The global electric vehicle battery pack market was valued at US$ 53,745.7 Mn in 2016 and is projected to reach US$ 2,30,433.2 Mn in 2026, with a projected CAGR of 15.8% from 2017 to 2026. The Lithium-Ion battery segment in the global electric vehicle battery pack market is estimated to account for the major revenue share of 67.2% in 2017.
Electric vehicle battery packs are designed to power the motors and other electrical components in electric vehicles over sustained periods of time. They are made in a wide range and incorporate the same mechanism required to perform basic functions.
Rising concerns about diminishing natural assets such as petroleum oil and gas and rising concerns regarding pollution worldwide is encouraging the adoption of electric vehicles. This, in turn, will spur demand for usage of battery packs for electric vehicles and fuel growth of the global electric vehicle battery packs market in future. In addition, increasing government initiatives to promote adoption of electric vehicles battery packs instead of opting for combustion engines for vehicle propulsion is fueling the growth of the global electric vehicle battery pack market. However, less number of charging stations and longer time period required to charge batteries could hamper the growth of the global electric vehicle battery pack market.
Companies profiled in the report are Panasonic Corp., Contemporary Amperex Technology Co., Ltd., Optimum Nano Energy Co., Ltd., LG Chem. Ltd., Guoxuan High-Tech Co., Ltd., Tianjin Li Shen Battery Co., Ltd., Automotive Energy Supply Corporation, Samsung sdi co., ltd., Lithium Energy Japan, Primearth EV Energy Co., Ltd.