According to the report, governments in different parts of the world are pushing for the introduction of electric vehicles, which will help to reduce greenhouse gas emissions significantly. This, combined with rising customer worries about the negative effects of climate change and alarming increases in emission levels, has influenced EV demand and, as a result, electric vehicle battery sales. Additionally, about 20 major cities around the world have announced plans to ban gasoline and diesel vehicles by 2030 or earlier, indicating that the electric vehicle battery industry has a bright future.
The sales of electric vehicles batteries have been influenced by a significant increase in demand for zero-emission vehicles as a result of rising fuel costs, depletion of fossil fuel supplies, and tightening emission regulations. As cell manufacturers turn their attention to embracing cutting-edge technology and forming strategic alliances with automotive OEMs, the electric vehicle battery market will have bright prospects. Several government measures to encourage the adoption of electric vehicles to reduce emissions and pollution, as well as an expanding list of countries announcing plans to prohibit the future manufacture and sale of fossil fuel vehicles, bode well for the electric vehicle battery market’s growth.
With the rise in demand for electric vehicles, major manufacturers are focusing their research and development efforts on high-density lithium ion batteries, solid state battery technology, and other technologies that can extend range and minimise charging time. This, together with advancements in battery management systems and improved pack design, will continue to drive the electric vehicle battery market forward.
Global sales of electric vehicle batteries reached a value of US$ 90,700 million in 2018, according to Fact.MR research, and are expected to rise at a Y-o-Y rate of approximately 14% in 2019. Electric vehicle (EV) sales are continuing to be impacted by rising popularity and demand, as a result of increased efforts to minimise emissions and ease pollution. The report examines the market in depth and examines the main macroeconomic and industry-specific factors that influence the growth of the electric vehicle battery market.
According to the report, passenger cars continue to account for a large portion of sales of electric vehicle batteries, with over 50% revenue share in 2018. New government policies, such as financial incentives to lower the cost of purchasing electric vehicles, low- and zero-emission vehicle requirements, tightened fuel-economy standards and regulation, and others, are expected to affect the adoption of electric vehicles, which would have an effect on the sales of electric vehicle batteries for passenger vehicles.
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