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Global Electric Vehicle Battery Market (2020-2027)
Global electrical vehicle battery market is expected to register a lucrative CAGR in the forecast period of 2020-2027. The report contains data of the base year 2019 and historic 2018.
By: Pheonix Research
Global Electric Vehicle Battery Market Analysis: Global electric vehicle battery market is expected to register a lucrative CAGR in the forecast period of 2020-2027. The report contains data of the base year 2019 and historic 2018. Increasing popularity of electric vehicle and rising awareness of renewable energy powered transportation are the key factor for the market growth. Affordable Electric Vehicles (EVs) are becoming a popular in the developed and developing counties mainly because of the declining price of batteries. Electric Vehicle adoption is growing with increasing drive range per recharge and efficient EVs that meet consumer performance also boost the market. For instance, by 2030, more than half of vehicle will likely consist of hybrid-electric, plug-in hybrid, and all-electric models.
Global Electric Vehicle Battery Market Definition: Electric vehicles battery are quite distinct from those battery which are used in consumer based electronics such as laptop, smartphone and other electronic accessories. Battery based Electric Vehicles are playing a significant role in current automotive industry. Introduction of cutting edge technologies leads towards the high power generation batteries that are suitable for Electric vehicle. Growing subsidies and improving advanced manufacturing of electric vehicle based batteries are boosting the demand of the EV batteries in the market. Lithium Ion and nickel metal hydride are two major technologies which are widely used in Heavy electric vehicles where Lithium Ion are growing at fast pace particularly in BEV and PHEV. Furthermore government also take lots of initiative and policies that are encouraging the sales of electric vehicle which also further increases the demand of electric vehicle battery.
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