Electric Vehicle Battery

Global Electric Vehicle Battery Market, by Battery Type (Lithium-ion Battery, Lead Acid Battery, Nickel Metal Hydride Battery, and Others), by Vehicle Technology (BEV, PHEV and HEV), by Vehicle Type (Passenger Car, Commercial Car and Two Wheeler), by Region (North America, Asia Pacific, Europe, Latin America, and Middle East & Africa); Size and Forecast, 2014-2025
- Published Date: December 2018
- Report ID: BWC1847
- Available Format: PDF
- Page: 175
Report Overview
Global Electric Vehicle Battery Market: Overview
Global Electric Vehicle Battery market is expected to grow with a CAGR over 19% during the forecast period 2018-2025, owing to increasing demand for environment friendly vehicles. Diseases caused by air and water pollution are epidemic among minorities. Environmental pollution cause more than three times death than malaria, tuberculosis, and AIDs, countries such as Indian and China records the maximum death caused by environmental pollution. Pollution causes 7% of the medical expenses among middle income group people across the world, in addition, according to World Bank air pollution cost in India was approximately 8% of its GDP or USD 560 billion in 2013. Increasing number of deaths in India and China are encouraging government and non-government organization to spread awareness regarding environment pollution and its heath impacts. Due to which several governments’ regulations, particularly pollution prone countries have initiated supportive policies and programs to produce and adopt electric vehicles, which is surging the demand for global electric vehicles battery market over the forecast span.
Pollution caused by coal-burning in industry, for home heating and power plants accounted for about 40% of PM2.5 exposures and lead to 366,000 deaths in 2013. Hence, rising public awareness of air quality and the burden of disease caused by air pollution is an essential step in reducing air pollution and improving public health which is accelerating market demand for electric vehicles battery market.
Global Electric Vehicle Battery Market Size, By Technology, 2014-2025 (USD Million)
Global Electric Vehicle Battery Market: Key Battery Type Analysis
Electric Vehicle Battery is segmented in various types which include Lithium-ion Battery, Lead Acid Battery, Nickel Metal Hybrid Battery, and Others.
·
Lithium-ion Battery market is growing with a
CAGR of 19.8%, in terms of value in 2025 due to its high-energy density, charge
retention capacity, and low maintenance. Lithium-ion batteries are preferred
substitutes due to longer lifecycle and better performance characteristics. It
is the leading as well as fastest growing segment in the battery type segment.
Use of lithium-ion batteries for onboard energy storage is increasing owing to
the continuous efforts by automotive manufacturers to produce more vehicles
with electric drivetrains
·
Lead Acid Battery market is growing with a CAGR
of 18.6 %, in terms of value in 2025 due to their mature technology, high
availability, and low cost. Lead acid battery market is expected to grow
significantly during the forecast period owing to the growing demand for
stationary lead acid batteries in off-grid renewable energy generation and
increasing adoption of vehicle electrification. Lead-acid is one of the oldest
energy storage devices, which is being used in numerous applications. Advanced
lead-acid batteries provide the start-stop functionality to improve fuel
efficiency of micro-hybrid vehicles.
·
Nickel Metal Hydride Battery (NiMH) market is
growing with a CAGR of 18.3% , in terms of value in 2025 due to its low-cost
rechargeable features. NiMH batteries are made of environmentally friendly
materials. The batteries contain only mildly toxic substances and are
recyclable. Nickel metal hydride batteries today represent one of the fastest
growing market segments for rechargeable batteries due to the high energy
density and more environmentally acceptable chemistry offered by this
technology.
·
Others include rechargeable batteries like
Nickel Cadmium Battery (NiCd), Zinc-air Battery and Molten Salt Batteries that
are less commonly used in the electric vehicles. Others battery market segment
is growing with a CAGR of 11.4% in terms of value in 2025. The nickel–cadmium
battery (NiCd battery or NiCad battery) is a type of rechargeable battery using
nickel oxide hydroxide and metallic cadmium as electrodes NiCd batteries are
made in a wide range of sizes and capacities, from portable sealed types
interchangeable with carbon-zinc dry cells, to large ventilated cells used for
standby power and motive power.
Global Electric Vehicle Battery Market: Vehicle Technology Analysis
·
Battery Electric Vehicle (BEV) market is growing
with a CAGR of 19.8% in terms of value in 2025. Factors such as growing demand
for zero emission vehicles, government initiatives, and improved charging
infrastructure are responsible for the growth of BEVs and thus, leading to the
growth of battery market for BEVs. A battery electric vehicle (BEV) is a
vehicle that runs on chemical energy stored in an on-board battery. The
on-board battery generates the electricity from nickel metal hydride, lead
acid, or lithium-ion battery. It runs on electric motors and motor controllers
than on an internal combustion engine.
