Hybrid EV Battery Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Hybrid EV Battery Market Research Report, Type, Application and Region - Forecast till 2027” the market size is projected to be worth USD 28.68 billion by 2027, registering a CAGR of 24.41% CAGR during the forecast period (2021 - 2027), The market was valued at USD 8.15 billion in 2020.
High Fuel Costs and Environmental Concerns
The increasing high fuel costs and environmental issues, as well as a growth in demand for plug-in hybrid EVs, are boosting demand for hybrid EV batteries. The increasing fuel costs and environmental issues among governments and consumers are heavily influencing the growth in demand and consumption of hybrid EV batteries, resulting in strict government standards primarily in developed countries like the United States, Germany, Norway, the Netherlands, and Japan, as well as developing countries such as China and India. Governments have encouraged users to lower their fuel use while also pushing environmental awareness campaigns to reduce vehicle pollution. For example, in May 2019, the US Department of Energy imposed a federal tax credit ranging from USD 2,500 to USD 7,500 on all domestic purchases of plug-in hybrid EVs in order to minimize vehicular pollution. This has significantly increased demand for hybrid EVs in the United States, as well as the manufacturing and consumption of hybrid EV batteries on the market. Furthermore, rising fuel prices in the global market drive up demand for hybrid EVs and hybrid EV battery use in the market throughout the projection period. As a result of the high fuel costs and environmental concerns, demand for hybrid EV batteries is likely to rise over the forecast period.
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List of the Key Companies Profiled in the Hybrid EV Battery Market Research Report are:
- Toshiba Corporation (Japan)
- Panasonic Corporation (Japan)
- LG Chem (South Korea)
- Samsung Sdi Co. Ltd (South Korea)
- Saft (France)
- GS Yuasa International Ltd. (Japan)
- Contemporary Amperex Technology Co. Ltd. (China)
- Hitachi Ltd. (Japan)
- BYD Co. Ltd. (China)
- Nissan Motor Corporation (Japan)
- Exide Industries Ltd. (India)
- A123 Systems LLC (US).
The global hybrid EV battery industry has been segmented based on type and application.
By type, the global hybrid EV battery market has been segmented into lead-acid, lithium-ion, nickel-based, and others.
By application, the global hybrid EV battery market has been segmented into hybrid EV and plug-in hybrid EV.
APAC to Dominate the Global Market
The Asia Pacific market is expected to account for the largest share, as the region's key companies are extensively investing in hybrid EVs by creating better hybrid EV batteries in order to enhance the adoption of such vehicles. The effective steps taken by governments such as China, Japan, India, and Singapore to produce hybrid EV batteries by investing in the development of charging duration and rechargeable battery packs are projected to drive the hybrid EV battery market growth. Collaborations in the market between hybrid EV OEMs and battery technology providers are likely to contribute to the growth of the hybrid EV battery market share in Asia Pacific during the review period. Due to the transport ministry's growing emphasis on the usage of electric vehicles, Japan is an important market for the selling of a hybrid EV. The production and sale of hybrid EVs in Japan have expanded over the years, which is one of the primary factors driving the growth of batteries and cell packs used in hybrid EVs. The increasing number of battery producers is a crucial factor in expanding its market share in terms of value.
Browse In-depth Market Research Report (155 pages) on Hybrid EV Battery
In 2018, Japan and India engaged in the policy dialogue for the next-generation or zero-emission vehicle. This collaboration will enhance the smooth operation of hybrid EVs and the battery charging infrastructure, resulting in a demand for hybrid EV batteries in the country. The China Automotive Technology and Research Center (CATARC), in collaboration with the Directory of Environmental Organizations and Environmental Government Agencies in China, presented a rule for hybrid EVs, requiring automotive OEMs producing or importing more than 30,000 vehicles in China to ensure that 10% of them are electrically powered by 2019. Furthermore, rising urbanization, industrialization, and an increase in per capita household incomes are predicted to stimulate demand for hybrid EV batteries in the region, prompting consumers to replace their gasoline-powered vehicles with electric alternatives. During the projected period, such factors are expected to boost the growth of the hybrid EV battery market in the Asia Pacific.
Segmentation of Market covered in the research:
Information by Type (Lead-Acid, Lithium-Ion, Nickel-Based and Others), Application (Hybrid EV and Plug-In Hybrid EV) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America)
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