The Electric Vehicles Battery market is expected to witness 7% CAGR during the period, 2019 to 2023. The global electric vehicles battery market has been segmented based on battery type, vehicle technology, and end-market. By battery type, the market has been segmented into Lithium Ion Battery, Lead Acid Battery, Nickel Hydride Battery and others. The lithium-ion battery segment leads the market followed by nickel hydride battery and lead-acid battery. By vehicle technology, the market has been segmented into Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-in Hybrid Electric Vehicles, and Others. The battery electric vehicles lead the market followed by hybrid electric vehicles. By end-market, the market has been segmented into OEMs and Aftermarket.

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he global electric vehicles battery market is projected to capture a significant CAGR of 8.81% over the forecast period of 2017-2023, reveals a research report by Market Research Future (MRFR). This growth can be primarily attributed to a rise in sales of electric vehicles which raises the need for its battery. Initiatives of the automotive industry to come up with sustainable options and curb the harmful effects on the environment has resulted in the emergence of electric cars which, in turn, necessitates the need for electric vehicles battery. The decline in the price of batteries coupled with the development of charging infrastructure has supported the growth of electric vehicles battery market. The electric vehicles battery market is expanding due to the combined efforts of the governments across the globe and the key players who are investing intensively in the research and development of technology to produce high-performance batteries.

The global electric vehicle battery market has experienced a remarkable growth over the past few years and it has been analyzed that the market will grow similarly during the forecast period. Electric vehicles battery market looks promising during the forecast period due to the major driving factors such surge in demand of electric vehicle worldwide, increasing fuel prices, expansion of global auto-manufacturers into new emerging markets, and government initiatives. On the other hand, emerging economies have more opportunities for electric vehicles, and will create ample scope for market growth. However, high prices of the electric vehicle and its battery, and underdeveloped aftermarket services, could hinder the market growth. The global market for electric vehicles battery is expected to be broaden in the recent years. MRFR analysts have predicted that global electric vehicles battery market is expected to grow at the CAGR of 8.81% during the forecast period.

The prominent players in the electric vehicles battery market include Automotive Energy Supply Corporation (Japan), Panasonic Corporation (Japan), BYD Company Limited (China), LG Chem Ltd (South Korea), Quallion (US), Boston-Power (US), Johnson Controls International (US), Narada Power Source (China), GS Yuasa Corporation (Japan), Tianneng Power International (China), Crown Battery Corporation (US), and Hitachi Chemical Company (Japan) .

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