The Battery Control Technology Market is witnessing a huge increase in demand from the Automotive Industry as electric vehicles (EVs) become a hotter and hotter commodity. The industry is expected to receive government support across the world to encourage the adoption of electric vehicles (EVs) in the years to come. This has major market players like Ford, General Motors and Honda focusing more on developing vehicles dependent on battery control technology. All this extra attention is expected to cause Battery Control Technology Market shares for EVs to more than double to 15 percent by 2016 and drive the total market growth at a CAGR of 7.52 percent for the period 2012 to 2016.
Nevertheless, despite the obvious global need for an alternative to traditional gas powered vehicles, there are a few aspects of this industry that may threaten the progression of The Battery Control Technology Market in the automotive industry:
- The Price of EVs is more than that of oil-driven vehicles mainly due to the high cost of the lithium-ion battery packs.
- The Lack of Infrastructure for EVs, for instance, the availability of charging stations is hampering the EV market and in turn is slowing the growth of Battery Control Technology.
The good news? These problems are only temporary. Both the automotive and the battery control technology industries have responded by increasing R&D spending aiming to make EVs more affordable and proficient. Governments have also begun constructing new EV-friendly parking spaces and charging stations. These are just a few of the trends beginning to emerge which are anticipated to a have an incredibly positive effect on the market. We at TechNavio have no doubt that demand for battery control technology solutions will only increase in the years to come.
For more information, view our 2012-2016 Global Battery Control Technology Market report.
