The global hybrid electric vehicle battery market is projected to expand in the coming years, owing to factors such as declining crude oil reserves and issues concerning deprivation of the environment. 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 the 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 that is expected to bolster customers to adapt such cells over the forecast period. Costly nature of hybrid electric vehicle batteries 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 a vehicle is a new factor propelling expansion for electric power drive vehicles. These automobiles are dependent on electric batteries to offer 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 bicycles.
The segregation of the hybrid electric vehicle battery industry can be prepared by application, technology, and geography. The technology section deals with the various types of cells utilized for developing 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 hybrid vehicles, plug-in hybrid electric vehicles. Geographical segregation of the hybrid electric vehicle 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 the hybrid EV battery 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 utilize 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 electric vehicle industry need to understand this key trend that they are capable of inculcating the 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 hybrid electric vehicle battery 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 the latest innovation.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.