Hybrid and Electric Vehicle Battery Market 2022 Overview by Major Players- Panasonic USA, BYD and Tianneng Power International Ltd

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Hybrid and Electric Vehicle Battery Market
Outlook by Type, Application, Growth and Demand
Forecast to 2022    
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The global hybrid and electric vehicle battery
market is expected to grow at a CAGR of 20.0 in
terms of value during 2016-2022. Among the
various applications, the electric vehicle
segment accounted for largest share (46.5) in
the hybrid and electric vehicle battery market in
terms of value in 2015. Electric vehicle require
battery for their operation, while hybrid
electric vehicle use conventional fuel along with
an electric propulsion system. Hybrid electric
vehicle accumulate energy, when the vehicle
decelerates. The power stored in batteries of
hybrid electric vehicle is used for forceful
tasks, such as accelerating from standstill. Once
the vehicle is in motion, the combustion engine
later runs the vehicles movement.
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Majority of European countries import hybrid and
electric vehicle battery from China, Japan, and
South Korea. Despite slower economic growth in
Europe, countries such as Norway, France and
Sweden are expected to witness growth in the
hybrid and electric vehicle market during the
forecast period. The increasing penetration of
hybrid and electric vehicle is expected to drive
the growth of the hybrid and electric vehicle
battery market during the forecast period. China
accounted for the largest market share of
electric vehicle in 2015. With newly built smart
cities and modern infrastructure, China is giving
significant attention to the emission free public
transit system. The government of China offers
subsidies on the purchase of emission free
vehicles that has assisted the growth of the
electric vehicle market in the country. China is
expected to lead the global hybrid and electric
vehicle battery market during the forecast
period. The average cost of lithium-ion battery
is expected to decline significantly by the end
of 2022.
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Battery is a major factor in determining the cost
and range of the battery driven hybrid and
electric vehicle. Due to the high cost of the
batteries, the overall cost of the vehicle is
also high, and it acts as a hindrance for hybrid
and electric vehicle battery market, but only the
initial purchase cost is high, as the vehicle
runs on electricity and the price of electricity
to run an electric vehicle is a small fraction of
the cost of liquid fuel needed to produce an
equivalent amount of energy therefore, the
operating cost is cheaper. The range up to which
an electric vehicle can run on a single charge is
also determined by the batterys capability. The
major players operating in the global hybrid and
electric vehicle battery market include,
Panasonic Corporation, Automotive Energy Supply
Corporation, BYD Company Limited, Lithium Energy
and Power GmbH Co. KG, LG Chem., Tianneng Power
International Co. Ltd, Hitachi Vehicle Energy
Ltd., Shenzhen Bak Battery Co. Ltd., and Zhejiang
Tianneng Energy Technology Co. Ltd. Request to
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