The hybrid EV battery market 2022 can record a CAGR of 23.05% between 2022 and 2030 (appraisal period), says Market Research Future (MRFR). MRFR also expects the market to achieve a striking valuation of USD 27.68 bn by the end of the evaluation period. We will provide covid-19 impact analysis with the report. The report offers a detailed evaluation of the market following the coronavirus disease outbreak.
COVID-19 outbreak has left a deep impact on the global economy in line with the closing down of several operations across industries. Electric vehicles are observing a drop in their demand worldwide on account of the pandemic, because of the lockdown and job losses. Electric vehicles are generally deployed by government agencies for transport, but SARS-CoV-2 has compelled them to bring down the spending on public transport. In turn, they are now focusing on investing in healthcare and associated infrastructure.
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Speaking of COVID-19 impact, a majority of the vendors in the supply chain of hybrid EV battery have ceased their operations for the safety of their employees. But there are still a few vendors that are functioning at low capacity to back the transportation industry. Following the conception of the novel coronavirus, the automotive sector has had to deal with significant drop in demand because of the social distancing practice imposed by governments.
In a nutshell, the supply chain has become fragile owing to decline in revenue generation along with scarcity of human resources. With that said, with countries struggling to find a COVID-19 breakthrough, a few companies worldwide are set to resume operations to boost revenue generation. This is expected to be favorable for the demand as well as sale of hybrid EV batteries in the coming few months and even years.
Primary Drivers and Key Barriers
The hybrid electric vehicle battery market is largely dependent on factors like the depletion of crude oil reserves combined with the mounting concerns with regard to the environment worldwide. Governments of developed countries increasingly make use of hybrid vehicles for public transport, which leads to higher uptake of electric batteries. A number of national organizations are imposing regulations and offering discounts on purchase of hybrid cars, which work in favor of the market to large extent.
Rigid environmental policies and regulations in the EU nations have led to wider acceptance of battery powered vehicles. The fluctuating crude oil prices can be another instrumental factor bolstering the demand for these batteries among customers.
Some of the leading automotive manufacturers worldwide are boosting their efforts to develop higher number of vehicles that use electric drive trains. Several factors attribute to this trend, including the high focus on fuel economy, growing confidence in electrically-powered vehicles, and innovations in the battery technology. The underlying reasons for the introduction of eco-friendly technologies in the automotive value chain can be the declining fossil fuels, concerns related to global warming and energy security.
The hybrid EV battery industry can be considered for type and application.
The key types of hybrid EV batteries are nickel-based, lithium-ion, lead-acid, and others.
Application areas of hybrid EV batteries include hybrid EV as well as plug-in hybrid EV.
The geographical distribution of the hybrid EV battery market includes North America, Europe, MEA or the Middle East & Africa, South America as well as APAC or Asia Pacific.
The APAC market for hybrid EV battery has the potential to procure the leading position in the approaching years, given the fact that renowned vendors in the region are investing significantly in the development of superior quality hybrid EV batteries, which is leading to higher adoption of these vehicles. A host of initiatives being undertaken the government in India, Japan, Singapore and China in favor of hybrid EV batteries, rechargeable battery packs and charging duration can also be a notable booster in the regional market. Various hybrid EV OEMs are coming together with leading battery technology providers to come up with innovative products that can draw in higher number of consumers, thus adding to the market strength. Japan is touted to be the most profitable market in the region, on account of the attention given to electric vehicles and their sales by the transport ministry. The mounting number of EV battery manufacturers in the country also benefits the market.
The rising prevalence of the Lithium-ion technology in hybrid EV battery paired with the surge in public charging infrastructure present attractive opportunities to the North American market. Soaring concerns associated with the adverse impact of climate change, troubling increase in pollution and the strong support given by the government also promote the regional market growth.
Prominent competitors in the hybrid EV battery industry include A123 Systems LLC (US), Samsung Sdi Co. Ltd (South Korea), GS Yuasa International Ltd. (Japan), Panasonic Corporation (Japan), Exide Industries Ltd. (India), BYD Co. Ltd. (China), Hitachi Ltd. (Japan), Toshiba Corporation (Japan), LG Chem (South Korea), Contemporary Amperex Technology Co. Ltd. (China), Nissan Motor Corporation (Japan), Saft (France), to list a few.
Tesla’s research team has developed a hybrid lithium metal/ lithium-ion battery that, when required, can act as an electric range extender. This means 20% higher energy density compared to the traditional batteries made of lithium-ion.
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