China’s electric vehicle battery market is estimated to grow at a CAGR of over 9.0% during the forecast period. The cohesive government programs and initiatives to fuel the sale and manufacturing of electric vehicle in China is a major factor that is generating the demand for electric vehicle battery market in the country. China is one of the members of the EV30@30 campaign that aims to accelerate the deployment of electric vehicle in the country. In 2018, China set a target in which the country planned that electric cars and plug-in hybrids vehicles to account for at least 20% of its total vehicle sales by 2025.
A full report of China Electric Vehicle Battery Market is available at: https://www.omrglobal.com/industry-reports/china-electric-vehicle-battery-market
The market is segmented on the basis of battery type vehicle type, and propulsion technology. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Based on battery type Li-ion is anticipated to hold a considerable market share during the forecast period. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicle, plug-in hybrid electric vehicle.
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Shenzhen BAK Technology Co. Ltd, BYD Co. Ltd., Contemporary Amperex Technology Co., Ltd., and Hitachi, Ltd. are the key market players operating in the China electric vehicle battery market. These players are actively involved in the expansion of their market share by adopting several growth strategies such as the launch of new battery manufacturing plants or entering into a partnership with the major electric vehicle manufacturer operating in the country. For instance, the Dutch battery manufacturing company Lithium Werks BV made an investment of around $1.9 billion to build a lithium-ion battery factory in China to meet the growing demand for electric vehicle batteries in China. The factory will be built with a production capacity of 8 gigawatt-hours per year to power 160,000 electric vehicles.
China Electric Vehicle Battery Market- Segmentation
By Battery Type
- NiMH
- Li-Ion
- Others
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
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