- Technological advances, changing consumer expectations and behaviors, and the structural evolution of the electricity generation and delivery system over the last few years have led to the emergence of new electricity storage technologies that cater to consumers from various sectors, including automotive
Key drivers of global alternative energy storage system
- Stringent regulations enacted by various government organizations and regulatory bodies, including US-EPA (Environment Protection Agency), US-NHSTA, and European Environmental Agency (EEA), pertaining to vehicle emissions across the globe have prompted automakers to incorporate alternate fuel technologies to power their vehicles. For instance, automakers including General Motors, Volkswagen, Audi, and BMW, are adopting lithium-ion, lead acid batteries as an alternate energy source to power their vehicles in order to curb emissions caused by diesel and petrol engines.
- Demand for self-sustainable alternate energy storage systems across the globe is propelling the global alternate energy storage systems market. For instance, Tesla has developed Powerwall technology, which utilizes solar energy to charge batteries and serve residential consumers. Majority of emerging players are focused on the development of movable alternate energy storage systems in order to cater to consumers from the automotive sector.
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Electrochemical segment of global alternative energy storage system market to expand rapidly during forecast period
- Technological advancements in the chemical industry have enabled global leaders to develop and implement various solutions as alternative energy storage systems. For instance, developments and incorporation of electric batteries in vehicles have propelled the sale of electric vehicles, exponentially. Prominent automakers including Tesla, Toyota, Hyundai, and BMW have launched their electric vehicles for consumers.
- The global sale of electric passenger cars surpassed 5 million units in 2018, an increase of 63% from the previous year, 2017. In 2018, around 45% of electric cars on the road were in sold in China, a total of 2.3 million, as compared to 39% in 2017. Furthermore, Europe accounted for 24% of the total electric vehicles sold globally, while the U.S. accounted for 22% of total global electric vehicles sold, in 2018.
High costs of alternate energy storage systems to hamper global alternative energy storage system market
- Majority of newer energy storage technologies and platforms being developed or utilized presently are in the nascent stage of their life cycles. New energy storage technologies are slow to emerge, as they are to being researched and tested before being commercially available and hence, they are also expensive. Moreover, most governments across the globe are just beginning to develop and enact policies around existing storage hardware of new technologies. The aforementioned factors attribute to higher costs of new alternate energy technologies, which, in turn is anticipated to hamper the market.
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North America and Europe to dominate global alternative energy storage system market
- North America and Europe are home to majority pioneers and aftermarket players in the automotive industry. Therefore, the region witnesses intense competition among automakers and aftermarket players. Moreover, companies spend significant revenue on research and development activities to enhance fuel economy and reduce vehicle emissions.