This report "Global Electric Vehicles Battery Market 2018-2025"on electric vehicles battery industry delivers detailed analysis on the main challenges and growth prospects in the market.
Dallas, United States - April 23, 2021 /MarketersMedia/ —
Fuel vehicles are bound to face trying times in 2018, all thanks to the booming electric vehicle battery market that has grown from USD xx million in 2017 to USD xx million in 2018. The electric vehicle battery market is anticipated to grow bounds and leaps with a CAGR of xx% over the forecast period. EV’s have been around for quite some time now. They were popular till the dawn and rise of fuel powered vehicles. Due to the limitations in electric vehicles, fuel vehicles won over and their demand grew tremendously.
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As per a report, the U.S transport sector used 5.59 million barrels of oil in 2017 to fuel their freight trucks. This kind of massive use of fuel ultimately leads to high emission of CO2 in the atmosphere causing air pollution. It is predicted that by 2050, 72 million metric tons of CO2 will be produced in the U.S. by transportation sector with use of natural gas. The realization of the harm caused to the environment and advancements and upgradations made in the electric vehicle battery market, is all set to grow the electric vehicle battery market in rise by 2025.
The rise in demand for electric vehicles has also propelled the demand for good batteries or electricity storage devices for these cars. Over the years immense amount of research and development has been invested in this sector, finally getting them popular mostly in developed countries. Manufacturers have made these batteries cheaper and more efficient thus propelling its demand further. Most popular type of batteries available in the market are lead acid battery, lithium ion battery, nickel hydride battery and more. It is also forecasted by Bloomberg that lithium-ion battery demand from EVs will grow from 21GWh in 2016 to 1,300GWh in 2030. By 2030, India aims to hit 100 percent electric vehicle sales mark. Fall in battery prices and rise in consumer awareness are driving EV adoption in India. Indian market for lithium-ion EV batteries is estimated to grow at a CAGR of 33 percent by volume from 2017 to 2030.
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