Hybrid and electric (H&E) vehicle battery is secondary (rechargeable) battery used to power the propulsion of hybrid and electric vehicles including forklifts, riding floor scrubbers, electric golf carts, electric motorcycles, electric cars, electric bus, electric trucks, and vans, and similar electric vehicles.
The policy makers of various countries are focusing on public transit infrastructure, with no or low pollution to tackle the air pollutant emissions, mainly in the densely populated cities and megacities. The air pollution caused due to fossil-fuel driven vehicle has become a major global concern. This in turn, has enforced the policy makers to look for an alternative such as low emission vehicles. The natural gas based public transit is still the most dominant alternative of fossil-fuel based public transit. However, the electric vehicle are gaining popularity due to their zero carbon di-oxide emission; thus fuelling the growth of hybrid and electric vehicle battery market, especially in the developed countries.
The Chinese electric vehicle market is expected to grow significantly during the forecast period owing to the surging urbanization and development of newly built advanced public transit systems in the Chinese smart cities. This is expected to lay significant opportunity for hybrid and electric vehicle battery market in the region. However, the premium price of electric vehicles is the major hindrance for their large scale adoption in public transit infrastructure, especially within the developing countries. Majority of the 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.Due to the high cost of batteries, the overall cost of the vehicle is also high, and it acts as a hindrance in the growth of hybrid and electric vehicle battery market. Lithium-ion battery is the most commonly used rechargeable battery for hybrid and electric vehicle. Asia-Pacific is the largest manufacturer of Li-ion batteries followed by North America and Europe.
The major players operating in the global hybrid and electric vehicle battery market include Panasonic Corporation, Automotive Energy Supply Corporation, BYD Company Limited, Mitsubishi Corporation, LG Chem. Wanxiang EV Co. Ltd., Tianneng Power International Co. Ltd, Hitachi Vehicle Energy Ltd., Shenzhen Bak Battery Co. Ltd., and Zhejiang Tianneng Energy Technology Co. Ltd.
