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.
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.
View complete Report: https://www.thebusinessresearchcompany.com/report/electric-vehicle-battery-manufacturing-global-market-report
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