The latest report by IMARC Group, titled “China Electric Vehicle Battery Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” finds that the China electric vehicle battery market is expected to grow at a CAGR of 25.4% during 2022-2027. An electric vehicle battery is a secondary rechargeable power source used in electric vehicles (EVs). The vehicle is operated by the chemical energy stored in the rechargeable battery packs and does not require a combustion engine for propulsion. EV batteries are also known as traction batteries as they provide the motive power for the vehicle. They are connected to an electric motor to drive the wheels, which instantly feeds power to the motor when the accelerator pedal is pressed. Besides this, EV batteries are an eco-friendly alternative to fuel such as petrol and diesel and offer low maintenance costs, a high power-to-weight ratio, zero carbon emissions, noise-free travel experience.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
China Electric Vehicle Battery Market Trends:
The market is primarily driven by the increasing demand for electric vehicles due to the rising levels of vehicular emissions across the country. Besides this, the improvement in battery technology and the launch of new plug-in EV models are propelling the market growth. In addition, with the growing environmental concerns, the Government of China is taking initiatives to encourage the use of electric vehicles. These vehicles offer various advantages, including tax exemption and rebates, subsidies, reduction in parking and toll fees, as well as free charging. Moreover, the adoption of lithium-ion batteries to power plug-in hybrid electric vehicles is also escalating the market growth across the country. Furthermore, the increasing investments in upgrading public charging infrastructure and the continuous replacement of conventional fuel-based public transport fleets are creating a positive outlook for the market.
- Based on the battery type, the market has been segmented into lead acid, lithium-ion, and other batteries.
- On the basis of the vehicle type, the market has been classified into battery electric vehicles (BEV), plug-in hybrid electric vehicles (PHEV), and hybrid electric vehicles (HEV).
- The market has been categorized based on the battery capacity into <30 kWh, 30-60 kWh, and >60 kWh.
- The competitive landscape of the market has been examined, with some of the key players being BMZ Group, BYD Company Limited, Contemporary Amperex Technology Co., Limited (CATL), GS Yuasa International Limited, Lishen Battery, Microvast, OptimumNano Energy Co. Limited, Panasonic Corporation, Samsung SDI Co. Limited and Showa Denko Materials Co. Limited.
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