The policy makers of various countries are focusing on public transit infrastructure with no or low pollution to tackle the air pollutant emissions, mainly in the densely populated cities and megacities. The air pollution caused due to fossil-fuel driven vehicle has become a major global concern. This in turn, has enforced the policy makers to look for an alternative, such as low emission vehicles. The natural gas based public transit is still the most dominant alternative of fossil-fuel based public transit; however, the electric vehicle are gaining popularity, due their zero carbon di-oxide emission, this in turn fuelling the growth of hybrid and electric vehicle battery market, especially in developed countries.

Under its Twelfth Five Year Plan (2011–2015), China invested heavily to increase the new energy vehicles (vehicles powered by renewable energy sources, such as fuel-cell technology and battery). At the end of 2015, China is expected to accommodate around 500,000 hybrid electric and pure-electric vehicles. The Chinese electric vehicle market is expected to grow significantly during the forecast period, owing to the surging urbanization and development of many newly built advanced public transit systems in the smart cities of China. This is expected to lay significant market opportunity for hybrid and electric vehicle battery market in the region However, the premium price of electric vehicle is the major hindrance for their large scale adoption in public transit infrastructure, especially within the developing countries.

 Battery is a major factor in determining the cost and range of the battery driven hybrid and electric vehicle. Due to the high cost of the batteries, the overall cost of the vehicle is also high, and it acts as a hindrance for hybrid and electric vehicle battery market, but only the initial purchase cost is high, as the vehicle runs on electricity and the price of electricity to run an electric vehicle is a small fraction of the cost of liquid fuel needed to produce an equivalent amount of energy; therefore, the operating cost is cheaper. The range up to which an electric vehicle can run on a single charge is also determined by the battery’s capability. A battery module consists of battery cells, sensors, battery management system (BMS), relays or contactors, etc. Each battery cell consists of electrodes (cathode and anode), separators, electrolyte and casing. Lithium ion battery is the most commonly used rechargeable battery for hybrid and electric vehicle.

Asia-Pacific is the largest manufacturer of Li-ion batteries followed by North America and Europe.Majority of European countries import hybrid and electric vehicle battery from China, Japan, and South Korea. Despite slower economic growth in Europe, countries such as Norway, France and Sweden are expected to witness growth in the hybrid and electric vehicle market during the forecast period. The increasing penetration of hybrid and electric vehicle is expected to drive the growth of the hybrid and electric vehicle battery market during the forecast period.

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The major players operating in the global hybrid and electric vehicle battery market include Panasonic Corporation, Automotive Energy Supply Corporation, BYD Company Limited, Lithium Energy and Power GmbH Co. KG, LG Chem., Tianneng Power International Co. Ltd, Hitachi Vehicle Energy Ltd., Shenzhen Bak Battery Co. Ltd., and Zhejiang Tianneng Energy Technology Co. Ltd.