World News: 10:34 GMT Tuesday 3rd December 2019. [Fortune Business Insights via Globe Newswire via SPi World News]
Pune, Dec. 03, 2019 (GLOBE NEWSWIRE) -- The global volume is projected to reach 40.6 million units by 2026, exhibiting a CAGR of 21.1% during the forecast period. Increasing production of electric vehicles will be one of the primary growth drivers of this market. The demand for electric vehicle batteries is driven by the growing to reduce dependence on non-renewable energy sources. Electric vehicles are expected to play a central role in the global commitment towards attaining sustainable development goals set by the United Nations. This skyrocketing demand and production is further underpinned by the rising concerns regarding rampant pollution and unchecked carbon emissions that are exacerbating the effects of global warming and climate change. With increasing demand for electric vehicles, the demand for their batteries is expected to rise in tandem, expanding the Electric Vehicle Battery Market size in the process.
According to the Fortune Business Insights report, titled the volume of the market stood at 8.6 million units in 2018. The report incorporates actionable research that is aimed at enabling businesses to formulate strategies best suited to the requirements of the market. This is achieved by providing a comprehensive overview of the industry as well as an exhaustive analysis of the various factors, trends, future prospects, and competitive and regional dynamics that will influence the market during the forecast period.
With a view to contain greenhouse gas emissions, governments and regulatory authorities in various countries are designing policies to encourage uptake of electric vehicles which include tax exemptions, subsidies, prioritized availability of credit, and other financial incentives. For example, the UK announced a registration tax under which electric vehicles priced under £40,000 are fully tax-exempt, while reduced tax rates are applied for plug-in hybrid vehicles. Furthermore, policies are also aimed at attracting investment into developing charging infrastructure for these vehicles. For instance, in Ireland, the government provides an incentive of €2,000 for installing an electric car charging station. These incentives will play a key role in shaping the Electric Vehicle Battery Market trends in the forthcoming years.
Asia-Pacific is anticipated to dominate the Electric Vehicle Battery Market share owing to the increasingly stringent regulations put in place by governments in the region to reduce carbon and GHG emissions. The volume of the market in Europe was at 3.1 million in 2018 and is expected to increase mainly on account of a well-established EV infrastructure. The other factor favoring growth in this region is the supply of nickel-metal batteries and lithium-ion batteries at competitive prices by companies. Gradual shift towards electric vehicles as a result of volatile oil prices will be the main factor driving the market in North America. Additionally, rising investments in e-mobility ventures coupled with active government support will further fuel this market in the region.
The Electric Vehicle Battery Market forecast by Fortune Business Insights says that this market is set to experience intense competition in the coming decade. This is because major players are looking to consolidate their position through launch of innovative products and strategic collaborations to diversify their product offerings.
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Globe Newswire: 10:34 GMT Tuesday 3rd December 2019
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