Global Electric Vehicles Battery Market Size is projected to reach USD 131.13 billion by 2028, growing at a CAGR of 16.83% Straits Research

 Electric vehicles battery market will reach at an estimated value of USD 131.13 billion and grow at a CAGR of 16.83% in the forecast period of 2021 to 2028. Growing demand for low emission and electric vehicles globally is an essential factor driving the electric vehicles battery market.

Electric vehicles battery is defined as the power source in electric vehicles and is used for the mobility and propulsion of vehicles. They are in comparison the entire working motor of the electric vehicles whereas in internal combustion engine vehicles, batteries are just used for ignition and initiation of the vehicles. In electric vehicles they power the vehicle over a sustained period of time rather than just the starting.

Growing demand for zero emission vehicles is a crucial factor accelerating the market growth, also decreasing cost of EV battery system, rising concerns regarding the harmful effects of climate change with the emission of fuel vehicle, rising alarming pollution level recorded in major countries, increase in petrol and diesel prices due to the depletion of fossil fuel reserves has increased the demand for advanced fuel-efficient technologies, which in turn increases the product demand and rising ongoing development of lithium-ion batteries has enabled battery manufacturers to produce a high-performance battery that satisfies the need for lightweight vehicle are the major factors among others boosting the electric vehicles battery market. Moreover, rising concerns related to decreasing oil & gas resources and degrading environmental conditions with the use of gasoline vehicles and increasing technological advancements and modernization in the production techniques will further create new opportunities for electric vehicles battery market in the forecast period mentioned above.

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