South Korea Electric Vehicle Battery Market Growth, Forecast and Value Chain 2019 – 2026
Electric vehicle battery is also called rechargeable battery in automobile industry as rechargeable battery is comply with the aim to reduce carbon emission and meet sustainability due to which they have gained massive popularity. The battery consists hundreds of small, individual cells arranged in a series or parallel configuration to achieve the desired voltage and capacity in the final pack. The battery cell holds electrodes (anode and cathode) and electrolyte to produce electric current using chemical reaction and store that energy to drive the electric vehicle. These batteries differ from SLI (Starting, Lighting and Ignition) batteries as they are designed to give power over sustained periods of time. Various type of batteries is used in electric vehicle such as lithium-ion, lead-acid and nickel-metal based used in an electric vehicle. The lithium-ion battery is widely accepted in electric vehicle due to its unique characteristics such as fast charging, long lifespan, lightweight etc.
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Increasing environmental concern owing to carbon emission from conventional vehicles along with negative effect of climate change are some of the factors that are increasing the demand of electric vehicle. In addition, government initiative and policies are encouraging the sales of electric vehicle which further increases the demand of electric vehicle battery. The advances in EV battery and continuous developments in engineering and technology is leading to an increase in demand for the electric vehicles which further leads to the growth for electric vehicle battery market in South Korea. South Korean companies are focus on development of EV battery technology and expanding their global production capacity. For instance, in May 2019, SK Innovation decided to invest 579.9 billion won (US$487.6 million) in expanding its Chinese battery production base to join the current factory in Changzhou to capitalise on rising demand for EVs. Also, SK Innovation plan to expand battery production base in Komarom and Hungary. Moreover, reduced cost of battery and improved battery performance in electric vehicle such as fast charging, reduced battery degradation etc are propelling the market growth. However, availability of alternative fuels and high cost of electric vehicle are restraining the growth of electric vehicle battery market in South Korea.
Various notable players in the South Korea electric vehicle battery market include Automotive Energy Supply Corporation (AESC) (South Korea), Hitachi Automotive Systems Ltd. (South Korea), Yuasa International Ltd., Panasonic Corporation, Mitsubishi Motors Corporation, DENSO Corporation, Toshiba Corporation, ENAX, Inc., Sanyo Electric Co., Ltd. Primearth EV Energy Co., NEC Corporation, and among others.
The South Korea Electric Vehicle Battery market has been segmented on the basis of battery type, vehicle technology, and vehicle type. Based on battery type market is categorized into lithium ion battery, lead acid battery, and others. On the basis of vehicle technology, market is segmented into battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles. Based on the vehicle type market is segmented into electric car, two-wheeler, electric buses and trucks and others.
The research report “South Korea Electric Vehicle Battery market” provides an in-depth analysis of South Korea electric vehicle battery market based on battery type, vehicle technology and vehicle type for the forecast period from 2019 to 2026. The report also highlights the major market drivers propelling the growth as well as challenges faced by market participants. The research report provides market size and forecast for the South Korea EV battery market. In addition, the report also analyses the competitive landscape, major players and their strategies in 2018. The competitive landscape section of the report captures and highlights the recent developments in the market.
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Key questions answered in this research report:
1- At what pace is the South Korea Electric vehicle Battery Market growing? What will be a growth trend in the future?
2- What are the key drivers and restraints in the current market? What will be the impact of drivers and restraints in the future?
3- What are the various application areas and how they are poised to grow?
By Battery Type
• Lithium Ion Battery
• Lead Acid Battery
By Vehicle Technology
• Battery Electric Vehicles
• Hybrid Electric Vehicles
• Plug-in Hybrid Electric Vehicles
By Vehicle Type
• Electric Cars
• Electric Buses & Trucks
Leading Market Players
• Samsung SDI Co.
• LG Chem Ltd.
• SK Innovation Co.
• Panasonic Corporation
• ECOPRO BM
• EnerTech International, Inc.
• Toshiba Corporation
• Kokam Company Limited
• BYD Korea Company Ltd.
• Denso Corporation
• NEC Corporation
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