Growing
concerns related to decreasing oil and gas resources and degrading
environmental conditions are having positive impact on the demand for
electric powered vehicles. Moreover, subsidies and incentives on
usage of such vehicles is another factor driving the market for
electric powered vehicles. These vehicles depend on electric
batteries to provide the primary or the secondary power. Thus any
impact on the demand for electric powered vehicles will affect the
electric vehicle battery market.
An
electric
powered vehicle or battery electric vehicle use chemical energy
stored in rechargeable battery packs for power. As all the power is
derived from batteries therefore, it does not require any combustion
engine for propulsion. Battery Electric vehicles include scooters,
rail cars, bicycle, forklifts, buses and cars. The advantages in
battery storage technology have also positively affected the electric
vehicle battery market.
The
segmentation of the electric vehicle battery market can be done on
the basis of technology, application and geography. Technology
segment deals with the different types of batteries used for
manufacturing of electric vehicle battery. Major battery types
include lead acid batteries, nickel metal hydride batteries, zebra
batteries and lithium ion batteries. Lead acid batteries are the most
common and cheapest type of batteries. Nickel metal hydride batteries
have higher energy densities than the common lead acid batteries and
if used properly can have exceptionally long lives. The Zebra
batteries use molten chloro-aluminate sodium as electrolyte. Lithium
ion batteries use graphite anode and lithium cobalt oxide anode.
These batteries are use to power the Battery Electric Vehicles,
Hybrid Vehicles, Plug-in Hybrid Electric Vehicles and Plug-in
Electric Vehicles.
Regional
segmentation of the electric vehicle battery market includes
countries such as the United States and Canada in North America;
Germany, France, Sweden and the United Kingdom in Europe. The
government incentives on usage of battery powered vehicles are one of
the main reasons behind the growth of North American and European
electric vehicle battery market. Other prominent market includes Asia
Pacific and Middle East.
Asia Pacific market includes the countries
such as Japan, China and South Korea. Increasing concerns related to
energy security and incentives on use of battery powered vehicles are
the major factor driving the Asia Pacific market. The Rest of the
World segment still lags behind in the electric vehicle battery
market. The Rest of the World Market includes countries such as
Brazil, Argentina and Venezuela.
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