IMARC Group has published a market research report titled “China Electric Vehicle Battery Market Report by Battery Type (Lead Acid Battery, Lithium-Ion Battery, and Others), Vehicle Type (Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV)), Battery Capacity (<30 kWh, 30-60 kWh, >60 kWh) 2024-2032“, The China electric vehicle battery market size is projected to exhibit a growth rate (CAGR) of 22.4% during 2024-2032.
An electric vehicle (EV) battery is a rechargeable energy storage device used to power EVs. It consists of lithium-ion cells, as they are lightweight and have a high energy density, making them suitable for use in EVs. It can serve as an energy storage device, allowing for vehicle-to-grid (V2G) integration. It produces zero tailpipe emissions, resulting in reduced air pollution and greenhouse gas emissions, which helps in combating climate change and improving air quality. It offers grid stabilization services by participating in demand response programs and providing ancillary services like frequency regulation and voltage support. It is used to store excess solar energy generated by residential photovoltaic (PV) systems for later use, such as during the evening or when grid electricity prices are high. It is also utilized as a mobile power source for camping, outdoor events, or emergencies.
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China Electric Vehicle Battery Market Trends and Drivers
At present, increasing investments in charging infrastructure, along with the rising adoption of EVs among individuals, represents one of the key factors strengthening the growth of the market in China. In addition, the growing awareness among the masses about environmental issues and the benefits of EVs, including lower operating costs and reduced environmental impact, are offering a favorable market outlook in the country. Moreover, governing agencies in China are undertaking initiatives to reduce air pollution, decrease dependence on imported oil, and foster the development of the domestic automotive industry, thereby facilitating the market growth. In line with this, key players are investing in research and development (R&D) activities to improve the performance, energy density, and cost-effectiveness of EV batteries, which is impelling the growth of the market. Additionally, the growing employment of EV battery technology in the marine and aviation sectors to reduce emissions and noise pollution compared to traditional fossil fuel-powered aircraft and ships is positively influencing the market. Apart from this, ongoing technological advancements, such as the development of silicon-anode batteries, solid-state batteries, and lithium-sulfur batteries (LSBs), are stimulating the growth of the market in the country.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Battery Type:
- Lead Acid Battery
- Lithium-Ion Battery
- Others
Breakup by Vehicle Type:
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
Breakup by Battery Capacity:
- <30 kWh
- 30-60 kWh
- >60 kWh
Competitive Landscape with Key Player:
- BMZ Group
- BYD Company Limited
- Contemporary Amperex Technology Co. Limited (CATL)
- GS Yuasa International Limited
- Lishen Battery
- Microvast
- OptimumNano Energy Co. Limited
- Panasonic Corporation
- Samsung SDI Co. Limited
- Showa Denko Materials Co. Limited
Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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