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$26.96 Billion Global Electric Vehicle Battery Manufacturing Market Size, Growth, Segmentation And Forecast Report





The Business Research Company’s Electric Vehicle Battery Manufacturing Market covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market.
The electric vehicle (EV) batteries manufacturing market consists of sales of electric vehicle batteries These batteries are used to power commercial electrical vehicles, passenger electrical vehicles, electric bikes and scooters.

Major players in the market are Panasonic Corporation, BYD Company Ltd., Automotive Energy Supply Corporation, LG Chem Ltd and GS Yuasa International Ltd.Bottom of Form
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Increasing demand for electric vehicles is driving the market for electric vehicle batteries that are used for propulsion. Electric vehicles use one or more electric motors which are powered by electric batteries. Electric vehicle batteries can be recharged and their use does not emit harmful gases. According to the IEA Global Electric Vehicle Outlook 2018, sales of new electric cars reached 1 million units in 2017, a 54% increase compared to 2016. The Clean Energy Ministerial is taking measures to accelerate the deployment of electric vehicles globally and aims to increase the sales of electric vehicles globally to 228 million by 2030.
The rising prices of lithium used in electric vehicle batteries due to limited supplies is acting as a restraint on the electric vehicle batteries market. Lithium is also used in devices such as mobile phones, laptops, cordless power tools. As demand for lithium from automotive companies is increasing, there has been a shortage in supply and rise in prices. According to the United States Geological Survey, prices of lithium increased from $5,180 per metric ton in 2010 to $14,000 per metric ton in 2017. Also, there is no accurate data on the amount of global lithium reserves and is affecting prices.
Electric vehicle battery manufacturers are increasingly investing in the integration of IoT, artificial intelligence with electric vehicle batteries to accelerate the energy transition from fossil fuels. The internet of things (IoT) is a system of connected devices that can transfer data over a network without human interaction. IoT enabled batteries can help in cost savings through accurate monitoring and forecasting of energy consumption. Major automotive manufacturers like Tesla have already invested in IoT enabled electric vehicle batteries. For instance, during the hurricane Irma, IoT enabled batteries allowed Tesla to temporarily increase the range of the cars that were in the storm’s path by changing how the batteries were consumed. This helped the drivers to get to some safe spot without needing to recharge the battery.
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