High Voltage Battery Market- Expected To Grow During The Forecast Period Due To Increase In Demand For Alternative Fuel Vehicles
A high voltage battery is an alternative source of energy or fuel. The high voltage batteries are used to generate more power than that of ordinary batteries. Due to rapid charging capabilities and high power output allows these batteries to be utilized in hybrid and electric vehicles. These batteries have to operate under very immense conditions and environment so it can provide energy to the electrical power train for the vehicle propulsion. The high voltage battery used in automotive (electric vehicle (EV’s), hybrid electric vehicle (HEV’s), plug-in hybrid electric vehicle (PHEV’s) and pure battery electric vehicles (BEVs)) is a set of battery packs combining various multiple functions and components which involves an application of electrochemical and mechanical principles. Batteries used in the vehicles are having many separate cells in an order with a series connections.
The global high voltage battery market for automotive is expected to grow during the forecast period due to increase in demand for alternative fuel vehicles and currently most OEM’s are focusing on developing new alternative energy vehicles like electric vehicles. The major drivers for the growth of high voltage batteries for automotive is growing demand for higher power and acceleration with the capacity of long driving range. The requirement for the fast charging drive along with investment of governments on smart cities and infrastructure for the future mobility and transportation like battery operated train, buses and trucks can also lead to increase the demand of high voltage battery market for automotive. Higher cost of the high voltage batteries results into the higher cost of the high voltage battery enabled vehicles which is the major restraints of the high voltage battery for automotive.
The global high voltage battery market for automotive can be segmented based on battery technologies, battery type, battery capacity, by voltage, by driving range, by vehicle type, and by region. In terms of battery type, the high voltage battery market for automotive can be bifurcated into front Nickel Cobalt Aluminum Oxide (NCA), Lithium Nickel Manganese Cobalt Oxide (NMC), Lithium Iron Phosphate (LFP) and Other battery types. On the basis of battery capacity, the high voltage battery market for automotive can be segregated into 75-150 kWh, 151-225 kWh, 226-300 kWh and above >300 kWh.
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On the basis of voltage, the high voltage battery market for automotive can be segmented into 400v-600v and >600v. On the basis of driving range the segmentation is done on the basis of 100-250 Miles, 251-400 Miles, 401-550 Miles, and >550 Miles. Based on vehicle type, the high voltage battery market for automotive can be segmented into passenger vehicle and commercial vehicle. In terms of region, the high voltage battery market for automotive can be divided into Europe, North America, Latin America, Middle East & Africa, and Asia Pacific.
Key players operating in the global high voltage battery market for automotive include Robert Bosch, ABB, CATL, Continental AG, Delphi Technologies, LG Chem, BYD, Samsung SDI, Johnson Controls, Chargepoint, EDP Brasil, Magna International, Tesla, Siemens AG, Mitsubishi Electric, Nissan Motor Corporation, Panasonic Corporation, Proterra and XALT Energy.