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Skyrocketing oil prices combined with concerns over tailpipe emissions increase the demand of HEV/EV vehicles and HEV/EV batteries.
New analysis from Frost & Sullivan (powersupplies.frost.com), World Hybrid/Electric Vehicle Battery Markets, finds that the market earned revenues of over $710.9 million with a growth rate of 31 percent in 2007.
If you are interested in a virtual brochure, which provides manufacturers, end users, and other industry participants with an overview of the world hybrid/electric vehicle battery markets, then send an email to Johanna Haynes, Corporate Communications, at johanna.haynes[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
As climate change is a dominant theme, a radical shift to new technologies such as EVs is needed. The steady progression toward zero emission, pollution-free vehicles will augment conservation strategies to mitigate the impact of global warming.
“To reduce the dependency on oil, governments of various developed countries offer promotional initiatives and legislative regulations that provide tax credits and concessions to users of environmental friendly vehicles,” says Frost & Sullivan Industry Analyst Suba Arunkumar. “Battery manufacturers have also stepped up efforts to roll out an impressive array of new technologies to deliver more efficient, high-performance batteries in the future.”
As these vehicles are predominantly battery powered, batteries play a major role in pricing. The HEV segment is more dynamic compared to the EV segment, as HEVs prove more cost efficient. While EVs are constrained by their heavy dependence on batteries, HEVs combine a conventional propulsion system with an on-board rechargeable energy storage system.
The challenge for battery manufacturers is to provide the right battery chemistry that delivers superior performance while maintaining cost efficiency. With an intense focus on research, high-performance and affordable batteries will soon be a reality. The market is still in the growth phase and will take a few more years to achieve higher volumes. For now, there is great possibility for battery replacements in the next five years. This results in the cyclic behavior in demand pattern, augmenting market growth.
“The heavy expenditure involved in research has a spillover effect on the cost of these vehicles,” notes Arunkumar. “While this can dampen uptake in this growth phase, prices are expected to decline with the rise in sales volumes.”
Further refinement of new technologies such as lithium-ion batteries will play a pivotal role to ensure future market expansion. The responsibility is for auto manufacturers and battery companies to strive to reduce costs to enable these vehicles of the future to become affordable realities.
HEVs are being adopted in the Asia Pacific region, with the maximum demand stemming from Japan, where they are utilized for a host of applications. EVs in the form of motorcycles, delivery vans, and other vehicles, are also increasingly used. The booming economies of China, South Korea, Taiwan, and Australia also significantly contribute to the growth of this market and spike demand for batteries.
World Hybrid/Electric Vehicle Battery Markets is part of the Power Supplies Growth Partnership Service program, which also includes research in the following markets: World Consumer Secondary Lithium Battery Market, World Ultracapacitor Market, World Industrial Secondary Battery Market, World Micro Fuel Cell Market, and others. All research services included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership™ empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.
World Hybrid/Electric Vehicle Battery Markets
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