Hybrid Vehicle Battery Market Analysis Growing Demand, and Top Key Players

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2022
Hybrid and Electric Vehicle Battery Market
Opportunities, Development, Growing Demand, and
Top Key Players
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With the rising deployment of hybrid and electric
vehicles, the demand for hybrid and electric
vehicle batteries is predicted to surge sharply
in the coming years. According to the
International Energy Agency (IEA), the sales of
electric cars surpassed 2.1 million units across
the world in 2019 and this augmented the
worldwide stock to 7.2 million units. Moreover,
electric cars accounted for as much as 2.6 of
worldwide car sales and around 1 of the
worldwide car stock in 2019, thereby registering
an increment of 40 year-on-year. The increasing
adoption of these vehicles is propelling the
requirement for proper electric vehicle charging
infrastructure, which is, in turn, driving the
expansion of the global hybrid and electric
vehicle battery market. Additionally, the rapid
technological advancements being made in
lithium-ion batteries (LIB), which are used in
electric vehicles, are also contributing toward
the booming worldwide sales of hybrid and
electric vehicle batteries. Lithium-ion batteries
exhibit various beneficial traits, such as long
lifespans, negligible memory effects, and high
energy efficiency, which make them ideal for use
in electric vehicles.
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Out of hybrid electric vehicles (HEVs), plug-in
hybrid electric vehicles (PHEVs), and battery
electric vehicles (BEVs), the requirement for
these batteries was found to be the highest in
battery electric vehicles during the last few
years and this trend is predicted to continue in
the coming years as well. This is ascribed to the
increasing incentives and subsidies being
provided by the governments of several countries
on battery electric vehicles in order to propel
their deployment. Nickel-metal hydride (NiMH)
and lithium-ion batteries are the most widely
used hybrid and electric vehicle batteries across
the world. Between these two, the demand for
lithium-ion batteries was observed to be higher
in the years gone by. This was primarily
because of the greater energy density and less
weight of these batteries in comparison to the
other batteries used in electric vehicles. In
addition, the falling prices of lithium-ion
batteries are also driving their sales across the
globe. Request to Get the Sample Report
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Geographically, the demand for hybrid and
electric vehicle batteries was the highest in the
Asia-Pacific (APAC) region in the past years and
the situation will not change in the forthcoming
years as well, as per the estimates of the market
research company, PS Intelligence. This is
attributed to the low prices of these batteries
in the region, on account of the existence of
several battery manufacturing companies in South
Korea, Japan, and China. In addition, the
abundant availability of raw materials, such as
cobalt and lithium, is also fueling the
manufacturing of hybrid and electric vehicle
batteries in the region. Therefore, it is safe
to say that the sales of hybrid and electric
vehicle batteries will soar in the coming years,
primarily because of the rising deployment of
electric vehicles and the falling prices of
lithium-ion batteries across the world. Browse
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• 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 NickelMetal Hydride (NiMH), and
  Lithium-ion Battery (LIB)
• By Geography North America, Europe,
  Asia-Pacific, and Rest of the World
• This study covers
• 1. Historical and the present size of the Hybrid
  and Electric Vehicle Battery Market
• 2. Historical and the present size of the market
  segments and understand their comparative future
  potential
• 3. Potential of on-demand logistics services, so
  the market players make informed decisions on the
  sales of their offerings
• 4. Competitive scenario of various market
  segments across key countries in several regions
  for uncovering market opportunities for the
  stakeholders
• 5. Major players operating in the market and
  their service offerings

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