A battery is used as a secondary power source in automobiles. An electric vehicle battery is a secondary (rechargeable) battery. It uses chemical energy stored in rechargeable battery packs for power and therefore does not require any combustion engine for propulsion. An electric vehicle battery or traction battery powers the propulsion of battery electric vehicles. Consumers are more inclined toward battery electric/plug-in vehicles, because these vehicles run without fuel. Some are petrol, diesel, and gasoline and have lower maintenance cost, which eventually reduces consumers expenses. Moreover, batteries are environmentally friendly in nature and leads to the growth of electronic vehicle cell market in forecast period.
Covid-19 Scenario Analysis
- Due to COVID-19 operations, some auto giants have also been adversely impacted.
- Many companies have halted their production facilities and shifted their interest toward the production of PPE, bringing about dynamism of these market spaces.
- It is evident that the global economy is grinding to a halt due to COVID-19 pandemic.
- COVID-19 pandemic has shut down the various operations and reduced the demand of Electronic vehicle (EV) cells market and will restart only when situation is stable.
- COVID-19 has prompted to launch electric vehicle cell even faster so that we are here for our customers today and in the future.
Top impacting factors: Market scenario analysis, trends, drivers and impact analysis
The significant factors impacting the growth of the electronic vehicle (EV) cells market are enhanced demand for zero emission vehicles and production of lower cost batteries. However, high cost and lack of appropriate infrastructure is expected to hinder the growth of the electronic vehicle (EV) cells market. On the other hand, investment by government and development of cost-effective technologies have a positive impact on the growth of this market.
Enhanced demand for zero emission vehicles
Automobile companies focus on the production of advanced electric vehicle battery systems. These 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. This leads to the development of technological advancement in the electric vehicle cell market.
Production of lower cost batteries
Widespread global concerns regarding the negative effect of climate change recorded in major cities have created a significant demand for electric vehicles. The rise in petrol and diesel prices has added to the demand for fuel-efficient vehicles. This rise in fuel prices is due to depletion of fossil fuel reserves and growth in tendency of companies to gain maximum profit from these oil reserves. All these factors have cumulatively shot up the need for advanced fuel-efficient technologies. Leading to a surge in demand for electrically powered vehicles for travel.
Key benefits of the report:
- This study presents the analytical depiction of the market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of Electronic vehicle (EV) cells market share.
- The current market is analyzed to highlight the Electronic vehicle (EV) cells market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Electronic vehicle (EV) cells market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the electronic vehicle (EV) cells market research report:
- Which are the leading market players active in the market?
- What are the current trends that will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What are the projections for the future that would help in taking further strategic steps?
Electronic Vehicle (EV) Cells Market Report Highlights
By propulsion type
By battery type
By vehicle type
Key Market Players
Tianneng, LG Chem, SB LiMotive, Samsung, BYD, AESC, Mitsubishi, Panasonic, Wanxiang, Beijing Pride Power