Hybrid and Electric Vehicle Battery Market Turn Fuelling in the Growth and Opportunities due to Zero Carbon di-oxide Emission

The hybrid and electric (H&E) vehicle battery market size is expected to cross $22.6 billion by 2022, growing at a CAGR of 20.0% between 2016-2022. The increasing government funding across H&E vehicle battery supply chain across the globe is expected to lay new growth opportunities to the H&E vehicle battery market during the forecast period.

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In terms of type, the hybrid and electric vehicle battery market is segmented into nickel-metal hydride (NiMH) and lithium-ion battery (LIB). The LIB category dominated the global H&E vehicle battery market, both in terms of volume and value in 2015.

In terms of application, the hybrid and electric vehicle battery market is segmented into hybrid vehicle (HV), plug-in hybrid vehicle (P-HEV), and electric vehicle (EV). EV was globally the largest application area of H&E vehicle battery, both in terms of volume and value in 2015.

The H&E vehicle battery market in Europe is expected to grow significantly during the forecast period. The increasing government support for research and development (R&D) of lithium-ion batteries and growing affordability of electric passenger cars in the region is expected to be the most dominant drivers for the hybrid and electric market in the region. The presence of large number of electric and hybrid vehicle manufacturers in Germany is expected to boost the H&E vehicle battery industry during the forecast period.

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The major players operating in the H&E vehicle battery market include Panasonic Corporation, Automotive Energy Supply Corporation, BYD Company Limited, Lithium Energy and Power GmbH & Co. KG, LG Chem., Tianneng Power International Co. Ltd, Hitachi Vehicle Energy Ltd., Shenzhen Bak Battery Co. Ltd., and Zhejiang Tianneng Energy Technology Co. Ltd.

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