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The hybrid battery is one of the key components for energy storage system and are essential for electric vehicles and collectively store electricity in batteries to power electric motor. The batteries are primarily charged by plugging system from charging source produced from natural gas, solar or wind energy, and other renewable energy forms. Vehicle working on EV or PHEVs do not produce carbon and toxic emission, however, majority of the emission is associated with electricity production and sources.
Based on the vehicle types, the market is segmented into hybrid electric vehicles (HEVs), plug-in hybrid vehicles (PHEVs), and battery electric vehicles (BEVs). The plug-in hybrid vehicle is anticipated to dominate to most significant marketplace owing to an onboard rechargeable battery for powering the electric motor which results in storage space and more efficient vehicle run. Other than that, plug-in hybrid vehicles are more cost-effective compared to gasoline vehicles and have anticipated significant market growth for the hybrid EV battery market.
Based on the battery type, the market is segmented into lithium-ion batteries, nickel-metal hydride, lead-acid batteries, ultra-capacitors, and others. Lithium-ion batteries are presently the most portable consumer battery and are widely used in applications like electronics and other electrical storage systems. Other than that, they possess a high power-to-weight ratio, high efficiency, good temperature performance, and most components of the lithium-ion batteries can be recycled. Based on this factor the lithium-ion battery is anticipated to dominate the market segment.
One of the major drivers for the hybrid electric vehicle battery market is the growing renewable energy sources and declining crude oil reservoirs. Other than that, the government of major countries has made positive adaption for the hybrid electric vehicle.
The nature of cost associated with maintaining the electric vehicle and concern for battery safety hinders the market growth.
Key Market Driver -
The rise in investments of renewable energy sources, has aroused a demand for battery.
Key Market Restraint -
The variability in maintenance cost for hybrid battery hinders the market growth
Some of the major companies present in the hybrid electric vehicle battery market are Automotive Energy Supply Corporation, Boston-Power, BYD Company Ltd, Crown Battery Corporation, East Penn Manufacturing Company, Panasonic Corporation, Tianneng Power International, and Narda Power Source.
The hybrid electric vehicle battery market has been studied across North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. North America is expected to dominate the most significant market in terms of demand for automotive industries and electronics consumers; other than that, the adaptive use of electric and hybrid vehicles across various regions is anticipated to create the need for hybrid electric vehicles battery. In Europe, the environmental regulations and broad acceptance of battery-powered vehicles drive the hybrid electric vehicle battery market.
Asia Pacific region has the leading development market for the lithium-ion battery market. The increasing demand of electronics consumers in regions like China, Japan, India, and others is expected to drive the battery market. Other than that, the increasing wind power capacity drives the demand for energy storage capacity.
The Latin America battery market is driven by the surging investments in e-vehicles and the government norms and policies for emission control. The hybrid electric vehicle battery can be seen to have a potential growth in automotive, and others across various regions of Latin America. In the Middle East & Africa, the growing infrastructure for renewable energy and increasing demand for electric vehicles drives the hybrid electric vehicle battery market.
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