United States Hybrid EV Battery Market to Grow at a Phenomenal CAGR...

United States Hybrid EV Battery Market to Grow at a Phenomenal CAGR during the Forecast Period 2024-2032

Posted 2024-10-16 10:21:21

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United States Hybrid EV Battery Market
The United States hybrid EV battery market is growing rapidly, fueled by the increasing adoption of hybrid electric vehicles (HEVs) and the government's push for cleaner energy solutions. With major automotive manufacturers producing a wide range of hybrid models, the demand for advanced battery technologies has surged. The U.S. government’s investment in renewable energy and electric vehicle infrastructure is further driving the growth of this market.

Battery manufacturers are focusing on enhancing battery capacity, reducing charging times, and improving the overall energy efficiency of hybrid vehicles. Additionally, the recycling and repurposing of EV batteries are becoming key trends as the market continues to expand.

The Hybrid EV Battery Market is expanding with the rising adoption of hybrid and plug-in hybrid vehicles. Advances in battery technology, such as enhanced energy density and longer lifespan, are key trends. Nonetheless, challenges like battery disposal, resource scarcity, and cost management are critical issues for the market's sustainability.

HEV batteries play a central role in the performance, efficiency, and sustainability of hybrid vehicles, which combine an internal combustion engine with an electric motor to enhance fuel economy and reduce emissions. In this article, we will provide an overview of the Hybrid EV Battery Market, including its growth drivers, challenges, trends, and regional insights.

Market overview

As per the recent industry news, the Hybrid EV Battery Market is projected to be worth USD 68.84 billion by the end of 2032, registering a CAGR of 20.28 % during the forecast period. The global market was valued at USD 15.70 billion in 2024.

The global market of Hybrid EV Batteries is projected to grow during the forecast period, primarily due to the rise in fuel costs, environmental concerns, and a huge increase in demand for plug-in hybrid EVs. hence, alternative vehicles, including hybrid and plug-in hybrid vehicles, are being introduced to the automotive industry as a part of corrective measures that are likely to help reduce environmental pollution. Moreover, there has been an increase in the adoption rate of hybrid vehicles in developing countries would present an opportunity for the global market.

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Market Overview

The Hybrid EV Battery Market encompasses a variety of battery types, such as nickel-metal hydride (NiMH) and lithium-ion (Li-ion) batteries, used in hybrid vehicles. These batteries store electrical energy for the electric motor, contributing to improved fuel efficiency and emissions reduction.

Key Companies in the Hybrid EV Battery Market include

Toshiba Corporation (Japan)

LG Chem (South Korea)

Samsung Sdi Co. Ltd (South Korea)

Panasonic Corporation (Japan)

Saft (France)

GS Yuasa International Ltd. (Japan)

BYD Co. Ltd. (China)

Contemporary Amperex Technology Co., Ltd. (China)

Hitachi Ltd. (Japan)

Nissan Motor Corporation (Japan)

Exide Industries Ltd. (India)

The major factors driving the demand for hybrid EV batteries are the increased fuel costs followed by other factors like rising environmental concerns and an increase in demand for plug-in hybrid EVs. The global market is witnessing the growth in demand and consumption of hybrid EV batteries that is highly influenced by the increasing fuel costs.

Also, the environmental concerns among governments and consumers, which results in strict government standards primarily in the developed countries, like the US, Germany, Norway, the Netherlands, and Japan as well as in most of the developing countries such as China and India. The global governments have been encouraging users to minimize fuel consumption and are promoting environmental awareness programs to reduce the use of vehicles causing pollution.

Market Segmentation

The hybrid EV battery market has been segmented based on the following:

Type-based segmentation

The type of segment of the global market includes lithium, lead-acid, nickel-based, and others.

Application-based segmentation

This segment of the global hybrid EV battery market includes both hybrid electric vehicles and plug-in hybrid EVs.

Regional Analysis

The hybrid EV battery market in Asia-Pacific is estimated to account for the highest share. The main reason is that the key players in the region are heavily investing in a hybrid EV by opting for large-scale development of advanced hybrid EV batteries to increase the adoption of such vehicles.

The effective initiatives taken by the global governments of countries like China, Japan, India, and Singapore for the development of hybrid EV batteries are helpful. They are focusing on investing in the development of the charging duration and further, rechargeable battery packs are likely to drive the market.

Some of the prominent companies of the hybrid EV battery market are Saft (France), GS Yuasa International Ltd. (Japan), and others like BYD Co. Ltd. (China), and Contemporary Amperex Technology Co., Ltd. (China).

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