An electric vehicle battery, also known as a traction battery, is utilized to power electric vehicles for propulsion.
The global electric vehicle battery market has registered a significant growth corresponding to the increase in public charging infrastructure. The Electric Vehicle Charging Association reported more than 50,000 charge points (public and private) in operation in the U.S. in 2017, up from 45,000 the year before. The increasing growth rate of charging infrastructure across the globe offers growth opportunities for the EV battery market.
The Asia-Pacific region is expected to register substantial growth owing to government incentives encouraging usage of battery powered vehicles and an increase in concerns associated with energy security in the region. The high cost of electric vehicle batteries serves as the major restraint to the market growth. However, a surge in demand of these batteries in emerging economies, such as China and development of new enhanced battery recycling processes are factors expected to provide potential growth opportunities for market expansion.
Major Key Players of the Electric Vehicle Battery Market are:Panasonic, AESC, BYD, Mitsubishi, LG Chem, Samsung, Wanxiang, Beijing Pride Power, Tianneng, and SB LiMotive.
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