A comprehensive overview of electric vehicle batteries market

Abstract

As there is growth in the population rate in the past few years, the number of vehicles on the roads has also increased. Thus, emissions of CO2 and hydrocarbons have risen, drastically. This problem has led to the success of the battery market, mostly in Electric Vehicle (EV) industry. Numerous research studies are going into the field of battery technology. The battery market is a Billion-Dollar market, annually. According to a market research report, the global battery market size in 2014 was 62 Billion US Dollars. Lead-Acid, Nickel Metal Hydride, and Lithium-ion batteries are the commonly used types of batteries for Electric-Drive Vehicles (EDVs), including Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Plug-in Hybrid Electric Vehicles (PHEVs). Such batteries are mainly used in automotive and traction applications. They also find their applications in backup and emergency power for electrical installations. In addition, those types of batteries can be found in submarines and Uninterruptible Power Supplies (UPSs). Lead-Acid, Nickel Metal Hydride, and Lithium-ion batteries are very popular as they are low cost and have high durability. This paper aims to emphasize various aspects relating to the economics of Lead-Acid, Nickel Metal Hydride, and Lithium-ion batteries and the market dynamics, which affect the battery industry. In this paper, the cost performances of the Lead-Acid, Nickel Metal Hydride, and Lithium-ion batteries over the years and their impacts on the EV industry are evaluated. Finally, the current situation of Lead-Acid, Nickel Metal Hydride, and Lithium-ion batteries markets are discussed. This paper indicates the market landscape and its growth prospects over the upcoming years.