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NEWS
EV Battery Sales upheld by rapid adoption of EVs
ccording to a study, global sales of growth prospects of the electric vehicle density, charge discharge, and thermal
electric vehicle batteries surpassed battery market. performance. Prospects of the electric
Aa valuation of US$ 90,700 million According to the study, although EVs vehicle battery market will be promising, as
in 2018 and are anticipated to register a continue to gain popularity for their lower cell manufacturers are also directing their
Y-o-Y growth of approximately 14% in running cost, increased interior space, and focus towards innovative concepts such as
2019. Growing popularity and demand unique exterior styling, many customers still solid-state technology, lithium-air batteries,
for electric vehicles (EVs), owing to express concerns over their cost premium and alternative metal-ion chemistries.
increasing efforts to reduce emissions and lack of charging infrastructure. This The electric vehicle battery market
and ease pollution, continue to impact the has led to introduction of new battery is projected to register a value CAGR
sales of electric vehicle batteries. cells and reduction of battery pack mass, of 13.6% during the forecast period of
The study finds that governments in resulting in improvements in energy 2017-22
various regions across the globe are
pushing the adoption of EVs that will
contribute to an effective reduction in
emissions of greenhouse gases. This,
coupled with growing consumer concerns
regarding negative impact of climate
change and alarming rise in pollution levels
has influenced growth in EV production,
subsequently boosting the sales of electric
vehicle batteries. Additionally, around 20
major cities worldwide have announced
the plans to ban gasoline and diesel cars
by 2030 or sooner, providing potential
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