High-Performance Electric Vehicle Batteries Revolutionize the Automotive Industry, says Market.us
An electric-vehicle battery (EVB), also called a traction battery, is a battery that powers the electric motors in a hybrid electric vehicle (HEV) or battery electric vehicle. These batteries can be recharged (secondary) and are most commonly lithium-ion. These batteries have a high ampere-hour (or kilowatts-hour) capacity.
These batteries can be compared to an entirely electric vehicle’s working motor, while internal combustion engines only use them for ignition and initiation. The vehicle is powered by electric vehicles for longer than the initial start.
According to the latest report by Market.us,” The global electric vehicle battery market size is projected to grow from USD 21.95 billion in 2020 to USD 154.90 billion in 2028, at CAGR of 28.1% during the forecast period.”
The amount of electricity stored in batteries (i.e., the electric charge) is measured in ampere-hours or coulombs. However, the total energy is often measured in kilowatts. Because of their high energy density and low weight, lithium-ion or lithium polymer are the most popular types of batteries in electric vehicles.
Many other types of rechargeable batteries can be used in electric cars, including lead-acid (“flooded,” deep-cycle and valve-regulated led acid), nickel-cadmium and nickel-metal hydroide, and, less frequently, zinc-air and sodium nickel chloride (“zebra”) battery.
A significant driver is a growing demand for new and improved electronic cars. The increasing fuel prices and government support will also boost the Electric Vehicles Battery Market revenue.
Gaurav Yadav, a senior research analyst at Market.us, said,” Electric vehicles are becoming more popular due to growing concerns about the negative effects of climate change and the rising emissions of fuel vehicles. Due to rising petrol and diesel prices, the Electric Vehicle Battery Market will grow over the forecast period. Battery manufacturers have created high-performance batteries used in lightweight vehicles thanks to the ongoing development of lithium-ion battery technology. It has fueled the growth of the Electric Vehicle Battery Market.”
Battery swapping can be a time-saving process that can be used by individuals and businesses alike. Several new models are being developed, such as Battery as a service and Battery Swapping. The users can then change the batteries once they have been discharged. It saves time by allowing users to recharge the battery without having to wait for it to charge.
A major problem is the reduction of subsidies for vehicle transport. The main reason is that the French and Chinese governments have imposed new rules to allow cars with higher battery capacities. Electric Vehicles Battery Manufacturers must lower the price of these batteries to get a subsidy.
Due to their lower emissions, EV batteries quickly replace petrol and diesel in the automotive sector. They can also be charged using renewable energy sources. It makes them more eco-friendly and will eventually lead to lower electric costs. It is expected to boost their market growth. The registration and road tax associated with electric cars is relatively low, which will influence market growth.
The demand for batteries is increasing as the market increasingly accepts electric cars. Bold moves in gigafactory construction, supply chain strategy, and talent acquisition can help industry players get ahead. To avoid delays and cost overruns, companies must consider sourcing, particularly battery manufacturing equipment and raw materials, during construction and production operations. The battery value chain is expected to expand rapidly over the next decade, with the biggest markets being cell production and material extraction.
Asia Pacific was the biggest EV battery market in 2021. High-quality EV batteries and electric cars are propelling because of the presence of leading manufacturers in the region. China and India offer cheap labor and other production factors. The pro-industrial policies of the Indian government attract huge investments. Asia Pacific’s EV market is driven by the large consumer base, increasing demand for electric vehicles in commercial and passenger vehicles, rising investment in charging infrastructure development, and government initiatives to encourage the adoption of electric vehicles.
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