Hybrid and Electric Vehicle Battery Market Size, Share, Development, Growth and Demand Forecast to 2022
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Global <strong>Hybrid</strong> <strong>and</strong> <strong>Electric</strong> <strong>Vehicle</strong> <strong>Battery</strong> <strong>Market</strong> <strong>to</strong> Witness 20% CAGR in<br />
Terms of Value During 2016 – <strong>2022</strong><br />
The global hybrid <strong>and</strong> electric vehicle battery market is expected <strong>to</strong> grow at a CAGR of 20.0% in<br />
terms of value during 2016-<strong>2022</strong>. Among the various applications, the electric vehicle segment<br />
accounted for largest share (46.5%) in the hybrid <strong>and</strong> electric vehicle battery market in terms of<br />
value in 2015.<br />
Explore Report with Detailed TOC on “<strong>Hybrid</strong> <strong>and</strong> <strong>Electric</strong> <strong>Vehicle</strong> <strong>Battery</strong> <strong>Market</strong>”<br />
at: https://www.psmarketresearch.com/market-analysis/hybrid-<strong>and</strong>-electric-vehicle-batterymarket<br />
<strong>Electric</strong> vehicle require battery for their operation, while hybrid electric vehicle use conventional<br />
fuel along with an electric propulsion system. <strong>Hybrid</strong> electric vehicle accumulate energy, when the<br />
vehicle decelerates. The power s<strong>to</strong>red in batteries of hybrid electric vehicle is used for forceful<br />
tasks, such as accelerating from st<strong>and</strong>still. Once the vehicle is in motion, the combustion engine<br />
later runs the vehicle’s movement.<br />
Majority of European countries import hybrid <strong>and</strong> electric vehicle battery from China, Japan, <strong>and</strong><br />
South Korea. Despite slower economic growth in Europe, countries such as Norway, France <strong>and</strong><br />
Sweden are expected <strong>to</strong> witness growth in the hybrid <strong>and</strong> electric vehicle market during the<br />
forecast period. The increasing penetration of hybrid <strong>and</strong> electric vehicle is expected <strong>to</strong> drive the<br />
growth of the hybrid <strong>and</strong> electric vehicle battery market during the forecast period.<br />
China accounted for the largest market share of electric vehicle in 2015. With newly built smart<br />
cities <strong>and</strong> modern infrastructure, China is giving significant attention <strong>to</strong> the emission free public<br />
transit system. The government of China offers subsidies on the purchase of emission free vehicles<br />
that has assisted the growth of the electric vehicle market in the country. China is expected <strong>to</strong> lead<br />
the global hybrid <strong>and</strong> electric vehicle battery market during the forecast period. The average cost<br />
of lithium-ion battery is expected <strong>to</strong> decline significantly by the end of <strong>2022</strong>.<br />
Explore Report Sample at: https://www.psmarketresearch.com/market-analysis/hybrid-<strong>and</strong>electric-vehicle-battery-market/report-sample<br />
<strong>Battery</strong> is a major fac<strong>to</strong>r in determining the cost <strong>and</strong> range of the battery driven hybrid <strong>and</strong> electric<br />
vehicle. Due <strong>to</strong> the high cost of the batteries, the overall cost of the vehicle is also high, <strong>and</strong> it acts<br />
as a hindrance for hybrid <strong>and</strong> electric vehicle battery market, but only the initial purchase cost is<br />
high, as the vehicle runs on electricity <strong>and</strong> the price of electricity <strong>to</strong> run an electric vehicle is a<br />
small fraction of the cost of liquid fuel needed <strong>to</strong> produce an equivalent amount of energy;<br />
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