ResearchAndMarkets in its report “Global Electric Vehicle (EV) Battery Market 2019-2023” forecasts EV battery market to register a CAGR of close to 23% by 2023.
The increased GHG emissions and rising environmental concerns globally have driven countries to rethink the use of fossil fuels in transportation. The only feasible replacement for fossil fuel-powered vehicles is EVs, which include BEVs, HEVs, and PHEVs. Many countries are setting up mandates to moderate the transition of the automotive industry from diesel and petrol vehicles to EVs. Globally, governments have introduced several incentives for vehicle owners to increase the adoption of EVs. The key market vendors are increasing their efforts to produce more prismatic lithium-ion batteries, catering to the growing demand from the automotive industry.
The research firm notes that the increased sales of EVs, would drive the sales of prismatic lithium-ion batteries, thereby contributing to the growth of the market.
ResearchAndMarkets notes the automotive industry is witnessing significant R&D activities in various domains, including next-generation batteries for EVs and public charging infrastructure, to drive EV adoption. Next-generation batteries include solid-state batteries, which are considered safer than lithium-ion batteries, with low battery leakage risks and high charging rates. These batteries have a high capacity, which increases the mileage per charge in EVs.
The shift in the use of lithium batteries from portable electronic devices to automotive vehicles is driven by the growing need to incorporate high-capacity batteries and stationary storage in EVs and industrial equipment says the research firm. Lithium-ion batteries have become the most preferred battery systems in these vehicles because of improvements in cost, energy and power density, battery lifecycle, and performance.
Commenting on the report, an analyst from the research team said: “The latest trend gaining momentum in the market is the development regarding EV charging infrastructure.”
According to the report, one of the major drivers for this market is the advances in EV battery and associated technologies.
Further, the report states that one of the major factors hindering the growth of this market is the shortfalls of lead- acid batteries.
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