·
Plug-In Hybrid Electric Vehicle (PHEV) market is
growing with a CAGR of 18.7% in terms of value in 2025 owing to increased fuel
efficiency. A plug-in hybrid electric vehicle (PHEV) is a hybrid electric
vehicle whose battery can be recharged by plugging it into an external source
of electric power, as well by its on-board engine and generator. Most PHEVs are
passenger cars, but there are also PHEV versions of commercial vehicles and
vans, utility trucks, buses, trains, motorcycles, scooters, and military
vehicles.
·
Hybrid Electric Vehicle (HEV) market is growing
with a CAGR of 15.3% in terms of value in 2025.
Stringent emission norms, government incentives for the use of hybrid
vehicles, and concern for fuel efficiency are the factors driving the Hybrid
Electric Vehicle market. Hybrid electric vehicles have become one of the most
promising new markets for OEMs. An increasing number of functions that traditionally
were performed by mechanical or electrical systems are now handled by
electronics.
Global Electric Vehicle Battery Market: Vehicle Type Analysis
·
Commercial Vehicle market is growing with a CAGR
of 19.5% in terms of value in 2025. Increasing awareness of the pollution
menace, government policies and mandates to restrict pollution, reduction in
battery prices, and rapid adoption of electric vehicles such as buses and vans
are some of the major factors driving the growth of electric commercial vehicle
market.
·
Passenger Car market is growing with a CAGR of
18.5% in terms of value in 2025 due to increasing government efforts aimed at
encouraging the use of electric vehicles amid alarming pollution levels,
globally. Technological advancements on account of increasing focus on research
& development activities by leading automobile companies to launch
affordable and premium quality electric passenger cars, in addition to rising
penetration of electric passenger cars in developing economies, are expected to
aid the electric passenger car market over the coming years.
·
Two-Wheeler market is growing with a CAGR of
19.1% in terms of value in 2025 due to the growing demand in the developing
countries like India as a low-cost transportation and commuting solutions. The
dire need for curbing carbon emissions has fuelled the market expansion for
electric two wheelers. The initiatives undertaken by the governments to reduce
carbon footprint across the globe is the key driver of market growth.
Global Electric Vehicle Battery Market: Regional Analysis
·
Asia Pacific dominates the global electric vehicle
battery market and it is expected to grow with a CAGR of over 19%, in terms of
value, during the forecast period, due to the expansion of the electric vehicle
industry in the region, especially in China, Japan, and South Korea. The push
for green power as a result of national mandates undertaken by governments in
Asia-Pacific to reduce carbon emissions has resulted in the development of new
battery chemistries and the betterment of existing ones.
·
North America is anticipated to grow with a
significant CAGR of 18.7% in terms of value, during the forecast period in the
global electric vehicle charging station market due to increasing investments
for the manufacturing for electric vehicle. North America is leading the global
market in the manufacture of electric vehicles. The government and private
players are focused on providing battery electric vehicles and using
eco-friendly transport, resulting in increased demand for EHPV.
Global Electric Vehicle Battery Market: Competitive Dynamics
The Global Electric Vehicle Battery market is dominated by a
number of players, amongst them the major players are Panasonic Corporation,
Mitsubishi Electric Corporation, Samsung Electronics Co. Ltd., Johnson Controls
International Plc, Toshiba Corporation, Automotive Energy Supply Corporation,
LG Chem Ltd., and BYD Company Ltd. Companies in this industry are following
different strategies to strengthen their market position. For instance, In
October 2018 LG Chem signed an agreement with Volkswagen Group to supply them
with Electric Vehicle batteries. It will supply lithium-ion batteries to the
company.
