- The report said that the growth is driven by the growing need to reduce dependence on non-renewable energy sources
- Asia-Pacific is expected to dominate the electric vehicle market as per the report
The global EV battery market volume is estimated to reach 40.6 million units with a CAGR of 21.1 per cent by 2026 from 8.6 million units in 2018 according to a report by Fortune Business Insights. The report titled, “Global Electric Vehicle Battery Market Size, Share and Industry Analysis, By Type, By Vehicle Type and Regional Forecasts, 2019-2026”, said that the growth is driven by the growing need to reduce dependence on non-renewable energy sources.
The report also said that Asia-Pacific is expected to dominate the electric vehicle market due to strict regulations by the governments in that region to reduce carbon and green house gas (GHG) emissions. The volume of the market in Europe was at 3.1 million in 2018 and is expected to increase mainly on account of a well-established EV infrastructure. Gradual shift towards electric vehicles as a result of volatile oil prices will be the main factor driving the market in North America said the report.
Supply of nickel-metal batteries and lithium-ion batteries at competitive prices
As per the report, the other factor helping in the growth of EV market in this region is the supply of nickel-metal batteries and lithium-ion batteries at competitive prices by companies. The report said, “EVs are expected to play a central role in the global commitment towards attaining sustainable development goals set by the United Nations. This skyrocketing demand and production is further underpinned by the rising concerns regarding rampant pollution and unchecked carbon emissions that are exacerbating the effects of global warming and climate change.”
