- Jul 15, 2022
Future of power supply is going to be EV Battery Green and Clean
Nowadays, petrol prices in India are increasing day by day across major parts of the country. With forecast showing potential increase for fossil fuels in the upcoming months, the only option available for Indian travellers is to use either public transport or Electronic vehicles. This price increase of fossil fuel coupled with growing consumer awareness on environmental impact is actually driving the EV market in India. This is the reason why we see plenty of EV battery manufacturer in India setting up factories to capture this market. So how big is this market?
EV Battery Supplier Market is booming all over
The global EV battery market is projected to cross over 67+ billion USD by 2025 and its growing at a CAGR of 25%. In India, the battery market size which will be a potential for EV battery manufacturer in India could be as high as 15+ billon USD by 2030. The increasing adoption of electric vehicles, increasing cost of conventional fuel, and increasing public awareness on net zero emission coupled with government support is what will support these estimate numbers of EV battery growth in reality. Furthermore, the technology advancement being brought in by the EV Battery Suppliers will further reduce the cost of EV batteries and hence faster EV adoption across types and vehicles and end use cases.
Here are some of the rising segments in which EV Battery Suppliers can capture market:
· Huge segment opportunity in vehicle propulsion type: Battery Electric Vehicle, Hybrid Electric Vehicle and Plug-in Hybrid Electric Vehicle
· Increasing segment opportunity in Battery Type: Lithium ion battery, Lead Acid Battery, Nickel Metal Hydride.
· Potential opening in vehicle type: Passenger Car, Commercial Vehicle, Two-Wheelers, Bike, Cycle and e-carts.
· Growing use case opening in different medical and industrial sectors – electronic devices, robotics, medical instruments and so on.
Besides the reduced cost and environment benefits, why is Electric Vehicle Battery Pack preferred. We asked few consumers and here are the top responses:
· Extremely quiet while driving and in operation.
· Cheap to run and low maintenance cost.
· Gearbox free and easy to ride with fun.
· Servicing is comparatively easy and less frequent.
The world is fast approaching to become sustainable. Corporates are focusing to become net zero in operations. Individual people are aware that they are emitting greenhouse gas emissions by their activity. Government are putting in regulation and bringing in incentives and subsidies for sustainable choices. These trends are a classic example that Electric Vehicle Battery Pack is going to gain faster adoption. Whether it’s a two-wheeler or a four-wheeler or bike or electronic or mechanic device the future is going to be green in terms of power supply.