Hybrid EV Battery Market Scenario
Hybrid EV Battery Market is projected to be worth USD 27.68 billion by 2027, registering a CAGR of 23.05% during the forecast period, The market was valued at USD 8.15 billion in 2020.
The hybrid EV battery market 2020 to gain considerable valuation in the years to come. The innate ability of hybrid battery get recharged can improve acceleration and the fuel efficiency of vehicles, which can underpin the expansion of the hybrid EV battery market. The high average lifespan of hybrid batteries are gaining considerable traction and the launch of new hybrid EV battery integrated car model can prompt the growth of the market through 2019 to 2027.
There are other major drivers of the worldwide market of hybrid EV battery. They are increased fuel efficiency, high adoption of hybrid vehicles, and high demand for high voltage systems. In addition, the launch of different government incentives and policies for electric vehicles can boost the hybrid EV battery market growth. The impact of automobiles on environment is witnessed in form of decline in air quality index. Hybrid and electric vehicles are excellent alternatives to fuel powered automobiles. The growing introduction of hybrid vehicles can boost the growth of the market. However, the high initial expense of hybrid EV batteries can restrain the growth of the hybrid EV market. But, the rise in need to environment pollution can uptick the global hybrid EV battery market growth.
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Report Attribute/Metric
Details
CAGR
23.05% CAGR (2022-2030)
Base Year
2021
Forecast Period
2022-2030
Historical Data
2019 & 2020
Forecast Units
Value (USD Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
Type and Application
Geographies Covered
North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Segmental Study
The global hybrid EV battery market study is based on type and application.
The application based segments of the hybrid EV battery market are nickel metal hydride, lithium-ion, lead acid, and others. The high implications lithium-ion batteries due to rise in demand for high energy efficiency and superior high-temperature performance can open numerous growth prospects for the market.
The application-based segments of the market are battery electric vehicles, plug-in hybrid EV, and hybrid electric vehicles. The high sale of hybrid electric vehicles can contribute significantly to the expansion of the hybrid EV battery market. The high degree of compatibility of hybrid batteries with hybrid electric vehicles that improves the overall performance of the automobile can improve the market impetus.
Regional Analysis
Asia Pacific hybrid EV battery market to head in the global market. The rise in focus on electric vehicles creates numerous growth scope for the hybrid EV battery market. Advancements in EV hybrid batteries can promote the market. China is likely to secure the highest share of the regional market. North America hybrid EV battery market to register a decent CAGR in the assessment period. The fast-paced expansion of the automotive industry in the US, followed by Canada can underpin the expansion of the regional market. The growing market of electric and plug-in hybrids to curb emission can impel the market growth.
Key Players
MRFR profiled reputed player operating in the hybrid EV battery global market. They are; Samsung SDI Co., Ltd. (South Korea), LG Chem. (South Korea), Dorman Products (US), Toyota (Japan), Hitachi Automotive Systems Americas, Inc. (Japan), Panasonic Industry Europe GmbH (Japan), Toshiba Corporation (Japan), GS Yuasa International Ltd. (Japan), BYD Company Ltd. (China), Nissan Motor Corporation (Japan), CATL (China), Tesla (US), Exide (India), Mahindra & Mahindra (India), and HBL Power Systems (India).
