Hybrid EV Battery Market accounted for US$ 32.08 billion in 2020 and is estimated to be US$ 316.68 billion by 2030 and is anticipated to register a CAGR of 26.0%. An electric battery in a car is a secondary power source that utilises chemical energy stored in the battery. The motive power for an electric or hybrid vehicle is provided by this battery, which is also known as a traction battery. Because they are meant to provide power for a long length of time, electric vehicle batteries are classified as starting, lighting, and ignition (SLI) batteries. The battery powers an electric motor that drives the wheels, and when the accelerator pedal is pressed, the automobile feeds electricity to the motor quickly, progressively depleting the energy stored in the batteries.
The report “Global Hybrid EV Battery Market, By Type (Nickel Metal Hydride Batteries, lead Acid Batteries, Lithium Ion Cells Batteries, and Nickel Chloride(Zebra) Batteries), By Application (Rail Cars, Scooters, Forklifts, Buses, Cars, and Bicycle), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Market Trends, Analysis, and Forecast till 2030’’
Key Highlights:
- LG Chem Ltd announced in December 2020 that it would more than double its battery cell production capacity in China for Tesla Inc electric cars (EV) in 2021 to keep up with its US client’s expansion in the world’s largest car market. The company, which is a supplier for Tesla’s Shanghai-built Model 3, will also export its enhanced output from China and Korea to Tesla’s German and American plants.
- Amara Raja Batteries, India’s second-largest car battery manufacturer, inaugurated its first technological base to develop lithium-ion cells in Tirupati, Andhra Pradesh, in February 2021.
Analyst View:
Concerns about the damaging consequences of climate change caused by fuel vehicle emissions, as well as disturbing levels of pollution in major countries, have fuelled demand for electric vehicles. Due to the depletion of fossil fuel reserves, the demand for more fuel-efficient technologies has increased, propelling the growth of the Electric Vehicle Battery Market over the forecast period. The continued development of lithium-ion batteries has enabled battery manufacturers to offer a high-performance battery that meets the demand for lightweight automobiles, propelling the Hybrid Electric Vehicle Battery Market forward.
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Key Market Insights from the report:
Global Hybrid EV Battery Market accounted for US$ 32.08 billion in 2020 and is estimated to be US$ 316.68 billion by 2030 and is anticipated to register a CAGR of 26.0%. The global hybrid EV battery market report segments the market on the basis of type, application, and region.
- Based on Type, Global Hybrid EV Battery Market is segmented into Nickel Metal Hydride Batteries, lead Acid Batteries, Lithium Ion Cells Batteries, and Nickel Chloride(Zebra) Batteries.
- Based on Application, Global Hybrid EV Battery Market is segmented into Rail Cars, Scooters, Forklifts, Buses, Cars, and Bicycle.
- By Region, the Global Hybrid EV Battery Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Competitive Landscape & their strategies of Global Hybrid EV Battery Market:
The key players operating in the hybrid ev battery market are SAMSUNG SDI CO. LTD., Boston-Power, LG Chem Power Inc. and Quallion.
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
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