Hybrid EV Battery Market Highlights
Global Hybrid EV Battery Market 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.
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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.
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.
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The global hybrid EV battery market 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.
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).
In terms of region, the Hybrid EV Battery Industry is segmented into Europe, Asia-Pacific, North America, the Middle East & Africa, and South America. Asia-Pacific dominates the hybrid EV battery market. The increasing demand for hybrid EV and rising environmental concerns, and government initiatives are expected to drive the hybrid EV battery market in the region.
The hybrid EV battery market 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. 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 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.
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