Return to: ABR Home | ABRMainSection | 101012 | News Listing News Battery modules market for hybrid and EVs to reach $47bn in 2020: ABI ResearchMonday, January 30th, 2012
Patrick Keane Published 24 January 2012 – The battery module market for hybrid and electric vehicles is expected to grow from about $5bn in 2010 to $47bn in 2020, representing a compounded annual growth rate of (CAGR) of 25% over 10 years, according to ABI research.
The report said continued demand for cleaner, more efficient vehicles, led by governments dealing with goals to cut emissions, means that financial incentives will be around for a long time.
Urban areas are being targeted as prime regions for electric vehicle adoption, as the recharging infrastructure is also developing rapidly in these areas.
ABI Research principal analyst David Alexander said as well as the production vehicles that went on sale in 2011, announcements from all the major manufacturers make it clear that this segment will have much more competition in the next couple of years.
“Also, some existing hybrid vehicles will be fitted with larger batteries to improve their electric-only range,” Alexander said. (more…)