Declining crude oil reserves and issues concerning deprivation of the environment are the main factors fuelling the expansion of hybrid electric vehicle battery industry. With declining crude reserves the requirement for reasonable transportation expertise has engrossed investment in this industry. The governments of various major countries have made positive adoption hybrid vehicles that use the electric battery. Several national organizations have imposed rules and offer attractive discounts on purchase of hybrid cars. Severe environmental regulations and policies in the EU (European Union) countries have encouraged broad acceptance of the battery powered vehicle. The erratic crude oil prices are an added incentive which is expected to bolster customers to adapt such cells over the forecast period. Costly nature of hybrid electric vehicle battery can be one of the significant challenges to the industry. Increasing concerns linked to declining oil and gas sources and debasing environmental situations are having a constructive impact on the requirement for power-driven electric vehicles. However, incentives and subsidies on the utilization of such vehicle is a new factor propelling expansion for electric power drive vehicles. These automobiles are dependent on electric batteries to offer the secondary or primary power. Thus, any effect on the requirement for electric powered vehicles will propel the electric vehicle battery industry. A power-driven electric vehicle or battery electric motor utilizes chemical energy accumulated in rechargeable battery packs for control. The entire hybrid electric vehicle does not demand any combustion mechanism for momentum and propulsion. Battery electric automobiles comprise of rail cars, scooters, forklifts, buses, cars, and bicycle.
The segregation of the hybrid electric vehicle battery industry can be prepared by application, technology, and geography. Technology section deals with the various types of cells utilized for developing of the electric automobile battery. Main battery types comprise Nickel metal hydride batteries, lead acid batteries, lithium ion cells and zebra batteries. The lead-acid battery is the cheapest and most commonly used batteries. Nickel metal hydride battery has superior energy concentration than the widespread lead acid battery and if utilized properly can have remarkably long lives. The zebra battery use melted chloroaluminate sodium as the electrolyte. Lithium ion battery employs lithium cobalt oxide cathode and a graphite anode. These cells are utilized to power the hybrid vehicles, plug-in hybrid electric vehicles. Geographical segregation of the hybrid electric automobile battery market comprises of countries such as Canada and the United States in North America; France, Germany, the United Kingdom, and Sweden in Europe. The government encouragement on the utilization of power-driven battery automobiles is one of the major factors for fuelling the expansion of European and North American hybrid electric vehicle battery industry. Another important market comprises the Middle East and Asia Pacific. Asia Pacific market includes the countries including China, Japan, and South Korea. Growing concerns linked to energy incentives and security on the utilization of battery-powered vehicles is the primary factor driving the Asia Pacific market. Rest of the world section still lags behind in the market.
Some of the key players in this market are SAMSUNG SDI CO. LTD., Boston-Power, LG Chem Power Inc. and Quallion. Worldwide automotive makers are speeding up their efforts to create more vehicles using electric drive trains. A lot of other factors are attributing to this trend, comprising newly endorsed fuel economy criterion, superior confidence in electrically-powered vehicles, and advancements in battery technology. In 2012, Toyota instigated the plug-in Prius, motorized for the first time using lithium-ion (Li-ion) batteries. This trend from the finely recognized nickel-metal hydride battery to Li-ion battery represented the principal endorsement. Since then, many of the other OEMs have started using battery electric automobile and plug-in hybrid electric vehicle models, approximately all of which utilizes Li-ion batteries for onboard energy utilization. Increasing requirement for Lithium-ion (Li-ion) battery has covered a wide range of application region, including, hybrid electric vehicles The underlying principle behind introducing ecologically responsible technology into the automotive value chain can be contributed to some reasons, comprising scarcity of fossil fuels, energy security, and issues concerning global warming. The player’s active in the hybrid electrical vehicle industry need to understand this key trend that they are capable of inculcating latest innovation in their offerings. The players working in this sector spending a lot on research & development to get a competitive edge over their rivals. Presently, the market is not fragmented and is less competitive. It is expected to become more competitive over the forecast period owing to entry of new players with the latest innovation.
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