Enhanced Battery Technologies offer Lucrative Growth Opportunities to the Global Electric Vehicle Battery Market
According to the projections put forth by Inkwood Research, the Global Electric Vehicle Battery Market is anticipated to record a CAGR of 17.72% in terms of revenue during the forecasting years of 2021-2028.
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Electric vehicle batteries are utilized to power the
electric motors of hybrid electric vehicles as well as battery electric
vehicles. They are typically lithium-ion, rechargeable batteries developed for
a high ampere-hour capacity.
Improvements
in Battery Technology to Propel Market Growth
The major component of an electric vehicle constitutes a battery
that considerably impacts the vehicle’s price and performance. Battery and
electric vehicle manufacturers globally have started developing and testing
low-cost batteries in order to reduce the total cost of the electric vehicle.
The price per kilowatt-hour is steadily lowering across North America, on
account of the development of novel low-cost battery technologies, in addition
to arriving at a point where they align with the price of comparable
diesel-powered or gasoline vehicles. The identification of cost-effective
materials as well as innovations, like cobalt-free and low-cobalt battery
chemistries, helps cut down the price of electric vehicle batteries. Moreover,
research and development activities conducted by industry leaders have further contributed
to the advancement of high-performance and low-cost electric vehicle batteries.
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Lithium-Ion
is the Fastest-Growing Battery Type
Lithium-ion batteries are largely recognized for their use
in consumer durables and laptops. The energy density of the lithium-ion battery
is usually twice the standard of nickel-cadmium. Moreover, as a low-maintenance
battery, it has an advantage over various other battery types. In addition, lithium-ion
batteries also result in less harm when disposed of.
North
America Dominated the Global Market in 2020
The market in North America has continued to be at the
forefront of technological developments owing to the early adoption of
technology and large investments. Besides, the countries in the region have
also been utilizing onboard chargers for several years. The electric vehicle
market in North America is well-established with the presence of key players,
thereby fueling the adoption of PHEVs and BEVs. In addition, numerous other
factors such as favorable market conditions for scientific innovations, the
augmenting economy, and the availability of funding further propel market
growth.
However, North America possesses a limited supply of
minerals required for manufacturing electric vehicle batteries. Besides, the
market is likely to be restrained since the majority of the battery supply
chain is dominated by China.
The competition within the global electric vehicle battery
market is high, with enterprises striving to acquire a competitive edge over
other players. Moreover, various joint ventures, as well as partnerships, are
being formed in the market in order to harbor an increased revenue share. Some
of the main companies operating in the market are CATL, Panasonic, SK
Innovation, etc.
About Inkwood Research
Inkwood Research specializes in syndicated & customized research
reports and consulting services. Market intelligence studies with relevant
fact-based research are customized across industry verticals such as
technology, automotive, chemicals, materials, healthcare, and energy, with an
objective comprehension that acknowledges the business environments. Our
geographical analysis comprises North & South America, CEE, CIS, Middle
East, Europe, Asia, and Africa.
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