IMARC Group, a leading market research company, has recently releases report titled “China Electric Vehicle Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the China electric vehicle battery market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the China electric vehicle battery market?
The China electric vehicle battery market is expected to exhibit a growth rate (CAGR) of 25.1% during 2023-2028.
What is an electric vehicle battery?
An electric vehicle battery is a secondary rechargeable power source used in electric vehicles (EVs). The vehicle is operated by the chemical energy stored in the rechargeable battery packs and does not require a combustion engine for propulsion. EV batteries are also known as traction batteries as they provide the motive power for the vehicle. They are connected to an electric motor to drive the wheels, which instantly feeds power to the motor when the accelerator pedal is pressed. Besides this, EV batteries are an eco-friendly alternative to fuel such as petrol and diesel and offer low maintenance costs, a high power-to-weight ratio, zero carbon emissions, noise-free travel experience.
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What are the growth prospects and trends in the China electric vehicle battery industry?
The market is primarily driven by the increasing demand for electric vehicles due to the rising levels of vehicular emissions across the country. Besides this, the improvement in battery technology and the launch of new plug-in EV models are propelling the market growth. In addition, with the growing environmental concerns, the Government of China is taking initiatives to encourage the use of electric vehicles. These vehicles offer various advantages, including tax exemption and rebates, subsidies, reduction in parking and toll fees, as well as free charging. Moreover, the adoption of lithium-ion batteries to power plug-in hybrid electric vehicles is also escalating the market growth across the country. Furthermore, the increasing investments in upgrading public charging infrastructure and the continuous replacement of conventional fuel-based public transport fleets are creating a positive outlook for the market.
What is included in market segmentation?
The report has segmented the market into the following categories:
Breakup by Battery Type:
- Lead Acid Battery
- Lithium-Ion Battery
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
Who are the key players operating in the industry?
The report covers the major market players including:
- BMZ Group
- BYD Company Limited
- Contemporary Amperex Technology Co.
- Limited (CATL)
- GS Yuasa International Limited
- Lishen Battery
- OptimumNano Energy Co. Limited
- Panasonic Corporation
- Samsung SDI Co. Limited
- Showa Denko Materials Co. Limited.
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