Hybrid EV Battery Market: Revenue Growth is Making Marketplace Explosive
Allied
Hybrid EV Battery Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
PORTLAND, OREGON, UNITED STATES, May 24, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, "Hybrid EV Battery Market1 by Waste Type, Vehicle type, Propulsion and Region: Global Opportunity Analysis and Industry Forecast, 2023-2032." The report has offered an all-inclusive analysis of the global Hybrid EV Battery market taking into consideration all the crucial aspects like growth factors, constraints, market developments, top investment pockets, future prospects, and trends. At the start, the report lays emphasis on the key trends and opportunities that may emerge in the near future and positively impact the overall industry growth.
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An electric-vehicle battery (EVB, also known as a traction battery) is a battery used to power the electric motors of a battery electric vehicle (BEV) or hybrid electric vehicle (HEV). These batteries are usually rechargeable (secondary) batteries, and are typically lithium-ion batteries. These batteries are specifically designed for a high ampere-hour (or kilowatt-hour) capacity. Electric-vehicle batteries differ from starting, lighting, and ignition (SLI) batteries as they are designed to give power over sustained periods of time and are deep-cycle batteries. Batteries for electric vehicles are characterized by their relatively high power-to-weight ratio, specific energy and energy density; smaller, lighter batteries are desirable because they reduce the weight of the vehicle and therefore improve its performance. Compared to liquid fuels, most current battery technologies have much lower specific energy, and this often impacts the maximum all-electric range of the vehicles.
Top Impacting Factors
The global hybrid electric vehicle battery market is projected to expand in the coming years, owing to factors such as shrink crude oil reserves and issues concerning distress of the environment. The governments of numerous major countries have made positive adoption of hybrid vehicles that use the electric battery. Several national organizations have issued directives and offer attractive discounts on the purchase of hybrid cars. Major environmental regulations and policies in the EU (European Union) countries have encouraged broad acceptance of the battery-powered vehicle. The erratic crude oil prices are an added incentive that is expected to reinforce customers to adapt such cells during the forecast period.
Today, with the rising concerns raised over the environmental impact of conventional vehicles, governments around the world are encouraging the adoption of vehicles using alternative sources of fuel. EVs are zero-emission vehicles and are securing significance for clean public transport across countries. Several national governments offer financial incentives, such as tax exemptions and rebates, subsidies, reduced parking/toll fees for EVs, and free charging, to encourage the adoption of EVs. Thus, globally the requirement of EV battery is attaining fast pace.
The report covers a brief overview of the market2 coupled with a SWOT analysis of the key market players and their financial analysis, business overview, and portfolio analysis of services. The report includes the latest industry developments including joint ventures, expansion, product launches. This study helps stakeholders understand the long-term profitability of the market.
The market is evaluated based on its regional penetration, explaining the performance of the market in each regional market covering provinces such as North America (United States, Canada and Mexico), Europe (Germany, France, UK, Russia and Italy), Asia-Pacific (China, Japan, Korea, India and Southeast Asia), South America (Brazil, Argentina, Colombia), Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa).
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Top 10 leading companies in the global Hybrid EV Battery market is analyzed in the report along with their business overview, operations, financial analysis, SWOT profile3. The key players operating in the global Hybrid EV Battery industry include A123 Systems LLC,, Automotive Energy Supply Corporation (AESC),, Bosch Mobility Solutions, BYD Co., Ltd.,, Contemporary Amperex Technology Co., Limited,, E-One Moli Energy Corporation,, Hitachi Automotive Systems Ltd.,, Johnson Controls, Inc.,, LG Chem, Samsung SDI Co., Ltd,, Tesla Motors, Inc.,, Tianneng Power International Co., Ltd, Wanxiang America Corporation
Market Trends
• Electric vehicles hold a significant advantage over the conventional internal combustion engine vehicles attributed to the lack of transit related emissions and the potential to utilize and develop renewable energy resources
• Companies are coming up with business models like battery swapping and battery-as-a-service (BaaS) that permits users to change/swap EV batteries once discharged.
• This saves users the time required on recharging the batteries, thereby refining customer satisfaction and addressing one of the prime reason’s consumers abstain from opting for EVs.
• Various Chinese EV battery manufacturers, such as NIO, follow the BaaS model that de-couples the battery from the EV. The BaaS model allows EV owners to rent battery services monthly instead of purchasing a battery with the EV. The model has two vital advantages: consumers can save money on battery cost, and they have to worry least about battery depreciation. Such models make most of the both, consumers and manufacturers, as manufacturers can accurately forecast the market size and potential by tying up with companies providing battery-as-a-service models.
• Major EV batteries are considered safe as they undergo numerous tests before being put into use.
• However, there have been incidents—such as the recall of 68,000 Chevy EV Bolts after five fire incidents related to batteries—that have raised doubts on the safety of these batteries. EV batteries consist of several inflammable materials such as lithium, manganese, and plastics.
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1 https://www.alliedmarketresearch.com/hybrid-ev-battery-market-A14869
2 https://www.alliedmarketresearch.com/traction-battery-market-A13930
3 https://www.alliedmarketresearch.com/ev-battery-reuse-market-A31427
