The China electric vehicle battery market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 25% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use sectors. These insights are included in the report as a major market contributor.
Electric vehicle battery refers to an energy storage device that is primarily used to power the battery-based electric engines for propulsion. Some of the common types of vehicles that operate on electric batteries include bikes and mopeds, e-rickshaws, e-cars, buses, loaders, etc. Electric vehicle batteries offer numerous benefits in comparison with fuel-based engines, such as high power-to-weight ratio, zero carbon emissions, noise-free travel experience, lower maintenance, cost-effectiveness, etc.
In China, the increasing environmental concerns towards harmful vehicular emissions are primarily driving the demand for electric vehicles. Moreover, the growing number of awareness programs and initiatives launched by the Chinese government for reducing carbon footprints is further propelling the market growth. In line with this, several government agencies are also providing numerous subsidies and financial aids for promoting the adoption of electric vehicles in the country, thereby catalyzing the demand for electric vehicle batteries. Additionally, the rising investments in the upgradation of public charging infrastructures for electric three- or two-wheelers are further augmenting the market for rechargeable electric vehicle batteries in China. Apart from this, the continuous replacement of conventional fuel-based public transport fleets with cleaner and safer electric buses and trains is also bolstering the product demand. Moreover, the regional battery manufacturers are focusing to provide reliable, safe, and environmentally conducive batteries for powering heavy-duty electric vehicles. Additionally, a significant decline in the cost of high-capacity Li-ion batteries, which leads to the lowering of overall vehicle cost, is also propelling the market growth. In the coming years, the emergence of hybrid and autonomous electric vehicles that are integrated with several advanced technologies, such as wireless connectivity, telematics devices, Advanced driver-assistance systems (ADAS), etc., will continue to drive the market for electric vehicle batteries in China.
IMARC Group provides an analysis of the key trends in each sub-segment of the China electric vehicle battery market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on battery type, vehicle type and battery capacity.
Breakup by Battery Type:
Breakup by Vehicle Type:
Breakup by Battery Capacity:
The competitive landscape of the industry has also been examined with some of the key players being BMZ Group, BYD Company Limited, Contemporary Amperex Technology Co., Limited. (CATL), GS Yuasa International Ltd., Lishen Battery, Microvast, OptimumNano Energy Co.,Ltd., Panasonic Corporation, Samsung SDI Co., Ltd. and Showa Denko Materials Co., Ltd.
|Base Year of the Analysis||2020|
|Segment Coverage||Battery Type, Vehicle Type, Battery Capacity|
|Companies Covered||BMZ Group, BYD Company Limited, Contemporary Amperex Technology Co., Limited. (CATL), GS Yuasa International Ltd., Lishen Battery, Microvast, OptimumNano Energy Co.,Ltd., Panasonic Corporation, Samsung SDI Co., Ltd. and Showa Denko Materials Co., Ltd.|
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