Leading car manufacturers are increasingly concentrating on electric cars, which will fuel demand on the market. The continued installation of production equipment for electric vehicles and the resulting rise in electric car sales also lead to electric vehicle battery market growth.
The Global Electric Vehicle Battery Market is expected to reach USD 46.80 billion by 2027, according to a new report by Emergen Research. A major factor driving growth is the rising demand for alternative energy sources.
The power generation of electricity reduces carbon dioxide emissions or other dangerous pollutants effectively. Hence, electric vehicle battery technology has a major role to play in resolving environmental issues and promoting the use of renewable energy carriers. Continued product advances and technologies are expected to bring new possibilities for emerging players.