These batteries are bulky because of their low power density. However, Li-Ion battery is expected to grab this market because of its high charge density and reduced weight.
The Hybrid Electric Vehicle Battery market has witnessed an exponential growth during the last few years. Further, with the higher awareness about environmental friendly means of transportation, the Hybrid EV Battery market is estimated to grow at higher rates.
Many automobile manufacturers are evaluating the commercialization of hybrid vehicles, as using HEV can lead to reduced usage of fossil fuels.
Further, usage of cleaner power is necessary because of the pollution problems and growing fuel prices. The batteries presently used in Hybrid Electric Vehicles are heavy, which not only add to the consumption of energy but also depend on the tapering supplies of lithium metal.
However, the price of lithium has increased steadily. Therefore, new batteries with the carbon fibre and polymer resin are being invented, which can charge and release the electricity. Moreover, the new batteries weigh almost half that of a lithium ion batteries.
Hybrid Electric Vehicles can play a significant role in reducing CO2 emissions. Most of the governments are trying hard to bring in measures to improve air quality, reduce energy dependency and increase energy efficiency.
Thus, the growth in adoption of such electric cars can help economies in climbing out of economic depression by reducing fuel bills. Further, role of the governments by subsidizing such vehicles and related components (such as batteries) can lead to a growth in the market.
This report by TechNavio Insights highlights scope of the Global Hybrid Electric Vehicles Battery market. Further, it discusses trends, drivers, growth inhibitors and a few major vendors in the market.