and Environment on 13 October 2016, over 500,000 electric vehicles were estimated to be running on roads in countries in Europe by the end of that year (145,000 electric vehicles were sold in Europe in 2015 alone).

Moreover, new product launches in electric vehicles and increasing demand for technologically advanced electric vehicles are another factors anticipated to aid the growth of the electric vehicle battery pack market in developed countries over the forecast period. For example, Tesla Inc. has received over 400,000 preorders for its Model 3 electric vehicle as of August 2017.

Market players are focusing on development and expansion of manufacturing facilities in various region in order to cater the demand for electric vehicle battery pack. For instance, gigafactory set-up by Tesla Inc. in Nevada, which is a joint venture with Panasonic, opened in January 2017, and is entirely dedicated to producing lithium-ion batteries for electric vehicles manufactured by Tesla. The gigafactory is expected to be the largest producer of electric vehicle battery packs in the US, which is another major factor expected to fuel growth of the electric vehicle battery pack market over the forecast period. Also, in August 2017, LG Chem -a prominent electric vehicle battery pack manufacturer -expanded its manufacturing facility in Michigan in terms of size and production capacity.
Market Segmentation:

 Global electric vehicle battery pack segmentation, by type:

  
Lithium-Ion Battery
  
NI-MH Battery
  
Other

Global electric vehicle battery pack segmentation, by application:

  
PHEVs
  
BEVs

Global electric vehicle battery pack segmentation, by region:

  
North America
  
Europe
  
Asia Pacific
  
South America
  
Middle East & Africa

Key Market Players included in the report: Global Electric Vehicle Battery Pack Market

  
BYD Company Limited
  
Panasonic Corp.
  
Contemporary Amperex Technology Co., Ltd.
  
OptimumNano Energy Co., Ltd.
  
LG Chem Ltd.
  
Guoxuan High-Tech Co., Ltd.
  
Tianjin Li Shen Battery Co., Ltd.
  
Automotive Energy Supply Corporation
  
SAMSUNG SDI CO., LTD.
  
Lithium Energy Japan
  
Primearth EV Energy Co., Ltd.
  
BAK Group
  
Wanxiang Group
  
Hitachi Vehicle Energy, Ltd.
  
Deutsche Accumotive GmbH & Co. KG.
  
Daimler AG

Key Insights Covered: Global Electric Vehicle Battery Pack Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Electric Vehicle Battery Pack industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Electric Vehicle Battery Pack industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Electric Vehicle Battery Pack industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Electric Vehicle Battery Pack industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Electric Vehicle Battery Pack industry.

Research Methodology: Global Electric Vehicle Battery Pack Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among others.