1. Research Frame work
1.1. Market Definition and Scope
1.2. Market segmentation
2. Research methodology
3. Executive summary
4. Electric Vehicle Battery Industry Insights
4.1. Industry Value Chain analysis
4.1.1. Vendor Matrix
4.2. Raw material analysis
4.2.1. Nickel
4.2.2. Manganese
4.2.3. Cobalt
4.2.4. Graphite
4.3. Pricing Analysis
4.4. Analogy of electric vehicle batteries
4.5. Industry impact and forces
4.5.1. Growth drivers
4.5.1.1. Increasing demand for environment friendly vehicles
4.5.1.2. Rising concerns regarding depleting oil and gas resources
4.5.1.3. Government endowments towards EV batteries and rising fuel prices
4.5.2. Industry challenges
4.5.2.1. Performance of batteries at extreme weather conditions and space constrain
4.5.2.2. Charging time and cost challenge
4.6. Technological Landscape
4.7. Cost Structure Analysis
4.8. Regulatory Framework
4.9. Company market share analysis,2017
4.10. Growth potential analysis,2017
4.11. Strategic Outlook
4.12. Porter’s analysis
4.13. PESTEL analysis
5. Global Electric Vehicle Battery Market Overview
5.1. Market size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Battery Type
5.2.2. By Vehicle Technology
5.2.3. By Vehicle Type
5.2.4. By Region
6. Electric Vehicle Battery Market, By Battery Type
6.1. Key Battery Type trends
6.2. Lithium-ion Battery
6.2.1. Market estimates & forecast, 2014-2025, (USD Million)
6.2.2. Market estimates & forecast, by region, 2014-2025, (USD Million)
6.3. Lead Acid battery
6.3.1. Market estimates & forecast, 2014-2025, (USD Million)
6.3.2. Market estimates & forecast, by region, 2014-2025, (USD Million)
6.4. Nickel Metal Hydride Battery
6.4.1. Market estimates & forecast, 2014-2025, (USD Million)
6.4.2. Market estimates & forecast, by region, 2014-2025, (USD Million)
6.5. Others
6.5.1. Market estimates & forecast, 2014-2025, (USD Million)
6.5.2. Market estimates & forecast, by region, 2014-2025, (USD Million)
7. Electric Vehicle Battery Market, By Vehicle Technology
7.1. Key market trends
7.2. Battery Electric Vehicle (BEV)
7.2.1. Market estimates & forecast, 2014-2025, (USD Million)
7.2.2. Market estimates & forecast, by region, 2014-2025, (USD Million)
7.3. Plug-In Hybrid Electric Vehicle (PHEV)
7.3.1. Market estimates & forecast, 2014-2025, (USD Million)
7.3.2. Market estimates & forecast, by region, 2014-2025, (USD Million)
7.4. Hybrid Electric Vehicle (HEV)
7.4.1. Market estimates & forecast, 2014-2025, (USD Million)
7.4.2. Market estimates & forecast, by region, 2014-2025, (USD Million)
8. Electric Vehicle Battery Market, By Vehicle Type
8.1. Key market trends
8.2. Commercial Vehicle
8.2.1. Market estimates & forecast, 2014-2025, (USD Million
8.2.2. Market estimates & forecast, by region, 2014-2025, (USD Million)
8.3. Passenger Car
8.3.1. Market estimates & forecast, 2014-2025, (USD Million)
8.3.2. Market estimates & forecast, by region, 2014-2025, (USD Million)
8.4. Two Wheeler
8.4.1. Market estimates & forecast, 2014-2025, (USD Million)
8.4.2. Market estimates & forecast, by region, 2014-2025, (USD Million)
9. Electric Vehicle Battery Market, By Region
9.1. Key Regional Market trends
9.2. North America
9.2.1. Market estimates & forecast, 2014-2025, (USD Million)
9.2.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.2.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.2.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.2.5. Market estimates & forecast, by country, 2014-2025, (USD Million)
