According to the latest report by IMARC Group, titled “China Electric Vehicle Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the china electric vehicle battery market expected to grow at a CAGR of 25% during (2021-2026).
An electric vehicle battery is an energy storage device primarily used to power battery-based electric engines for propulsion. Electric vehicle batteries can be of several types, including lead acid batteries, lithium-ion batteries, nickel batteries etc. They offer numerous benefits, such as a high power-to-weight ratio, zero carbon emissions, noise-free travel experience, lower maintenance charges, cost-effectiveness, etc., in comparison to fuel-based engines. As a result, the electric battery is widely installed in bikes and mopeds, e-rickshaws, e-cars, buses, loaders, etc.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Market Trends:
Increasing environmental concerns towards harmful vehicular emissions are primarily driving the demand for electric vehicles in China. Moreover, the Chinese government is providing numerous subsidies and financial aids to promote the adoption of electric vehicles in the country. Additionally, the government is also investing in the upgradation of public charging infrastructures for electric three- or two-wheelers, which is further augmenting the market for rechargeable electric vehicle batteries in China. Additionally, several regional battery manufacturers are launching more reliable, safer, and environmentally conducive batteries for powering heavy-duty electric vehicles. Besides this, the emergence of hybrid and autonomous electric vehicles integrated with newer, advanced technologies will continue to drive the market for electric vehicle batteries in China over the coming years.
Breakup by Battery Type:
- Lead Acid Battery
- Lithium-Ion Battery
- Others
Breakup by Vehicle Type:
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
Breakup by Battery Capacity:
- <30 kWh
- 30-60 kWh
- >60 kWh
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
BMZ Group, BYD Company Limited, Contemporary Amperex Technology Co., Limited. (CATL), GS Yuasa International Ltd., Lishen Battery, Microvast, OptimumNano Energy Co.,Ltd., Panasonic Corporation, Samsung SDI Co., Ltd. and Showa Denko Materials Co., Ltd.
The report has segmented the market on the basis on battery type, vehicle type, battery capacity.
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