Factors such as the advancements in lithium-ion (Li-ion) battery technology for electric vehicles (EV) and development of EV charging infrastructure will boost the electric vehicle battery market growth during the forecast period (2016–2022). Li-ion batteries are ideal for EVs and hybrid EVs (HEVs) as they offer high energy efficiency and long life to such vehicles. In addition, these batteries do not have any memory effects on these new-energy automobiles.
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| Electric Vehicle Battery Market Outlook |
In recent years, the usage of lithium–nickel–manganese–cobalt oxide (Li-NMC) batteries has become a major trend in the electric vehicle battery market. The rising adoption of these batteries can be owed to the burgeoning demand for a higher driving range in passenger cars from a single charge. Li–NMC batteries offer a higher driving range due to their greater energy density. Moreover, the booming demand for lightweight vehicles is also augmenting the demand for these batteries worldwide.
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Asia-Pacific (APAC) held the largest share in the hybrid and electric vehicle battery market during 2012–2015 (historical period), and it is expected to retain its dominance in the forecast years. This can be attributed to the strong presence of battery manufacturers in China, South Korea, and Japan. Owing to this factor, the cost of EV batteries has been lower in APAC as compared to other regions. Moreover, the abundant quantity of raw materials, such as lithium and cobalt, in APAC also propels battery production in this region.
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Thus, the increasing demand for Li–NMC batteries from EV manufacturers, owing to the high EV sales and high demand for lightweight vehicles, will facilitate the market growth in the coming years.
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