9.2.6. U.S.
9.2.6.1. Market estimates & forecast, 2014-2025, (USD Million)
9.2.6.2. Market estimates & forecast by battery life, 2014-2025, (USD Million)
9.2.6.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.2.6.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.2.7. Canada
9.2.7.1. Market estimates & forecast, 2014-2025, (USD Million)
9.2.7.2. Market estimates & forecast by battery life, 2014-2025, (USD Million)
9.2.7.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.2.7.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.3. Europe
9.3.1. Market estimates & forecast, 2014-2025, (USD Million)
9.3.2. Market estimates & forecast by battery life, 2014-2025, (USD Million)
9.3.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.3.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.3.5. Market estimates & forecast, by country, 2014-2025, (USD Million)
9.3.6. Germany
9.3.6.1. Market estimates & forecast, 2014-2025, (USD Million)
9.3.6.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.3.6.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.3.6.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.3.7. UK
9.3.7.1. Market estimates & forecast, 2014-2025, (USD Million)
9.3.7.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.3.7.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.3.7.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.3.8. France
9.3.8.1. Market estimates & forecast, 2014-2025, (USD Million)
9.3.8.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.3.8.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.3.8.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.3.9. Italy
9.3.9.1. Market estimates & forecast, 2014-2025, (USD Million)
9.3.9.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.3.9.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.3.9.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.4. Asia Pacific
9.4.1. Market estimates & forecast, 2014-2025, (USD Million)
9.4.2. Market estimates & forecast by battery life, 2014-2025, (USD Million)
9.4.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.4.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.4.5. Market estimates & forecast, by country, 2014-2025, (USD Million)
9.4.6. China
9.4.6.1. Market estimates & forecast, 2014-2025, (USD Million)
9.4.6.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.4.6.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.4.6.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.4.7. India
9.4.7.1. Market estimates & forecast, 2014-2025, (USD Million)
9.4.7.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.4.7.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.4.7.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.4.8. Japan
9.4.8.1. Market estimates & forecast, 2014-2025, (USD Million)
9.4.8.2. Market estimates & forecast by battery life, 2014-2025, (USD Million)
9.4.8.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.4.8.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.4.9. South Korea
9.4.9.1. Market estimates & forecast, 2014-2025, (USD Million)
9.4.9.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.4.9.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.4.9.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.4.10. Singapore
9.4.10.1. Market estimates & forecast, 2014-2025, (USD Million)
9.4.10.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.4.10.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.4.10.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.5. LATAM
9.5.1. Market estimates & forecast, 2014-2025, (USD Million)
9.5.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.5.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.5.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.5.5. Market estimates & forecast, by country, 2014-2025, (USD Million)
9.5.6. Brazil
9.5.6.1. Market estimates & forecast, 2014-2025, (USD Million)
9.5.6.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.5.6.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.5.6.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.5.7. Mexico
9.5.7.1. Market estimates & forecast, 2014-2025, (USD Million)
9.5.7.2. Market estimates & forecast by batter type, 2014-2025, (USD Million)
9.5.7.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.5.7.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.5.8. Argentina
9.5.8.1. Market estimates & forecast, 2014-2025, (USD Million)
9.5.8.2. Market estimates & forecast by battery life, 2014-2025, (USD Million)
9.5.8.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.5.8.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.6. Middle East & Africa (MEA)
9.6.1. Market estimates & forecast, 2014-2025, (USD Million)
9.6.2. Market estimates & forecast by battery life, 2014-2025, (USD Million)
9.6.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.6.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.6.5. Market estimates & forecast, by country, 2014-2025, (USD Million)
9.6.6. UAE
9.6.6.1. Market estimates & forecast, 2014-2025, (USD Million)
9.6.6.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.6.6.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.6.6.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
