Electric Vehicle Battery : A Solution to Decreasing Oil and Gas Resources Concern
Growing
concerns related to decreasing oil and gas resources and degrading
environmental conditions are having positive impact on the demand for
electric powered vehicles. Moreover, subsidies and incentives on
usage of such vehicles is another factor driving the market for
electric powered vehicles. These vehicles depend on electric
batteries to provide the primary or the secondary power. Thus any
impact on the demand for electric powered vehicles will affect the
electric vehicle battery market. An electric powered vehicle or
battery electric vehicle use chemical energy stored in rechargeable
battery packs for power. As all the power is derived from batteries
therefore, it does not require any combustion engine for propulsion.
Battery Electric vehicles include scooters, rail cars, bicycle,
forklifts, buses and cars. The advantages in battery storage
technology have also positively affected the electric vehicle battery
market.
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The
segmentation of the electric vehicle battery market can be done on
the basis of technology, application and geography. Technology
segment deals with the different types of batteries used for
manufacturing of electric vehicle battery. Major battery types
include lead acid batteries, nickel metal hydride batteries, zebra
batteries and lithium ion batteries. Lead acid batteries are the most
common and cheapest type of batteries. Nickel metal hydride batteries
have higher energy densities than the common lead acid batteries and
if used properly can have exceptionally long lives. The Zebra
batteries use molten chloro-aluminate sodium as electrolyte. Lithium
ion batteries use graphite anode and lithium cobalt oxide anode.
These batteries are use to power the Battery Electric Vehicles,
Hybrid Vehicles, Plug-in Hybrid Electric Vehicles and Plug-in
Electric Vehicles.
Regional
segmentation of the electric vehicle battery market includes
countries such as the United States and Canada in North America;
Germany, France, Sweden and the United Kingdom in Europe. The
government incentives on usage of battery powered vehicles are one of
the main reasons behind the growth of North American and European
electric vehicle battery market. Other prominent market includes Asia
Pacific and Middle East. Asia Pacific market includes the countries
such as Japan, China and South Korea. Increasing concerns related to
energy security and incentives on use of battery powered vehicles are
the major factor driving the Asia Pacific market. The Rest of the
World segment still lags behind in the electric vehicle battery
market. The Rest of the World Market includes countries such as
Brazil, Argentina and Venezuela.
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Decreasing
crude oil reserves and concerns regarding degradation of the
environment are the major factors driving the electric vehicle
battery market. With decreasing crude reserves the demand for
economical transportation technologies has attracted investment in
this market. The governments of many major countries have encouraged
adoption hybrid vehicles that utilize the electric battery. Many
national agencies have enforced rules and provide attractive
concessions on purchasing hybrid cars. Stringent environmental
regulations in the European Union nations have encouraged wide
adoption of the battery powered vehicles. The fluctuating crude oil
prices are another major factor bolstering consumers to adopt such
batteries. Expensive nature of electric vehicle battery is one of the
major restraints to the market.
Some
of the major players in the electric vehicle battery market include
companies such as SAMSUNG SDI CO. LTD., Quallion, Boston-Power, Inc.
and LG Chem Power Inc.
This
report provides comprehensive analysis of
Market growth drivers
Factors limiting market growth
Current market trends
Market structure
Market projections for upcoming years
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