Batteries for Electric Vehicle Charging Stations Market: Introduction
- Over the last few years, the adoption of electric vehicles (EVs) has significantly risen. This rise in the demand for EVs can be ascribed to increase in awareness about global warming.
- In 2018, the number of charging points worldwide was around 5.2 million, which 44% higher than that in 2017. Furthermore, the number of private charging points increased to around 1.6 million in 2018.
- Companies are currently aiming at the advancement of charging stations, which would provide rapid charging. Hence, the major focus is on the development of batteries that have features such as long lifespan and quick charging.
Key Players Operating in Global Market:
- A123 Systems LLC
- ENVISION AESC SDI CO., LTD.
- LG Chem
- Panasonic Energy
- SAMSUNG SDI CO., LTD.
- TOSHIBA CORPORATION
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Key Drivers and Restraints of Global Batteries for Electric Vehicle Charging Stations Market
- Increase in the demand for electric vehicles is a major driver of the global Batteries for Electric Vehicle Charging Stations Market. In 2017, around 3 million electric vehicles were sold across the globe, while around 5 million were sold in 2018. This rise in the demand of electric vehicles propels the demand for charging stations and related infrastructure. Thus, increased demand for electric vehicles is anticipated to drive the global Batteries for Electric Vehicle Charging Stations Market during the forecast period.
- A grid connection does not provide continuous and steady power supply, which may lead to equipment failure sometimes. Battery-operated charging stations are capable of providing continuous and steady power supply from batteries. This is expected to be another factor driving the global Batteries for Electric Vehicle Charging Stations Market in the near future.
- High initial cost and short life of batteries are key restraining factors for the global market. The cost of batteries is currently on a higher side. Also, batteries have short life cycle. These factors are likely to act as restraints of the global Batteries for Electric Vehicle Charging Stations Market during the forecast period.
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Global Batteries for Electric Vehicle Charging Stations Market: Segmentation
- The global Batteries for Electric Vehicle Charging Stations Market can be segmented based on battery type, application, and vehicle type
- In terms of battery type, the global Batteries for Electric Vehicle Charging Stations Market can be segmented into lithium-ion battery, lead–acid battery, nickel–cadmium battery, and others. The lithium-ion battery segment is expected to dominate the global market during forecast period, as Li-ion batteries are light in weight and eco-friendly Also, they require low maintenance.
- Based on application, the global Batteries for Electric Vehicle Charging Stations Market can be divided into public and private. In 2018, the public segment dominated the global market and the trend is expected to continue during the forecast period. Companies and governments across the globe are investing more in public charging stations. Due to this factor, the public segment is anticipated to expand at a high CAGR during the forecast period.
- In terms of vehicle type, the global Batteries for Electric Vehicle Charging Stations Market can be classified into battery electric vehicles and hybrid vehicles. The battery electric vehicles segment is expected to dominate the global market during the forecast period, owing to high demand for battery-operated vehicles among consumers.
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Global Batteries for Electric Vehicle Charging Stations Market: Regional Segmentation
- Based on region, the global Batteries for Electric Vehicle Charging Stations Market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East Africa
- North America dominated the global market Batteries for Electric Vehicle Charging Stations Market in 2018 and it is expected to continue its dominance during the forecast period. This is largely attributable to rising investments in the development of charging station infrastructure in the region.
- The Batteries for Electric Vehicle Charging Stations Market in Asia Pacific is expected to expand at a high CAGR during the forecast period, due to rise in the demand for electric vehicles in China, India, and Japan. China is the leading market, with the maximum number of electric vehicles sold in the region in 2018, which was around 1.77 million units.
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