Global EV Li-ion Battery Market 2018-2022| 22% CAGR Projection Over the Next Four Years| Technavio
Aug. 22, 2018
LONDON--(BUSINESS WIRE)--Aug 22, 2018--The global EV Li-ion battery market is expected to post a CAGR of nearly 22% during the period 2018-2022, according to the latest market research report by .
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Technavio has published a new market research report on the global EV Li-ion battery market from 2018-2022. (Graphic: Business Wire)
A key factor driving the growth of the market is the declining EV battery prices. The manufacturing cost of EVs is almost double compared with conventional vehicles. A major portion of the costs incurred is associated with the battery and electronics. However, EV costs are expected to decline significantly as the manufacturing cost of batteries is decreasing. The cost of battery packs has fallen in the past years as the scale of production has increased tremendously. This can be attributed to the development of cost-effective production methods by vendors.
This market research report on the also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
In this report, Technavio highlights the growing need for environment-friendly vehicles as one of the key emerging trends in the global EV Li-ion battery market:
Global EV Li-ion battery market: Growing need for environment-friendly vehicles
Green vehicles can be powered by advanced vehicle technologies and alternative fuels. They include plug-in HEVs, HEVs, BEVs, hydrogen and fuel cell vehicles, natural gas vehicles, and ethanol vehicles. Some vehicles use blends of biodiesel and ethanol fuel or gasohol. EVs have been gaining high traction in the recent years because of the growing need for environment-friendly vehicles. An EV requires a sizeable battery pack to store energy. Typically, EVs are loaded with a 16-30 kWh battery. The use of EVs decreases the dependency on fossil fuel energy sources, such as petroleum or diesel.
“The emissions from EVs are very low, which is a major differentiating factor from traditional automotive vehicles. Harmful emissions pollute the environment and cause severe smog, which leads to health problems. EVs have almost zero emissions. EVs can be changed using renewable energy sources, such as photovoltaic cells. The world is becoming aware of the growing concerns over climate changes. People are switching to the use of alternatives to keep the environment safe,” says a senior analyst at Technavio for research on energy storage.
Global EV Li-ion battery market: Segmentation analysis
This market research report segments the global EV Li-ion battery market by application (BEV and PHEV) and geographical regions (APAC, EMEA, and the Americas).
The BEV segment held the largest market share in 2017, accounting for nearly 72% of the market. This application segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 63%. The region is expected to dominate the market through 2022, with an increase in its market share.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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INDUSTRY KEYWORD: ENERGY ALTERNATIVE ENERGY MANUFACTURING AUTOMOTIVE MANUFACTURING ALTERNATIVE VEHICLES/FUELS AUTOMOTIVE
SOURCE: Technavio Research
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PUB: 08/22/2018 08:36 AM/DISC: 08/22/2018 08:36 AM