Hybrid EV Battery Market growth is Projected to Witness 21.93% CAGR by 2027 :
Market Research Future has published a Cooked Research Report on the Global Hybrid EV Battery Market growth.
Market Highlights
Global Hybrid EV Battery Market growth is projected to grow at a high rate during the forecast period, primarily due to the high fuel costs, environmental concerns, and increase in demand for plug-in hybrid EVs. In line with this, alternative vehicles, including hybrid and plug-in hybrid vehicles, are introduced in the automotive industry as a part of corrective measures for reducing the environmental pollution. Moreover, increasing the adoption of hybrid vehicles in developing countries is expected to present a growth opportunity for the global Hybrid EV Battery Market growth.
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The growing demand for plug-in hybrid EVs and high fuel costs and environmental concerns are expected to drive the market for hybrid EV batteries during the forecast period. The increasing awareness regarding the environmental impact of gasoline vehicles has boosted the demand for both hybrid EVs and plug-in hybrid EVs worldwide. The automotive industry has been witnessing a rise in the adoption of hybrid electrified propulsion systems to minimize the risk of collapse due to the sudden switch from gasoline to electric mode in hybrid vehicles.
Therefore, the automotive OEMs are primarily investing in the development of plug-in hybrid EVs to capitalize on the need for minimizing the risk of such incidences, meet the government regulations, and reap the benefits of the rebates of EV manufacturing. Moreover, the government-introduced tax rebates and credit benefits are expected to increase the demand for the plug-in hybrid EVs during the forecast period. As per the International Energy Agency (IEA), the year-on-year sales growth of plug-in hybrid EVs in the global market was almost 50%, 46%, and 29% in the years 2018, 2017, and 2016, respectively. Therefore, the rapid growth in the demand and sales for the plug-in hybrid EVs primarily drives the market for hybrid EV batteries during the forecast period.
Moreover, the growth in demand and consumption of hybrid EV batteries is highly influenced by the increasing fuel costs and the environmental concerns among governments and consumers, which results in strict government standards primarily in the developed countries, such as the US, Germany, Norway, the Netherlands, and Japan as well as in developing countries such as China and India. Governments have been encouraging users to minimize fuel consumption while promoting environmental awareness programs to reduce vehicle pollution. For instance, in May 2019, the US Department of Energy imposed a federal tax credit of USD 2,500 to USD 7,500 to the consumers for all the domestic purchase of plug-in hybrid EVs to reduce vehicular pollution. This has widely led to the demand for hybrid EVs in the US and has further raised the production and consumption of hybrid EV batteries in the market. Moreover, the increasing fuel prices in the global market leads to the increased demand for hybrid EVs and the consumption of hybrid EV batteries in the market. Such factors are expected to drive the growth of the global Hybrid EV Battery Market growth during the forecast period.
The global market for a hybrid EV battery is segmented based on type, application, and region. By type, the global market is segmented as lead-acid, lithium-ion, nickel-based, and others. By application, the global market is segmented into hybrid EV and plug-in hybrid EV.
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Market Research Analysis
In terms of region, the Hybrid EV Battery Market growth is segmented into Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. Asia-Pacific dominates the Hybrid EV Battery Market growth. The increasing demand for hybrid EV and rising environmental concerns, and government initiatives are expected to drive the Hybrid EV Battery Market growth in the region.
The Hybrid EV Battery Market growth in Asia-Pacific is estimated to register the highest size, as the key players in the region are heavily investing in hybrid EV by developing advanced hybrid EV batteries to increase the adoption of such vehicles. The effective initiatives taken by the governments of countries such as China, Japan, India, and Singapore for the development of hybrid EV batteries by focusing on investing in the development of the charging duration and rechargeable battery packs are expected to drive the growth of the Hybrid EV Battery Market growth. Collaborations between the hybrid EV OEMs and battery technology providers in the market are expected to add to the growth of the Hybrid EV Battery Market growth in Asia-Pacific during the forecast period. In 2018, Japan and India collaborated on the policy dialogue for the next-generation or zero-emission vehicle. This collaboration will promote the smooth functioning of hybrid EV and the battery charging infrastructure, which is expected to create a demand for hybrid EV batteries in the country. In China, China Automotive Technology and Research Center (CATARC), along with the Directory of Environmental Organizations & Environmental Government Agencies in China, introduced a rule for hybrid EVs, wherein the automotive OEMs producing or importing more than 30,000 vehicles in China must ensure 10% of them are electrically powered vehicles by 2019.
Moreover, the increase in sales and production of hybrid EVs further expected to raise the demand for hybrid EV batteries owing to their low maintenance and cost, government subsidiaries, and reduced emission in the region. In India, the government initiatives such as lower excise duties, automotive mission plans, and the constitution of NATRiP (National Automotive Testing and R&D Infrastructure Project) drives the growth of the Hybrid EV Battery Market growth. Furthermore, in 2018, the Indian government at the first Global Mobility Summit (MOVE) announced that it would be taking initiatives to propose a policy on EV batteries, electric mobility, and alternative fuel technology to promote e-mobility in the country. This new policy will help automakers increase the production of hybrid EV batteries, creating lucrative opportunities for global players in the Hybrid EV Battery Market growth in the country. Such factors are expected to increase the demand for hybrid EV batteries between 2019 and 2025.
Scope of the Report
This study provides an overview of the global Hybrid EV Battery Market growth, tracking four market segments across five geographic regions. The report studies key players, providing a four-year annual trend analysis that highlights market size, and share for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the global Hybrid EV Battery Market growth by type, application, and region.
By Type
Lithium-ion
Lead-Acid
Nickel-Based
Others
By Application
Plug-In Hybrid EV
Hybrid EV
By Regions
North America
Asia-Pacific
Europe
Middle East & Africa
South America
Key Players
The key industry participants of the global market for hybrid EV batteries are Saft (France), Panasonic Corporation (Japan), A123 Systems LLC (US), BYD Co. Ltd. (China), Toshiba Corporation (Japan), Contemporary Amperex Technology Co., Ltd. (China), Samsung Sdi Co. Ltd (South Korea), Hitachi Ltd. (Japan), Nissan Motor Corporation (Japan), LG Chem (South Korea), GS Yuasa International Ltd. (Japan), and Exide Industries Ltd. (India).
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