COVID-19 Impacts: Global Electric Vehicle Battery Market will Accelerate at a CAGR of almost 22% through 2020-2024|Advances in EV Battery and Associated Technologies to Boost Growth|Technavio
LONDON--(BUSINESS WIRE)--Jul 23, 2020--
Technavio has been monitoring the global electric vehicle battery market size and it is poised to grow by USD 44.24 billion during 2020-2024, progressing at a CAGR of 22% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20200723005714/en/
Technavio has announced its latest market research report titled Global Electric Vehicle (EV) Battery Market 2020-2024 (Graphic: Business Wire)
Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19.Please Request Latest Free Sample Report on COVID-19 Impact
Frequently Asked Questions-
- What was the value of the electric vehicle battery market in 2019?
A. As per Technavio, the value of market was at USD 26.36 billion in 2019 and is projected to reach USD 70.60 billion by 2024.
- At what rate is the market projected to grow during the forecast period 2020-2024?
A. The market will grow at a CAGR of almost 22% during the forecast period.
- What is the key factor driving the market?
A. The advances in EV battery and associated technologies is a prime factor driving the market growth.
- Who are the top players in the market?
A. A123 Systems LLC, Ballard Power Systems Inc., BYD Company Ltd., Cummins Inc., EnerSys, Exide Technologies, GS Yuasa International Ltd., LG Chem Ltd., Panasonic Corp., and Samsung SDI Co. Ltd. are some of the major market participants.
- Which region is expected to hold the highest market share?
A. APAC region.
- Based on segmentation by battery type, which segment is expected to witness the fastest growth in the global market?
A. Lithium-ion batteries will grow at a faster rate during the forecast period.
The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. A123 Systems LLC, Ballard Power Systems Inc., BYD Company Ltd., Cummins Inc., EnerSys, Exide Technologies, GS Yuasa International Ltd., LG Chem Ltd., Panasonic Corp., and Samsung SDI Co. Ltd. are some of the major market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The advances in EV battery and associated technologies have been instrumental in driving the growth of the market. However, safety concerns around lithium-ion batteries might hamper market growth.
Electric Vehicle Battery Market 2020-2024: Segmentation
Electric Vehicle Battery Market is segmented as below:
- Battery Type
- Lithium-ion Battery
- Lead-acid Battery
- Geographic Landscape
- North America
- South America
To learn more about the global trends impacting the future of market research, download a free sample:https://www.technavio.com/talk-to-us?report=IRTNTR43129
Electric Vehicle Battery Market 2020-2024: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. Our electric vehicle battery market report covers the following areas:
- Electric Vehicle Battery Market size
- Electric Vehicle Battery Market trends
- Electric Vehicle Battery Market industry analysis
This study identifies the introduction of EV charging with V2G technology as one of the prime reasons driving the electric vehicle battery market growth during the next few years.
Electric Vehicle Battery Market 2020-2024: Vendor Analysis
We provide a detailed analysis of around 25 vendors operating in the electric vehicle battery market, including some of the vendors such as A123 Systems LLC, Ballard Power Systems Inc., BYD Company Ltd., Cummins Inc., EnerSys, Exide Technologies, GS Yuasa International Ltd., LG Chem Ltd., Panasonic Corp., and Samsung SDI Co. Ltd. Backed with competitive intelligence and benchmarking, our research reports on the electric vehicle battery market are designed to provide entry support, customer profile and M&As as well as go-to-market strategy support.
Register for a free trial today and gain instant access to 17,000+ market research reports.
Electric Vehicle Battery Market 2020-2024: Key Highlights
- CAGR of the market during the forecast period 2020-2024
- Detailed information on factors that will assist electric vehicle battery market growth during the next five years
- Estimation of the electric vehicle battery market size and its contribution to the parent market
- Predictions on upcoming trends and changes in consumer behavior
- The growth of the electric vehicle battery market
- Analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of electric vehicle battery market vendors
Table of Contents:
- Market Overview
- Market ecosystem
- Value chain analysis
- Market definition
- Market segment analysis
- Market size 2019
- Market outlook: Forecast for 2019 - 2024
Five Forces Analysis
- Bargaining power of buyers
- Bargaining power of suppliers
- Threat of new entrants
- Threat of substitutes
- Threat of rivalry
- Market condition
Market Segmentation by Battery Type
- Market segments
- Comparison by Battery Type
- Lithium-ion battery - Market size and forecast 2019-2024
- Lead-acid battery - Market size and forecast 2019-2024
- Others - Market size and forecast 2019-2024
- Market opportunity by Battery Type
- Geographic segmentation
- Geographic comparison
- APAC - Market size and forecast 2019-2024
- North America - Market size and forecast 2019-2024
- Europe - Market size and forecast 2019-2024
- MEA - Market size and forecast 2019-2024
- South America - Market size and forecast 2019-2024
- Key leading countries
- Market opportunity by geography
Drivers, Challenges, and Trends
- Market drivers
- Volume driver - Demand led growth
- Volume driver - Supply led growth
- Volume driver - External factors
- Volume driver - Demand shift in adjacent markets
- Price driver - Inflation
- Price driver - Shift from lower to higher priced units
- Market challenges
- Market trends
- Landscape disruption
- Vendors covered
- Market positioning of vendors
- A123 Systems LLC
- Ballard Power Systems Inc.
- BYD Company Ltd.
- Cummins Inc.
- Exide Technologies
- GS Yuasa International Ltd.
- LG Chem Ltd.
- Panasonic Corp.
- Samsung SDI Co. Ltd.
- Scope of the report
- Currency conversion rates for US$
- Research methodology
- List of abbreviations
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200723005714/en/
CONTACT: Technavio Research
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
INDUSTRY KEYWORD: OTHER MANUFACTURING MANUFACTURING AUTOMOTIVE ALTERNATIVE VEHICLES/FUELS
SOURCE: Technavio Research
Copyright Business Wire 2020.
PUB: 07/23/2020 06:15 PM/DISC: 07/23/2020 06:16 PM