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.

"Browse 40 Market Data Tables and 46 Figures spread over 185 Pages, along with an in-depth TOC on the Global Electric Vehicle Battery Market Forecast 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.

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