9.6.7. South Africa
9.6.7.1. Market estimates & forecast, 2014-2025, (USD Million)
9.6.7.2. Market estimates & forecast by battery type, 2014-2025, (USD Million)
9.6.7.3. Market estimates & forecast, by vehicle technology, 2014-2025, (USD Million)
9.6.7.4. Market estimates & forecast, by vehicle type, 2014-2025, (USD Million)
10. Company Profiles
10.1. Panasonic Corporation
10.1.1. Company Overview
10.1.2. Financial Matrix
10.1.3. Key Product landscape
10.1.4. Key Personnel
10.1.5. Key Competitors
10.1.6. Contact Address
10.1.7. SWOT Analysis
10.1.8. Strategic Outlook
10.2. LG CHEM LTD.
10.2.1. Company Overview
10.2.2. Financial Matrix
10.2.3. Key Product landscape
10.2.4. Key Personnel
10.2.5. Key Competitors
10.2.6. Contact Address
10.2.7. SWOT Analysis
10.3. Mitsubishi Electric Corporation
10.3.1. Company Overview
10.3.2. Financial Matrix
10.3.3. Key Product landscape
10.3.4. Key Personnel
10.3.5. Key Competitors
10.3.6. Contact Address
10.3.7. SWOT Analysis
10.4. Samsung Electronics Co. Ltd.
10.4.1. Company Overview
10.4.2. Financial Matrix
10.4.3. Key Product landscape
10.4.4. Key Personnel
10.4.5. Key Competitors
10.4.6. Contact Address
10.4.7. SWOT Analysis
10.5. Byd company limited
10.5.1. Company Overview
10.5.2. Financial Matrix
10.5.3. Key Product landscape
10.5.4. Key Personnel
10.5.5. Key Competitors
10.5.6. Contact Address
10.5.7. SWOT Analysis
10.6. Wanxiang Group Corporation
10.6.1. Company Overview
10.6.2. Financial Matrix
10.6.3. Key Product landscape
10.6.4. Key Personnel
10.6.5. Key Competitors
10.6.6. Contact Address
10.6.7. SWOT Analysis
10.7. Beijing Pride Power Battery Technology Co Ltd
10.7.1. Company Overview
10.7.2. Financial Matrix
10.7.3. Key Product landscape
10.7.4. Key Personnel
10.7.5. Key Competitors
10.7.6. Contact Address
10.7.7. SWOT Analysis
10.8. Tianneng Power International Limited
10.8.1. Company Overview
10.8.2. Financial Matrix
10.8.3. Key Product landscape
10.8.4. Key Personnel
10.8.5. Key Competitors
10.8.6. Contact Address
10.8.7. SWOT Analysis
10.9. Enersys
10.9.1. Company Overview
10.9.2. Financial Matrix
10.9.3. Key Product landscape
10.9.4. Key Personnel
10.9.5. Key Competitors
10.9.6. Contact Address
10.9.7. SWOT Analysis
10.10. Hitachi Chemical Company, Ltd.
10.10.1. Company Overview
10.10.2. Financial Matrix
10.10.3. Key Product landscape
10.10.4. Key Personnel
10.10.5. Key Competitors
10.10.6. Contact Address
10.10.7. SWOT Analysis
10.11. Narada Power Source Co. Ltd
10.11.1. Company Overview
10.11.2. Financial Matrix
10.11.3. Key Product landscape
10.11.4. Key Personnel
10.11.5. Key Competitors
10.11.6. Contact Address
10.11.7. SWOT Analysis
10.12. Johnson Controls International Plc
10.12.1. Company Overview
10.12.2. Financial Matrix
10.12.3. Key Product landscape
10.12.4. Key Personnel
10.12.5. Key Competitors
10.12.6. Contact Address
10.12.7. SWOT Analysis
10.13. Crown Battery Corporation
10.13.1. Company Overview
10.13.2. Financial Matrix
10.13.3. Key Product landscape
10.13.4. Key Personnel
10.13.5. Key Competitors
10.13.6. Contact Address
10.13.7. SWOT Analysis
10.14. Toshiba Corporation
10.14.1. Company Overview
10.14.2. Financial Matrix
10.14.3. Key Product landscape
10.14.4. Key Personnel
10.14.5. Key Competitors
10.14.6. Contact Address
10.14.7. SWOT Analysis
10.15. Automotive Energy Supply Corporation
10.15.1. Company Overview
10.15.2. Financial Matrix
10.15.3. Key Product landscape
10.15.4. Key Personnel
10.15.5. Key Competitors
10.15.6. Contact Address
10.15.7. SWOT Analysis
Market Segmentation
1. Research Methodology

2. Regional Split of Primary & Secondary Research
3. Secondary Research
The research process began with obtaining historical market sizes of the entire electric vehicle battery market and the share of each type of segmentation, through exhaustive secondary research to understand the potential of the market under the prevailing market environment during the past years. The growth rate of the market and its segments was studied with a comparative approach to understand the impact of factors that shaped the market during the recent past.
The next step involved the study of present market environment that is influencing the electric vehicle battery market and its expected long-term impact. Weightage was given to several forces that are expected to affect electric vehicles battery market, during the forecast period. Based on the interim analysis, the market numbers were formulated for each of the forecast years for every segment.
4. Primary Research
Various industry experts including CEOs, presidents, vice presidents, directors, sales managers, products managers, organization executives and other key people of the global electric vehicles battery market were interviewed. The third step involved validation of hypothesis through segmented primary research with the key opinion leaders in the industry, including the company representatives, experts from distributer agencies, service providers and other industry experts. The primary research helped in assessing the gathered and assumed data with the real-time experience of industry representatives. This also led to modification in certain assumptions that were taken during the process of preliminary research. The analysts arrived at solid data points after the completion of primary research process.
In the fourth step, the market engineering was conducted, where the data points collected through secondary and primary sources were compiled to compute the final market sizes.
4.1 Breakdown of Primary Research Respondents, By Industry Participants
5. Market Size Estimation
Top-down approach has been followed to obtain the market size by country. Bottom-Up approach has been followed to obtain market size by product type and by end-user.
An amalgamation of bottom-up and top-down approach has been performed to determine the revenue.
6. Assumptions for the Study
- The macro-economic factors would remain same during the forecast period.
- The market players would exhibit consistent performance during the forecast period without having any adverse ripple effects on the industry.
7. Market Breakdown & Data Triangulation
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