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World Electric Vehicle Battery Market
Frost & Sullivan, Dec 2009, Pages: 90
This research covers the world electric vehicle battery market with detailed analysis on revenue and forecast for the same. This research also analyzes the market based on geographic region, construction type and distribution type. Each segment also discusses current issues facing the market, revenue and distribution forecasts, market and technology trends, and competitive analysis. Challenges are discussed at the total level.
This Frost & Sullivan research service titled World Electric Vehicle Battery Market provides the overall market growth, revenue analysis, market share analysis, competitive structure, industry challenges, drivers, restraints, and pricing trends in the electric vehicle (EV) market. In this research, Frost & Sullivan's expert analysts thoroughly examine the following applications: forklifts, golfcarts, neighborhood EVs (NEVs), and passenger cars EVs.
Market Overview
Increasing Popularity of Electric Vehicles Kickstarts Demand for EV Batteries
Concerns about greenhouse gas emissions have led the governments and voluntary organizations of various countries to actively promote EVs through tax credits, federal funds, incentives, and investments in the supporting infrastructure. Industrial applications contribute to a higher percentage of revenues than passenger EVs, especially with the rise in industrial activities. Similarly, the mushrooming of closed-gated communities has contributed considerably to the rising usage of NEV and electric golfcarts, which, in turn, boosts the demand for EV batteries. Another reason that electric forklifts and golfcarts have found favor with users is their low operating costs. “As these vehicles are powered through electric charge, the wear and tear of their components is less, which reduces the maintenance charges,” says the analyst of this research. “Additionally, these vehicles are powered through charge from a electric grid power supply, which costs much less than gasoline.” This booming popularity of EVs has gone a long way in hiking the sales of EV batteries.
Despite the advantages of these vehicles, the economic downturn had dampened their sales. This situation, along with the volatile raw material prices, had increased the prices of batteries, restraining market expansion. Owing to this, manufacturers are under pressure to compromise either on price or performance of the battery. For the market to evolve, participants must find a way to develop the most suitable battery chemistry for each EV type, at an affordable price. Another solution to the cost issue is resorting to economy of scale to reduce the battery prices without constricting profit margins. The appropriate battery chemistry will also reduce greenhouse emissions to a large extent and thus, slows down global warming.
EV batteries are also in demand for their ease of use. They are available as battery packs for every type of EV, including passenger cars, fleet, float vans, and buses. As they can be fitted as packs, they are easier to replace through swapping or leasing methods. “This option is likely to substantially reduce the initial battery cost, thereby cutting the initial price of an EV,” notes the analyst.
Application Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Forklifts
- Golfcarts
- Passenger cars EVs
- Neighborhood EVs (NEVs)
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