- The lithium-ion battery segment will generate maximum revenue in the electric vehicle battery market
- In terms of geography, APAC will present significant opportunities for market vendors due to the presence of numerous established vendors and the rising adoption of electric vehicles in the region
The global electric vehicle battery market is expected to grow by $37.69 Billion, exhibiting a CAGR of over 18 per cent during 2021-2025, according to Technavio’s report. the renewable electricity sector witnessed a negative impact due to the widespread growth of the COVID-19 pandemic added the report.
The lithium-ion battery segment will generate maximum revenue in the electric vehicle battery market. This is due to high demand for lithium-ion batteries from the EV industry and the declining prices of battery technology. In terms of geography, APAC will present significant opportunities for market vendors due to the presence of numerous established vendors and the rising adoption of electric vehicles in the region.
Shift of automotive industry toward EVs and decline in EV lithium-ion battery cost
The report said that the major factors that will lead to the growth are advances in EV battery and associated technologies, shift of automotive industry toward EVs and decline in EV lithium-ion battery cost.
Factors such as the deployment targets for charging stations, enactment of regulations, provision of financial aids, and the mobilization of funding for installations are supporting the development of EV charging infrastructure. The high sales of electric vehicles are driving the demand for EV charging stations, which is attracting significant investments in the development of EV infrastructure.
